Portfolio Valuation

Tiger Resource Finance PLC
01 November 2004


             Tiger Resource Finance plc ('Tiger' or 'the Company')

                                   NAV Update


The Board of Tiger announces that the Company will be releasing its unaudited
portfolio value per share (reflecting the value of the Company's investments and
cash only) on a quarterly basis commencing retrospectively from 30 September
2004.

The unaudited portfolio value (PV) per share (based on investments and cash
only) at 30 September 2004 was 2.99p per share. The current unaudited PV per
share (as at close of business on 29 October, 2004) is 3.43p per share.

All future reporting will be made on a quarterly basis and accordingly the next
announcement will disclose the portfolio value per share as at 31 December 2004.

For further information please contact:

Bruce Rowan, Chairman         Tel: [phone]

Colin Bird, Director          Tel: [phone]





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