Issue of Equity

Tiger Resource Finance PLC
7 February 2001


Tiger Resource Finance plc ('Tiger')

Announcement of Investment

The Board of Tiger Resource Finance PLC is pleased to announce it's first
investment.  An amount of £250,000 will be invested through a private
placement, consisting of shares and warrants, in Formation Capital
Corporation, 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.

The principal uses of cobalt are in super alloys, chemicals and batteries,
carbide and diamond tools, and magnets.  The United States is the world's
largest consumer of cobalt, but currently relies on all its supply from
foreign sources.     

On closing of this placing, Tiger will hold approximately 3% of  Formation
Capital.


For further information:

Kjeld Thygesen - Lion Resource Management Ltd + 44 207 590 88 10

Michael Nolan - Director, Tiger Resource Finance PLC + 353 1 661 33 09