El Tigre Silver Corp. ("El Tigre" or the "Company") is pleased to announce it has elected to exercise its option pursuant to an option agreement (the "Option Agreement") with Martin Lopez Lauterio (the "Owner") to exploit the extensive surface tailings which resulted from the former Lucky Tiger Combination Gold Mining Company mine in the Sierra El Tigre.
The tailings are located on the concessions that are part of El Tigre's 215 square kilometre concession ownership in Sonora, Mexico.
Under the terms of the Option Agreement, announced in the Company's news release dated September 13, 2011, the Company through its wholly owned Mexican subsidiary, Pacemaker Mining SA de CV, had up to two years to evaluate the tailings and design a procedure to extract the contained silver.
Stuart Ross, CEO of El Tigre Silver, said "We are confident to be moving forward with our early production project at El Tigre. The past two years of evaluation culminated in a very positive prefeasibility study that provided a comprehensive technical and economic analysis of the selected development option for the reprocessing of the tailings material based on an estimation of the mineral resources and reserves contained within the tailings material. The revenue from production will allow El Tigre to continue to develop the in-situ resources on the property with minimized need to go to the equity markets."
On August 1, 2013, El Tigre announced that the Mexican Secretary of Environment and Natural Resources has approved the environmental plan that will allow development and construction of the El Tigre tailings recovery project, effective July 18, 2013. This permit was the final step for the Company to accomplish and it can now proceed with its plans as outlined in a Preliminary Feasibility Study dated August 13, 2013 prepared by Hard Rock Consulting, LLC, announced in a press release dated July 4, 2013.
On August 15, 2013, El Tigre announced the filing on SEDAR of its National Instrument 43-101 Preliminary Feasibility Study for the El Tigre Silver & Gold Project, Municipio De Nacozari De Garcia, Sonora, Mexico. In the news release it was reported that "The tailings project will require an overall initial and sustaining capital investment of $6.2 million, with a maximum starting cash injection of $4.0 million, with the remaining amounts provided by cash flow from operations." An announcement on the source for the funding requirements will be forthcoming.
El Tigre also reports that Mr. Steven Craig has resigned as Vice-President Exploration of the Company. El Tigre thanks Mr. Craig for his contributions to the Company and wishes him well in his future business endeavours.
About El Tigre
The Company, through its subsidiaries, holds the rights to 100% of nine mineral concessions, eight comprising of 215 square kilometres located in north-eastern Sonora, Mexico (the "El Tigre Property"). El Tigre also holds one additional 32 hectare claim separate from the El Tigre Property. A NI 43-101Technical Report Preliminary Feasibility Study has been prepared for the El Tigre Silver Project and can be found on the Company's profile on SEDAR at www.sedar.com and on the Company's website at www.eltigresilvercorp.com.
Source: http://www.eltigresilvercorp.com/