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TORONTO, ONTARIO–(Marketwire – Nov. 21, 2011) – White Tiger Gold Ltd. (“White Tiger”) (TSX:WTG) announced today, that subsequent to having submitted for consideration a Report on exploration works completed during the period of 2010-2011, “TEO Constant exploration Parameters and Reserve Estimation for Savkino Gold Mine as of 01.01.2011,” the Territorial Committee of Reserves (“TCR”) of Chita granted permission to commence the final design, construction and development of Phase II of Savkino mine, as part of the Ildikan license.
White Tiger Gold Ltd. (“White Tiger”) (TSX:WTG) announced today, that subsequent to having submitted for consideration a Report on exploration works completed during the period of 2010-2011, “TEO Constant exploration Parameters and Reserve Estimation for Savkino Gold Mine as of 01.01.2011,” the Territorial Committee of Reserves (“TCR”) of Chita granted permission to commence the final design, construction and development of Phase II of Savkino mine, as part of the Ildikan license.
“This grant is in line with White Tiger Gold’s development strategy of its Russian assets. Commissioning and production start up of this facility is now scheduled towards the end of 2013,” said Daniel Major, President and CEO of White Tiger Gold Ltd. “The Phase II development of the Savkino mine will focus on the South West extension of the main pit and we expect to more than double increase annual production.”
About White Tiger Gold
White Tiger Gold Ltd. is a TSX-listed mining and exploration company, focused on the development of mineral resources in Canada, the Russian Federation and Peru.
Caution Concerning Forward-Looking Information
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 and the completion of the business combination between White Tiger Gold and CMC. 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: the conditional nature of the agreement between VTB and White Tiger Gold, including the completion of satisfactory due diligence by VTB on White Tiger Gold and CMC; the conditional nature of the business combination between White Tiger Gold and CMC, including the requirement for approval of the business combination by the shareholders of each of CMC and White Tiger Gold, the TSX, the TSX Venture Exchange, the Ontario Superior Court of Justice as well as any required approval under the Investment Canada Act; any exercise by White Tiger Gold of its rights of termination under the arrangement agreement between White Tiger Gold and CMC (together, the “Companies“) dated as of March 11, 2011, as amended June 16, 2011; 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 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 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, 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 are reasonable, forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.
