interview with david young, page-2

Another version cutting out the german in between.

Stuttgart (www.rohstoffe-go.de [left 1]) Sven Olsson (editor in chief GOLDINVEST. de) : Explain dear Mr. Young, please you exercise should, why German investors its option now because the share price notes exactly at the execution price of the option, namely in 0.45 AUD to us?

David Young: I think there of two very good reasons, to exercise the option. (1.) the quality of the project on Kipoi and (2.) the fact that now through the receipt of the letter of the kongolesischen test sow shot all points to be clarified are us in the tenancies well known. The project is in a mining friendly zone and is extremely robust based on the extraordinarily high metal salaries. There is actually no reason why the shares are acted with 0.45 AUD. The explanation for this price level are simply that the people know, who option decayed at the month envoy and the execution price of this option becomes 0.45 AUD be. Based on this market overhang, a resistance exists for the share price, to exceed the 45-Cent-Marke 45-Cent-Marke CENT 45-Cent-Marke SIGN. We would expect however that after execution of all option on the 31 March the share price notably should climb. One could see it so that the purchase and the execution would permit it to 0.45 AUD someone to invest to a rather low price and to profit from the positive price trend of the share price.

SO: Tiger Resources (Frankfurt: A0CAJF - messages) a financing with Macquarie bank to 0.50 AUD locked recently. Say you looks like now the financial state of the business to us?

David Young: We are very happy about the financing with Macquarie to 0.50 AUD because this was carried out over the current market price. Most investors will recognize that this is quite unusual. Most positionings take place by means of a reduction to the market price. One of the reasons for the financing over the market was that the Macquarie-team (NASDAQ: TISI - messages) the project beginning of January visited has. The Macquarie-people visited not only the project, that drilling kernels seen and spoken over the future potential of the project. They had also the opportunity to encounter our partners in the Congo and to lead very open conversations with these partners as well as with the functionaries of Gecamines. They were impressed of that, what they saw on the spot, very. They recognized the large potential of the project. That is the reason why they were ready to carry out the financing over the market price. This financial shot in the arm of tightly over 6 million AUD will raise our cash reserve to more than 10 million AUD. That will help us at the same time, the project further and lock want to continue the borings because we want to identify new resources and want to expand our resource basis on Kipoi and at the same time the feasibility study.

SO: They published a few days ago the first resource calculation. Could you clarify that for the German investors regarding size and potential?

David Young: The resource calculation that was published was the first calculation of the ore resource for the Kipoi-project. It concerns the resource calculation for only of one the five well known deposits within the Kipoi-Projektgebietes and there is a notable potential for the discovery of further Vererzungszonen. We are happy especially about the size of the resource. You comprised round a half million tons of copper metal and 20,000 tons of cobalt. In the current praising of 9,000 USD per ton for copper and almost 60,000 USD per ton for cobalt, one can see the enormous value in this project. And it is not only the size of the resource. We have in addition the potential to enlarge this resource notably. We hope that we will reach our goal, an oxidische ore resource of copper contained at least 1 million tons to the end of the year. Let me clarify, what settles the special quality of this resource. The especially high salaries are an extraordinary feature within the deposit. 235,000 tons of the 440,000 tons of copper are in ore with more than 7% copper salary. It is this salary very high that the initial development of the dismantling business will support on Kipoi. We plan to take already 2009 a Heavy-medium-separate ion (HMS)-Anlage (separation of the ore minerals by means of heavy solutions; comment of the editorship) in operation so that we can receive the production yet before end 2009. We envisage an annual copper production of 35,000 tons. This will generate a cash-Flow of 200 million AUD per year.

SO: That sounds, as would have you the feasibility study already locked. If not, how far did it advance?

David Young: The feasibility study is will publish for us an exciting thing and we in May/June of this year the so named final feasibility study. But all test working that we carried out to date including metallurgischer tests, technical studies as well as studies over the processing residues (Tailings) suggests the building of a Heavy-medium-separate ion (HMS)-Anlage. And that of the investor groups and institutions that have invests into the business recognize that on Kipoi a dismantling business is developed. Based on the very high salaries, it will be a profitable business, also if the copper price should fall. SO: They speak therefore this year over the publication of the feasibility study in May. I believe, the market did not recognize, advanced really is how far this project. David Young: Also we tend in addition to forget that. It is a proof of the quality of the project that we so were able to accelerate it. Normally the feasibility study would use more time for a project and would pass through many stadiums. In the case of Kipoi, we could based on the large quantity at contained metal and especially based on the intense Vererzung some stadiums skip and accelerate so the total feasibility study because the numbers speak so clearly for a dismantling business. This shows also that we have Congo (DRC) in the democratic republic, although many mixed feelings regarding the DRC, in an environment work, that promotes the early development of mining business. SO: Tell us more over the current work on the project. How many people work there and wieviele drilling concern are there at present in the use? David Young: At the moment, we are at the end of the rain time. While we were able to carry out the complete exploration program on Kipoi Central, we must in the other project areas, that form part of the Aurum-Joint-Venture, that drilling programs reduce. These projects possess also large potential. We published some very good results and very significant vererzte sections. We believe that we can develop a resource. We will begin quite soon with drilling programs on these Aurum-real estates, but until further notice, we have 4 drilling concern in the use. With two of these units, we try to develop a new resource on Kipoi North. We hope that we can determine already in May this year a new resource on a new deposit. One of the other drilling concern is used for geotechnische work in order to support the feasibility study. The boring will deliver valuable technical information, that will support the design of the day building model.

SO: We know that presently all mining projects in the Congo are reviewed by the authorities. Where does tiger in the conversations with the authorities and which roll stand plays you kongolesischer partner Gecamines at the same time?

David Young: All businesses in a Joint Venture with one country enterprising were reviewed just detailed and this test comprised altogether 60 contracts and closed the SEK-contract on. The SEK-Vertag is the agreement that uncovers the Kipoi-project. Two weeks ago we received a letter of the test commission. The letter was based on the result of the examination. The committee more exactly wanted to become acquainted with our plans for the further development of the project to the dismantling. The procedure clarified in the letter agrees completely with our strategy. We were very satisfied that we were able to answer the government and were able to inform it that we will advance the cause of the project quickly to the dismantling and the opportunity of a conversation with the government would welcome to the earliest possible moment. We would become then the start of the dismantling business of reconcilable and would look also from the viewpoint of the government at an acceleration of the dismantling business. We are the view that the government will be very helpful in the arrangement of the mining business. We have naturally also good fortune to have Gecamines as our partner. Gecamines is divide responsibly is the country businesses, that for the administration of the largest the copper resources and cobalt resources in the Katanga-province of the DRC. This province harbors numerous world class-deposits. Gecamines possesses notable experience to arrange and to support mining business. We will turn to Gecamines in order to see whether we can win technical colleagues and administration employee for the project, who can work for us and lead us through the process, so that we can begin the dismantling business with that as little as possible delay.

SO: If you more exactly could explain please once the possession ratios at the project. How much does percent the kongolesische side, sprich Gecamines hold, at the project?

David Young: The Kipoi-project is in the possession of the kongolesischen business SEK sprl. that is controlled by two stockholders. One of the stockholders is Gecamines that possesses a 40 %- share in SEK. The other stockholder is Congo mineral that possesses the remaining 60%. Tiger Resources possesses a contract with Congo mineral. According to contract will transmit Congo mineral its total share in our local business tiger Congo sprl.. If we receive therefore the dismantling business, we will be represented with a 60 %- share and Gecamines with a 40 %- share. SO: Would you agree that the kongolesische side has a large interest in the development of this project? David Young: The kongolesischen partners have a gigantic interest and the motivation that the project quickly is developed, because they will profit directly from the dividend of the 40 %- share. They will profit also from the social programs, that are connected with the mining business on Kipoi. It lies therefore in its interest that we begin as early as possible the dismantling business.

SO: Must the kongolesische side be involved also in the investment expense for the project?

David Young: Gecamines is left up to to the conclusion of the feasibility study. At this point, we would negotiate with Gecamines over its contribution. But at this time it is so that we can recover before payment of a dividend all costs in connection with the development of the dismantling business through the production.

SO: Do if you compare its business to other projects in Congo, one can say that this 60/40-Aufteilung of the project shares more frequently occurs?

David Young: No, that is not unique. There are other businesses. I think there of divided exploration & Mining. They possess a mining project, LaPuto, and its share in the project is possesses 40% about 60% and Gecamines. And divided was with the support of the Gecamines in a position to raise a mining business within 12 months. That is an important precedent for us. The 40% represent an above average state's share in a mining business. Therefore this becomes both of the country and of Gecamines as very fair and as an equal share in the project observed. This is a reason why we believe, that we had such a positive test result.

SO: Is the kongolesische share however not too large that it would suffocate the project?

David Young: In no case, because one can divided see for example in, that a mining business can receive the production and can receive the corresponding project financing to the support. We hope to increase our share in the project. Long-term that would be also in the interest of the government. But this will be a decision, that we will encounter later with Gecamines.

SO: Give us please an outlook on the next 6 to 12 months. Where do you see tiger?

David Young: We pass through an extremely exciting phase in the story of the business. We change ourselves now of one exploration enterprising to a mining business, that possesses a notable resource, that will generate a notable cash-Flow. This will change the total business and should lead to a notable increase of the stock exchange estimation. Some of the milestones, that we envisage in the next 6 to 12 months, are the expansion of the Kipoi-resource. We will publish a new technical report for Kipoi North and could publish we a technical resource report for Kileba, that on the magic sign of 1 million tons contained copper zubewegen becomes us. We will have locked until at the latest the end of June the feasibility study. We will change also the composition of the personnel. We will adjust Betriebspersonal so that we can begin with the development of a dismantling business on the spot. Furthermore we will report perhaps project zone over new resources in other. We pass through therefore both an expansion of the exploration activities and approach simultaneously the positive cash-Flow.

SO: Which plans does tiger have with respect to new stock exchange allowances and/or financing round?

David Young: Yes, we will lock the examination of a notation at the TSX. We should have submitted the total documents yet in this month for the allowance. And we hope that we receive the allowance to the trade until May/June at the TSX. We are the view that this will be a very positive step, that will lead to a reappraisal of the business. We follow the model of other businesses such as for example Anvil, First quantum or Moto gold mines (Frankfurt: A0ET6S - messages), that also at the TSX noted are. Through this step, we significantly will increase the share price. That becomes us also access a much larger pool (NASDAQ: Give POOL - messages) for financings and can attain we project financings for all developments, that will result within the business.

SO: Out of experience, we know that the stockbrokers in Toronto want to secure themselves first even approve shares in the business. Does a financing round be forthcoming about soon?

David Young: At this time no financing is planned. We carried out in April the past year a very large financing, that brought in us altogether 18 millions of AUD. This money is used for the feasibility study and the resource drilling program. 14 of the 18 million became on the North American markets eingeworben. An amount of large North American institutions possesses therefore already shares of the tiger Resources. The notation at the TSX will enable to act it them its shares that already possess it. We do not exclude a further financing, but we are very optimistic that a large number of the option are not exercised, if all options, until the end of March. This should bring in 35 millions of AUD.

SO: How many shares would be outstanding after execution of all option certificates?

David Young: Would be tight 250 million shares. We have be outstanding now almost 190 million shares. So or so we are the view that the tiger-share is valued much to low and a honest potential exists, being based on the actual ate it that we have in the ground to increase the share price significantly.