Tigray Resources Inc. to Commence Trading on the TSX Venture Exchange

 

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 30, 2011) - Tigray Resources Inc. (TSX VENTURE:TIG)("Tigray" or the "Company") is pleased to announce it will begin trading on the TSX Venture Exchange on August 31, 2011 under the symbol TIG.

Tigray was created as a spin-out from Canaco Resources Inc. (TSX VENTURE:CAN) and owns 70% of the Harvest project in Ethiopia, a polymetallic VMS property covering 362 square kilometres in the Neoproterozoic Asmara volcanogenic belt that stretches southward from Eritrea. Prior to the spin-out of Tigray, Canaco drilled 12 holes at Harvest as part of its due diligence process in acquiring the project, 10 of which contained significant mineralization along a strike length of 850 metres and identified a favourable volcanogenic massive sulfide (VMS) mineralized horizon capped by an oxide gold zone. The Company recently launched an 11,000-metre first phase drill program, with one rig currently drilling and up to two more planned in the coming weeks.

Tigray President and CEO Andrew Lee Smith said: "We are excited to see Tigray come to trade and we believe it represents a unique opportunity for investors to gain exposure to the emerging mineral exploration sector in Ethiopia. Our first phase drill program at Harvest is now under way at Terakimti, one of six concessions on the Harvest property, where our due diligence drilling last year led to the discovery of significant oxide gold and primary VMS mineralization and identified potential for supergene mineralization."

About Tigray

Tigray is a Canadian mineral exploration company focused on advancing early stage mineral projects in the Tigray region of Ethiopia. Tigray's key property is the 70%-owned Harvest VMS project, located 600 kilometres north‐northwest of the capital city of Addis Ababa. Tigray trades on the TSX Venture Exchange under the symbol TIG.

On behalf of the Board of Directors:

Andrew Lee Smith, P.Geo., President, CEO and Director

Cautionary Statement Regarding Forward-Looking Information

This news release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "anticipate", "believe", "plan", "expect", "intend", "estimate", "forecast", "project", "budget", "schedule", "may", "will", "could", "might", "should" or variations of such words or similar words or expressions. Forward-looking information is based on reasonable assumptions that have been made by the Company as at the date of such information and is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: risks associated with mineral exploration and development; metal and mineral prices; availability of capital; accuracy of the Company's projections and estimates; interest and exchange rates; competition; stock price fluctuations; availability of drilling equipment and access; actual results of current exploration activities; government regulation; political or economic developments; environmental risks; insurance risks; capital expenditures; operating or technical difficulties in connection with development activities; personnel relations; the speculative nature of strategic metal exploration and development including the risks of diminishing quantities of grades of reserves; contests over title to properties; and changes in project parameters as plans continue to be refined, as well as those risk factors set out in the Company's listing application dated August 18, 2011. Forward-looking statements are based on assumptions management believes to be reasonable, including but not limited to the price of gold; the demand for gold; the ability to carry on exploration and development activities; the timely receipt of any required approvals; the ability to obtain qualified personnel, equipment and services in a timely and cost-efficient manner; the ability to operate in a safe, efficient and effective manner; and the regulatory framework regarding environmental matters, and such other assumptions and factors as set out herein.

Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information that is included herein, except in accordance with applicable securities laws.

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 news release.



Tigray Resources Inc.
Meghan Brown
Director Investor Relations
604-488-2557
investors@tigray.ca
www.tigray.ca