KIPOI CENTRAL

Tiger commenced reverse circulation (RC) and diamond drilling programs at the Kipoi Central deposit in 2007. Significant copper and cobalt mineralisation was found in most holes with a number of intersections recording exceptionally high grade results. These included 104.5m @ 8.7% Cu, 109m @ 7.6% Cu, 102.5m at 7.3% Cu, 118.6m @ 7.0% Cu.

On the basis of the significant results received and the extent of the mineralisation defined, Tiger committed to a resource drilling and feasibility program to determine the viability of establishing a mining operation.

An initial inferred resource estimate for Kipoi Central of 13.4Mt at 3.3% Cu for 439,000 tonnes of contained copper, 20,000 tonnes of cobalt and 1,416,000 ounces of silver was completed in March 2008 by Cube Consulting Pty Ltd. This included a high-grade component, upgraded to a Measured and Indicated Resource, of 2.86Mt at 8.1% Cu containing 230,000 tonnes of copper, 5,200 tonnes of cobalt and 441,000 ounces of silver.

In May 2010, Tiger increased its resource at Kipoi Central to 637,000 tonnes of copper, of which 535,000 tonnes was classified as Measured and Indicated Mineral Resources.
The high-grade component of the resource and the metallurgical properties of the ore allowed Tiger to develop a staged development plan that fast tracked production and minimised initial capital expenditure.

Stage 1 of production involves using a heavy media separation (HMS) and spiral operation to process 900,000tpa of high grade oxide ore to produce a +25% copper concentrate (at a rate of approximately 150,000 tonnes of copper concentrate per annum). The HMS plant will operate for approximately three years before being replaced by a proposed Stage 2 Solvent Extraction Electrowinning (SXEW) processing plant. Tiger is aiming to produce approximately 119,000 tonnes of contained copper in concentrate during this three-year period.

Tiger expects that 4.8Mt @ 2.97% Cu ore and unrecovered material from Stage 1 processing will be stockpiled and then used as feed in the planned Stage 2 SXEW processing plant.

Development Timing

Due to the short construction and pre-strip period and simple nature of the development and operation, we began production in April 2011. The first shipments of copper concentrate from the site followed in June 2011. During July, the HMS plant processed more than 55,000 tonnes of ore, and is moving steadily towards achieving nameplate production rates and re coveries.