5^th March 2002

TIGER RESOURCE FINANCE PLC ("Tiger")

Preliminary Results - Year Ended 31 December 2001

Tiger Resource Finance plc ("Tiger"), the natural resource focused investment company, announces Final Results for the year ended 31 December 2001.

Commenting, Jeremy Metcalfe, Chairman, said: "Following the successful launch of Tiger on the Alternative Investment Market in January 2001 and considering the difficult market conditions which prevailed during 2001 I am pleased to report that Tiger has emerged as a very solid performer and today, as we report to shareholders on Tiger's first year in operation, we remain extremely confident in continued returns for shareholders."

Operational Highlights

• Investment in a diversified portfolio offering upside potential to increases in metal prices, especially gold.
• Strong recovery in portfolio from global equity downturn following the events of September 11, 2001 in the USA.
• Approximately one third of portfolio held in cash to exploit competitively priced, emerging opportunities as soon as they arise.
• Strong industry intelligence and reach of management team has helped Company to participate in a number of companies whose shares have outperformed their peers.
• Sound management team in place to build on strong base.

Financial Highlights

• Losses before tax for period ST£121,299 (2000: n/a)
• Strong cash position of ST£1,269,915 (2000: ST£1,110).
• NAV per share Stg1.46p
• Significant increase in portfolio valuation for first two months of 2002, NAV Stg1.83p - increase of 25.4% year to date.

Regarding the 2002 Outlook, Jeremy Metcalfe, said "I believe the indications of an economic upturn, stockmarket re-rating of the major mining companies and general metal price improvement will bring renewed interest and investment into the natural resource sector, a situation not experienced since the mid 1990's, and that there will be many new opportunities for Tiger to pursue over the coming years as well as further gains from its current portfolio".

Tiger Resource Finance plc
Jeremy Metcalfe, Chairman	00 44 1303 874798
Bruce Rowan, Director	00 44 207 486 3997
Capital PR
Leesa Peters	00 44 207 618 6560
Cindy Dennis	00 44 207 618 6560

TIGER RESOURCE FINANCE PLC
PRELIMINARY RESULTS FOR THE YEAR ENDED 31 DECEMBER 2001
CHAIRMAN'S STATEMENT

2001 saw the launch of Tiger on the Alternative Investment Market ("AIM") of the London Stock Exchange. In many ways, events during 2001 exemplified the attractiveness of a vehicle such as Tiger and although the equity market suffered following the events of September 11th 2001, the recovery in value from those lows has been exceptional.

Tiger invested in eight companies during 2001; these companies varied both in size and in their incumbent mineral activities. A full report on the investments and their performance is covered in the Portfolio Review, below.

Since the year-end, the performance of Tiger has been highly encouraging. In the year 2002 to date, Tiger has recorded realised gains on its portfolio of ST£251,638 before tax, additional net unrealised gains of ST£504,440 before tax and the net asset value has risen from ST£3.26m at 31 December 2001 to ST£4.09m today, a rise in the year to date of 25.4%. Net asset value per share has risen to Stg1.83p per share before tax.

Results for the Year

The results for the year to 31 December 2001 show a loss before tax of ST£121,299 (2000: not comparable). As of 31 December 2001, the NAV per share was Stg1.46p. Investments in 8 companies were made during the year resulting in a total expenditure of ST£2,112,503. At year-end the company had a cash balance of ST£1,269,195.

Portfolio Review

• Formation Capital Corporation: An investment of ST£245,196 was made in Formation Capital Corporation Inc ("Formation"), a company listed on the Toronto Stock Exchange. Formation is the 100% owner of a primary cobalt project in the Idaho Cobalt Belt in the United States. The deposit is one of the only primary cobalt deposits under development in the world today and is unique in that it is not associated with nickel. The deposit contains independently calculated reserves of 2.1m tonnes grading 0.68% cobalt, 0.54% copper and 0.64 grams/gold per tonne. After by-product credits, the breakeven cost is US$6 per pound, compared with the current market price for cobalt of US$15 per pound. Tiger holds approximately 3% of Formation. Share price has been disappointing in 2001 going from a high of C$0.42 cents to a low of C$0.20 cents, share price is currently C$0.25 cents.
   
• Cluff Mining: Cluff Mining plc's ("Cluff") main interest is the platinum group metals projects ("PGM") in the Bushveld Complex in South Africa which was acquired in 2001. Tiger purchased 55,000 shares in Cluff ("Cluff") and agreed to acquire a further 119,000 shares under the terms of a placing of new ordinary shares which was completed on 4 April 2001. The aggregate consideration for both purchases amounts to ST£247,080 representing a purchase price of ST£1.42 per share. On 20 July 2001 Tiger purchased an additional 75,000 shares in Cluff at ST£1.90 per share. In January 2002, Tiger decided that as an investment vehicle it should take some of its profits in Cluff and therefore sold a total of 149,000 shares at an average price of ST£2.29 per share realising a pre-tax profit of ST£129,914 on the investment. Current share price is ST£2.92 and the company believes that continued investment will benefit shareholders.
   
• Pacific North West Capital: In 2001 Tiger purchased 406,500 shares in Pacific North West Capital ("PFN") on the open market at an average price of C$0.98 cents per share. PFN, a Company listed on the Toronto Stock Exchange, is primarily focused on PGM metals, in particular their River Valley Intrusive Project, which is being part funded through a joint venture with Anglo American Platinum. Current share price is C$0.70 cents. and Tiger believes that PFN will benefit from Amplats involvement in the medium term
   
• National Gold Corporation: Through a unit placing in March 2001, which included warrants, Tiger purchased 1,500,000 shares in National Gold Corporation Inc ("National Gold"), a Canadian junior which owns the Salamandra gold property in Mexico at C$0.25 cents per share. The Salamandra property contains seven gold bearing epithermal systems, one of which hosts the Mulatos deposit with a gold resource of 3.4m ounces. Within the deposit, there is a high-grade oxide zone containing 1.2m ounces at a grade of 3.3 grams per tonne. The total acquisition cost equates to less than US$3 per ounce of resource in the ground. In October 2001 Tiger sold 500,000 shares in National Gold and simultaneously participated in a placing to buy 500,000 shares from the company, both at C$0.15 cents per share. The new 500,000 shares carried a half warrant exercisable at C$0.25 cents per full share - hence the rationale for the sale and repurchase. National Gold shares have performed strongly and have a current share price of C$0.38 cents.
   
• Gold Fields Limited: In May 2001 Tiger purchased 80,500 shares in Gold Fields Limited ("Gold Fields") at ST£3.12 per share. Gold Fields, one of the world's largest gold companies, produces approximately 4.5 million ounces of gold annually. The company has proven and probable reserves of approximately 84.5 million ounces and resources of approximately 150.7 million ounces in South Africa, Ghana and Australia. Gold Fields is focussed on international growth through development of precious metals mining projects in Australasia, North and South America, Europe and Africa. It trades on the Johannesburg Stock Exchange (GFI) as well as on the NASDAQ (GOLD), London, Paris, Brussels and Swiss stock exchanges. Gold Fields shares have risen significantly in recent months and today's price is ST£6.11 per share.
   
• AuIron Energy Limited: In July 2001 Tiger participated in a placing and open offer of new shares in AuIron Energy Limited ("AuIron") with an investment of ST£230,000, acquiring 760,000 shares at Stg31.25p per share. The majority of shares in the placing and open offer were left with placees and although the price suffered in the aftermarket by September 2001 it had recovered to Stg30.0p per share. The share price is currently Stg17.75p, largely due to the company not meeting its stated deadlines and therefore continued investment is under review.
   
• Brancote Holdings plc: Brancote Holdings plc ("Brancote") has a 67% interest in a gold exploration prospect in Argentina where over 3m ounces of gold has been proven. The company is currently advancing the project towards full feasibility and is projecting that it could have a gold mining operation in place by 2003. Tiger purchased 175,000 shares in the market at ST£1.45 each in July 2001. Brancote's share price has been lower due mainly to uncertainties concerning Argentina but has recovered in recent times due to the rally in the gold price and recent announcements on significant intersections including 37m @ 20 g/t Au. At today's date the share price is ST£1.42.
   
• Ivanhoe Mines Limited: In October 2001 Tiger acquired 360,000 shares in Ivanhoe Mines Limited ("Ivanhoe") through a private placing at C$1.57 per share. In November Tiger added a further 100,000 shares at C$2.37 per share. Ivanhoe is a Toronto listed diversified mining company with interests primarily located in south-east Asia. Ivanhoe is the 50% owner operator of the Monywa copper mine in Myanmar (formerly Burma), one of the lowest cost primary copper producers in the world. In Tasmania, iron ore pellets are produced from the wholly owned Savage River mine. Ivanhoe is developing two high-grade gold projects, in Myanmar and South Korea. Ivanhoe is also developing the very exciting Turquoise Hill copper/gold porphyry project in Mongolia. Ivanhoe's share price has risen significantly in the last few months on the back of continuing good results from Turquoise Hill and is currently at C$3.40.
   
• Rio Narcea Gold Mines Limited: Following a reorganisation of the existing shareholders in Rio Narcea Gold Mines Limited ("Rio Narcea") during December 2001, Tiger acquired 1,020,000 shares in Rio Narcea at C$0.67 cents per share, this investment was completed in January 2002. Rio Narcea operates the El Valle and Carles gold deposits in north-east Spain and has recently expanded its commodity interest into nickel with the acquisition of the Aguablanca deposit located in south-western Spain. Aguablanca is a nickel-copper-PGM project and Rio Narcea has recently commenced a feasibility study on this property. The company's share price has reacted well to the recent shareholding reorganisation and is currently trading at C$0.90 cents per share.
   

Summary

A number of stocks in the portfolio contributed to the significant rise in valuation of Tiger. In particular, the performance of our investments in Gold Fields (up 6% to 31 December 2001 and 85% since then) and Ivanhoe (up 18% to 31 December 2001 and 63% since then) are notable.

Gold Fields has risen on the back of the strong gold price and the significant devaluation of the South African Rand. In addition, Gold Fields is an unhedged gold producer and benefits fully from the increasing gold price.

Ivanhoe has made major corporate advances in recent times, the most significant being the results of their exploration on the Turquoise Hill Deposit which is showing potential to be a world class asset.

Other strong performances are Cluff and National Gold, with Cluff benefiting from PGM exploration results in South Africa and National Gold advancing its gold property in Mexico.

Three of our current portfolio have not performed as well as expected, these being Formation Capital, PFN and AuIron. We continue to monitor these investments, discussing the issues where appropriate with company management, and believe that, at this stage, investment in these companies should still be retained due to potential future upside.

As advised on 16 January 2002 Minmet plc is contracted to sell its entire shareholding in Tiger to Ronald Bruce Rowan and the Company is advised that all conditions of that contract have been fulfilled to date. The Company understands that the contract will be completed by 31 May 2002. Bruce Rowan and his associate Colin Bird have joined the Board of Tiger, and Bruce Rowan has also been appointed as Director in charge of investment and strategy.

When Tiger was launched, the Company had a policy of investing in stocks only involved in minerals and metals. However, we intend to propose that this be expanded to include companies in the oil and gas sector at our forthcoming Annual General Meeting.

We believe the recent strong showing of gold will bring new interest and investment into the natural resource sector and that there will be many new opportunities for Tiger to pursue over the coming years. To all our shareholders, we thank you for your support and we are confident that the excellent start to 2002 can be sustained.

A copy of the Report and accounts for the year ended 31 December 2001 will be posted shortly to all shareholders and the Annual General Meeting will be held on 18 April 2002 at 11.30 am at the offices of Lion Capital Corporation, 7/8 Kendrick Mews, London SW7 3HG.

Jeremy P Metcalfe
6 March 2002

TIGER RESOURCE FINANCE PLC

PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2001

	2001 STG£	2000 STG£
Administrative expenses	(121,048)	(11,137)
Interest receivable	96,390	11
Realised loss on quoted investments	(23,267)	-
Unrealised loss on quoted investments	(73,374)	-
OPERATING LOSS - CONTINUING OPERATIONS	(121,299)	(11,126)
Loss on discontinued operations - write-down of intangible asset	-	(347,678)
LOSS ON ORDINARY ACTIVITIES BEFORE TAXATION	(121,299)	(358,804)
Tax on loss on ordinary activities	(26,217)	(148)
LOSS ON ORDINARY ACTIVITIES AFTER TAXATION AND RETAINED FOR THE YEAR	(147,516)	(358,952)
Basic and diluted loss per share	(0.07p)	(3.94p)
There were no recognised gains or losses other than those included above.

BALANCE SHEET AS AT 31 DECEMBER 2001

	2001 STG£	2000 STG£
FIXED ASSETS
Quoted investments - at market value	2,039,129	-
CURRENT ASSETS
Debtors	5,126	3,525,986
Cash at bank	1,269,195	1,110
	1,274,321	3,527,096
CREDITORS : Amounts falling due within one year	(57,297)	(11,600)
NET CURRENT ASSETS	1,217,024	3,515,496
TOTAL ASSETS LESS CURRENT LIABILITIES	3,256,153	3,515,496
Represented by:
CAPITAL AND RESERVES
Called-up share capital	2,234,114	2,234,114
Share premium account	1,550,856	1,662,683
Profit and loss account	(528,817)	(381,301)
EQUITY SHAREHOLDERS' FUNDS	3,256,153	3,515,496

Notes

1. The financial information set out in the announcement does not constitute the Company's statutory accounts for the years ended 31 December 2001 or 2000. The financial information for the year ended 31 December 2000 is derived from the statutory accounts for that year which have been delivered to the Registrar of Companies. The auditors reported on those accounts; their report was unqualified and did not contain a statement under S237(2) or S237(3) Companies Act 1985. The statutory accounts for the year ended 31 December 2001 will be finalised on the basis of the financial information presented by the Directors in this preliminary announcement and will be delivered to the Registrar of Companies following the Company's annual general meeting.
    
2. The Directors approved the accounts on 5 March 2002.