White Tiger Announces Start of Long Hole Production at Lamaque
ROAD TOWN, TORTOLA, BRITISH VIRGIN ISLES–(Marketwire – Feb. 3, 2012) – White Tiger Gold ("White Tiger" or the "Company") (TSX:WTG) is pleased to announce that it is starting Long Hole ore production from the mines North Wall.
Since the Business Combination completion the Company's focus has been on the restarting of the Long Hole ore production stoping at Lamaque to provide a substantial increase in ore feed given the scale of the dyke stopes. To this end in the fourth quarter White Tiger provided the funding to complete the following task;
- Allow the restart of the CMAC the mining contractor in order to complete the capital development required to provide access the ore resources in the North Wall.
- Purchase of two diamond drills to provide improved definition drilling on the ore resources
- Enlargement of the senior mining team to provide improved technical and operational supervision
The Company is pleased to announce that sufficient development has been completed in the North Wall now to allow the operation there to start ore mining, while development continues to expand the available resources.
At the same time Lamaque mining staff has been focused on improving ore access and development in the Lamaque Flats in order to improve production rates and ore grade. These improvements combined with the addition ore that will come from the Long Hole stopes will enable the Lamaque Mine to ramp up its production towards it planned 2000 tonnes per day.
"Since the completion of the Business Combination significant progress has been made in the fourth quarter, particularly the development to restarting long-hole dyke stoping operations at Lamaque," said Daniel Major, President and CEO of White Tiger Gold. " We are therefore happy to announce that we have reached the point that Long Hole stoping can start at the Lamaque and that we can now start to push the mine to its planned production rate of 2000 tonnes per day."
This news release contains forward looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 and forward-looking information within the meaning of applicable Canadian securities laws including with respect to the entering into of a definitive loan facility agreement with VTB, the completion of the planned production expansions Lamaque, San Juan and Savkino, and the development of the Company's Nasedkino property. Words such as "may", "will", "should", "anticipate", "plan", "expect", "believe", "estimate" and similar terminology are used to identify forward-looking statements and forward-looking information. Such statements and information are based on assumptions, estimates, opinions and analysis made by the management of White Tiger Gold in light of their experience, current conditions and their expectations of future developments as well as other factors which they believe to be reasonable and relevant. Forward-looking statements and information involve known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those expressed or implied in the forward-looking statements and information. Risks and uncertainties that may cause actual results to vary include but are not limited to: uncertainties relating to the interpretation of the geology, continuity, grade and size of estimates; unanticipated operational or technical difficulties; changes in the availability of qualified personnel; changes in equity and debt markets; fluctuations in gold and other commodity prices; as well as other risks and uncertainties which are more fully described in White Tiger Gold's Annual Information Form dated March 30, 2011 and its annual and quarterly Management's Discussion and Analysis and in other filings made by White Tiger Gold with Canadian securities regulatory authorities and available at www.sedar.com.
Any forward-looking statement and information speaks only as of the date on which it is made and, except as may be required by applicable laws, White Tiger Gold disclaims any intent or obligation to update any forward-looking statement and information, whether as a result of new information, future events or results or otherwise. Although White Tiger Gold believes that the assumptions inherent in the forward-looking statements and information are reasonable, forward-looking statements and information are not guarantees of future performance and accordingly undue reliance should not be put on such statements or information due to the inherent uncertainty therein.