Dear Tiger Shareholder:
As an update, the Company’s license (stated as EP006) has not been renewed to date, and has not been denied. Candidly, we don’t know what the government is doing, and the signals are confusing.
The Philippine Secretary of Mining has, to date, not been confirmed by Congress. She is a rabid anti-mining person, and seems to have an agenda to dismantle the mining industry in the Philippines. On the other hand, the appointee to the head of the Department of Environment and Natural Resources is a pro-mining person, and he may rule the day? We don’t know. What we do know is that we have a valuable asset in the Philippines in our project there and we hope to be able to progress it at some time. We cannot conduct exploration until EP006 is renewed but the plan is to repeat much of the work that ECR Minerals (our partner and operator until last August when it withdrew) claimed to have performed, and then to progress to the point of declaring Mining Feasibility and seeing what might be done to get a mining production license and produce from the property. Our research indicates that no licenses have been renewed since the new Mining Secretary took office so we haven’t been singled out.
ECR Minerals has claimed that, under our agreements, that it spent above the threshold of US$500,000 and that it has earned an equity in the Philippine project of 25%. We have denied that claim on many grounds, including that their data is in such disarray that we must redo much of their work, and our expenditure will be allocated back against their claimed expenditure. We expect the result will be that the resulting net expenditure by ECR, after deducting the envisaged offset expenditure, will be less than the $500,000 threshold, thus permanently denying their claim of equity.
Your directors are reviewing other opportunities for Tiger International.
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