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Tiger Resources To Make Material Acquisition

Tiger Resources (ASX:TGS) is preparing to update the market on a material acquisition and has been granted an ASX trading halt.

The halt will remain in place until the earlier of the announcement being made or commencement of trade on Wednesday, 27 August 2014.

Tiger had earlier this month achieved a key milestone after declaring commercial copper cathode production at its 60%-owned Kipoi Copper Project in the Democratic Republic of Congo within six weeks of start-up.

The Stage 2 solvent extraction electro-winning (SXEW) plant produced 1,501 tonnes of copper cathode in July operating at 72% of nameplate design.

It is on target to reach its increased guidance of 14,000 tonnes of copper cathode in 2014.

Tiger had in July arranged a further $25 million advance payment facility from Gerald Metals SA, adding to the existing $50 million facility and had raised approximately $20 million through a placement of shares priced at $0.34 each in June.

This will provide working capital for mining operations and the SXEW plant.

Notably, Gerald has an off-take agreement for 175,000 tonnes of copper cathode, with 100% of cathode production from the SXEW plant committed until that tonnage has been delivered.

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