Tiger Wins Litigation, Recovers 100% of Philippine Gold Project

Rhea-AI Summary

Tiger International Resources reports a legal victory over trustee Stephen James Clayson, regaining control of its Philippine subsidiary, Cordillera Tiger Gold. The court ruled against Clayson and his surrogates, ensuring that no shares are issued to former partner ECR Minerals. The company is now focused on renewing exploration for its gold property EP006, with potential for a mining license application. The political climate in the Philippines remains uncertain but may improve after the upcoming elections, as current anti-mining policies have caused significant unemployment.

Positive

• Court ruling favors Tiger International, restoring control over Cordillera Tiger Gold.
• No shares to be issued to former partner ECR Minerals, protecting asset ownership.
• Potential for further exploration and future mining license for EP006.

Negative

• Ongoing challenges due to the Philippines' anti-mining administration.

Patric Barry, President of Tiger International Resources, reports:

LAGUNA HILLS, CA / ACCESSWIRE / February 18, 2021 / (TSXV:TGR)(OTC PINK:TGILF) As previously reported, Tiger International lost control of its Philippine subsidiary named Cordillera Tiger Gold where a trustee named Stephen James Clayson holding Cordillera shares bribed another trustee to illegally convey his shares in Cordillera to Florellyn Munoz and Jerry Marave, surrogates of Clayson. Clayson then used those votes to appoint his board in an attempt to unlawfully seize control of the subsidiary, and thus the control of EP006 Cordillera Region which is a proven gold bearing property with an inferred resource that is documented in the 43-101 report you will find published on www.tigerresources.com. Cordillera is a holding company that holds 100% title to EP006 Cordillera Region.

Patric Barry retained a law firm in the Philippines to proceed against Clayson and his surrogates, and we have learned that the court granted a judgement in favor of the plaintiff and against Clayson, Munoz and Marave. ECR Minerals was a past joint venture partner which claimed it had earned a 25% equity in the project, and the court specifically instructed that no shares in Cordillera be issued to ECR Minerals.

EP006 has a renewal pending that allows further exploration for a two year period at the end of which a Declaration of Mining would be filed and for which an application for a mining license be applied.

The Philippines presently has an anti-mining administration, led by President Rodrigo Duterte, whose single term expires June 30, 2022. We cannot predict the policy of whoever might subsequently be elected, but since his anti-mining stand has created serious unemployment in the industry in the Philippines we are optimistic that his replacement will be more open to applications for responsible mining.

Tiger International Resources is a resource company listed on the TSX Venture Exchange, and has conducted past resource development programs in Australia, Myanmar, Philippines, Malaysia, Canada and the United States.

For information pertaining to this news release please contact Patric Barry, President of Tiger International Resources Inc. at (949) 362.1600 or email at info@tigerresources.com

SOURCE: Tiger International Resources Inc.

View source version on accesswire.com:
https://www.accesswire.com/630478/Tiger-Wins-Litigation-Recovers-100-of-Philippine-Gold-Project

FAQ

What recent legal victory did Tiger International Resources achieve regarding its subsidiary?

Tiger International Resources won a court ruling to regain control of its subsidiary, Cordillera Tiger Gold, from trustee Stephen James Clayson.

What is the status of the EP006 gold property for Tiger International Resources?

The EP006 property is pending renewal for further exploration, with plans for a mining license application after the renewal period.

How has the anti-mining administration in the Philippines affected Tiger International Resources?

The anti-mining stance of the current administration has created significant unemployment in the industry, but there is hope for a more favorable policy post-election.

What impact does the court's ruling have on ECR Minerals' claims?

The court specifically instructed that no shares in Cordillera be issued to ECR Minerals, effectively nullifying their claims.

What are the implications of the upcoming Philippine elections for Tiger International Resources?

The change in administration could potentially lead to a more open approach towards mining applications, improving prospects for Tiger International.