Metal Tiger PLC Further Tungsten Identified

Metal Tiger entered into a Joint Venture with Logrosán Minerals Ltd (a Special Purpose Vehicle "SPV" company incorporated in the UK) on 13 March 2015. Logrosán Minerals Limited is the operating company for the Logrosán Exploration Project. Over the prior 18 months, Metal Tiger's joint venture partners in Logrosán Minerals Ltd, Mineral Exploration Network (Finland) Ltd, had carried out more than 40,000 soil samples, hundreds of pan-concentrate samples, covered thousands of linear kilometres with ground magnetic survey and assessed electro-magnetic tomography. The presence of Tungsten mineralisation had been confirmed by soil sampling, outcrop sampling, trenching and historical drill holes. Gold mineralisation has been confirmed by pan-concentrate and findings to date delineate three significant anomalies, being one square kilometre each.

Metal Tiger is to fund up to EUR500,000 in exploration work over the balance of 2015 in line with an agreed exploration programme that includes up to 5,000 metres of drilling.

Metal Tiger is to be issued with new ordinary shares in Logrosán Minerals Ltd in line with funds injected. Should Metal Tiger provide the total EUR500,000 2015 exploration programme funding it will hold 50% of the shares on issue in Logrosán Minerals Ltd. To date Metal Tiger has expended EUR200,000 earning in a 20% holding of Logrosán Minerals Ltd. The balancing holding in the SPV is held by Mineral Exploration Network (Finland) Ltd.

Each monthly payment made by Metal Tiger provides the exclusive right to make payment of the other monthly instalments, however it is at Metal Tiger's discretion as to whether it continues to be the sole funder of this amount or brings in co-investors under the same terms as Metal Tiger's equity investment.

Should Metal Tiger be the sole investor and make the total EUR500,000 in payments for equity in the SPV, then Metal Tiger will acquire a total of 50% of the shares of the SPV, at which point it is up to the board and shareholders of the SPV as to how further stages are funded.

The SPV holds 2 granted licence and 1 licence application for a total area of 238 square kilometres in Logrosán, a municipality of the province of Cáceres in Extremadura, Spain. The exploration licence ("Antonio Caño", 10314-00) covers an area of 88.85 square kilometres and was granted on 2 December 2013 for a period of three years. The Zorita Exploration Licence covers an area of 105.96km2, it is valid for 3 years starting 18 June 2015 and is renewable for a total of 9 years. The "San Cristóbal" licence application covers a further area of 148.98 square kilometres adjacent to the "Antonio Caño" licence.

Mr Nick O'Reilly (MSc, DIC, MAusIMM, FGS), is a qualified geologist who meets the criteria of a qualified person under the AIM Rules - Note for Mining and Oil & Gas Companies, he has visited the Project Area, overseen the drilling and sampling and reviewed the technical information contained within this announcement. Mr O'Reilly is a consultant working for Mining Analyst Consulting Ltd which has been retained by Metal Tiger PLC to review the work undertaken on the Logrosán Exploration Project.

For further information on the Company, visit: www.metaltigerplc.com:

 
 Metal Tiger Plc 
 Cameron Parry (CEO)                 Tel: +44 (0)207 099 
                                      0738 
 Paul Johnson (Executive Director)   Tel: +44 (0)7766 465 
                                      617 
  Spark Advisory Partners Limited    Tel: +44 (0) 2033 
   (Nominated Adviser)                683 555 
   Sean Wyndham-Quin 
   Neil Baldwin 
 SI Capital (Sole Broker)            Tel: +44 (0) 1483 
  Nick Emerson                        413 500 
  Andy Thacker

Notes to Editors:

Metal Tiger Plc is a natural resources focused investing company quoted on the London Stock Exchange AIM Market ("AIM") with the trading code MTR and two investment divisions, Direct Equities and Direct Projects.

The Direct Equities division invests in quoted natural resource explorers and developers, with a combination of shares and warrants providing a potential non-debt financing instrument and enhanced return potential.

The Direct Projects division invests in operational mineral exploration projects with current investments in Spanish Gold & Tungsten, Thai Gold, Copper & Antimony, and Tanzanian Gold and Uranium. The Direct Projects investment division also has working collaborations to identify new investment opportunities in Russia (platinum focus) and Turkey (gold focus), in association with experienced in-country partners.

Metal Tiger's target is to deliver a high return for shareholders by investing in significantly undervalued and/or high potential opportunities in the mineral exploration and development sector timed to coincide where possible, with a cyclical recovery in the exploration and mining markets.

This information is provided by RNS

The company news service from the London Stock Exchange

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