Dear Tiger Shareholder:
Status Update - Philippine Activities
Management has kept shareholders informed of our efforts in the Philippines to obtain renewal of the advanced exploration project known as EP006 Cordillera Region through updates in our quarterly reports and the company website at www.tigerresources.com.
The renewal documents were filed and fees paid on the cusp of the last Philippine Presidential election where Rodrigo Duterte was elected President in the Republic of the Philippines. President Duterte appointed a lady named Regina Lopez as Mining Secretary but, curiously, Mrs Lopez disliked mining and set about shutting down major mines. She instructed all staff to cease regular work and to conduct an audit and inspection of all existing mines, so we expected a delay, so our status was confusing. Our renewal had been processed, and the last action prior to a renewal is when the government sends a letter requesting the filing fee. The fee was paid and we expected to receive the renewal, but it didn't come.
Mrs Lopez, like all appointees, had to be confirmed by the Senate, and her appointment was ultimately declined. Since then a pro mining appointee has been confirmed in the role of Mining Secretary named Secretary Roy A. Cimatu and we plan now to act to obtain determination of the status of EP006 from him. Our opinion is that it is illogical that the title not be renewed, and we will request a meeting with Secretary Cimatu and ask that he instruct the title be renewed without further delay. We have no control over the timing of this effort with Secretary Cimatu and we will inform the market when we have news.
Audit Committee Composition
The rules of the TSX Venture Exchange require that a company's audit
committee be comprised of three directors, the majority of whom are
independent directors. Since we have an annual audit in preparation
we have appointed the following directors to comprise the audit committee:
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