Vancouver, British Columbia May 8, 2012 El Tigre Silver Corp. (the Company or El Tigre) (TSXV: ELS) (Frankfurt: 5RT) (OTCQX: EGRTF) is pleased to report that an extensive metallurgical test program on its El Tigre tailings project has been completed with positive results. The El Tigre silver project is located on concessions that are part of the Companys 431 square kilometer concession ownership in Sonora, Mexico.
The El Tigre tailings were deposited during the original production period from 1903 to 1938. Test samples were obtained from the auger drilling program in November 2011 and composited into 3 separate samples based on color layers, which included red, gray and yellow.
All metallurgical lab work was conducted by Servicio Geologico Mexicano (SGM) in Chihuahua City, Mexico. The original objective of these tests was to confirm the most efficient process to recover the silver and gold values remaining in the tailings stockpile. The test work found that due to the fine size of the tailings particles, recovery was enhanced by fine grinding the samples, which was then followed by bottle roll tests. This test work simulated a production facility which would use a fine grinding mill followed by leaching of precious metals in agitation tanks. The results were promising with higher recoveries achieved than earlier historical work.
The table below show the SGM assays results and recoveries based on metallurgical work (grinding and bottle roll leaching) of three composite samples from each color layer of the tailings. This laboratory work was completed in late April 2012:
Note: g/t is gram per tonne
The tonnage of the tailings at this time is estimated to range between 750,000 to 800,000 tonnes. Based on the current metallurgical work, the company estimates that 75 to 80% of the silver and 93 to 97% of the gold can be recovered by cyanide agitation leaching.
El Tigre has conducted a considerable amount of work on the tailings stockpile and this work was previously reported in five separate news releases the first being the September 13, 2011 announcement relating to obtaining an option agreement with the land owner to process the tailings stockpile. During 2011, El Tigre completed surface channel sampling and drilled 46 auger holes.
This work resulted in assays from both programs that ranged from lows of 43 g/tonne silver and 0.109 g/tonne gold to highs of 172 g/tonne silver and 1.27 g/tonne gold. The table below summarizes and compares the averaged assay values from the two sampling programs and is presented here for comparison purposes.
Note: g/t is gram per tonne
Stuart Ross, CEO of El Tigre Silver, said The Company currently has a one year work plan during which time it will complete a full technical design of an engineered processing facility and complete its construction. The objective is to produce gold and silver from the El Tigre tailings by the end of 2012 by using a 250 tonne per day cyanide agitation system. The Tailings Project will provide short term revenue for the Company to use for exploration, the company will also develop infrastructure for future mining and develop in-house production experience.
Quality Assurance-Quality Control
The auger samples used for the metallurgical test work were kept in control of El Tigre employees during the period of time of the auger drilling, the splitting of each sample into a composite single sample for each color layer, and transportation to Hermosillo. The three 70 kilogram samples plus processing water from the site were then transported by a shipping firm overland to Chihuahua City where SGM personnel took control of the samples. El Tigre took its own samples from SGM for assay checks during the process. These samples were sent through both ALS Worldwide Labs and Inspectorate Labs with all results matching the SGM results.
The technical content of this news release has been approved by Steven D Craig, CPG and Vice President of Exploration for El Tigre, a Qualified Person as defined in NI 43-101.
For further information, please contact:
Stuart Ross, President and CEO Steven Craig, VP Exploration Telephone: (778) 980-7187 Telephone: (775) 815-8456
Rob Grace, Corporate Communications
Telephone: (604) 639-0044
About El Tigre Silver Corp:
The Company, through its subsidiaries, holds the rights to 100% of eight mineral concessions comprising 431 square kilometers located in north-eastern Sonora, Mexico (the El Tigre Property). A technical report has been prepared for the El Tigre Property and can be found on the Companys profile on SEDAR at www.sedar.com and on the Companys website at www.eltigresilvercorp.com.
This news release contains forward-looking statements and forward-looking information (together, forward-looking statements) within the meaning of applicable securities laws and the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements include assay results, design and construction of engineered processing facility and future plans.. Forward-looking statements involve risks, uncertainties and other factors that could cause actual results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from these forward-looking statements include those risks set out in the Companys public documents filed on SEDAR at www.sedar.com. Although the Company believes that the assumptions and factors used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date this news release, and no assurance can be given that such events will occur in the disclosed times frames or at all. Except where required by law, the Company disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
Potential the potential quality and grade is conceptual in nature. There has been insufficient exploration at the El Tigre silver property to define a mineral resource. It is uncertain if further exploration will result in discovery of a mineral resource.
The TSX Venture Exchange has neither approved nor disapproved of the contents of this press release. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.