Final Results

Tiger Resource Finance PLC
23 April 2001


TIGER RESOURCE FINANCE PLC

PRELIMINARY RESULTS FOR THE YEAR ENDED 31 DECEMBER 2000


CHAIRMAN'S STATEMENT
It has been a year of change for Crediton Minerals plc ('Crediton'), which has
been re-named Tiger Resource Finance plc ('Tiger') and which has a new focus
as an investment vehicle for companies in the natural resources sector.  I
indicated in my report last year there has been some valuable gold exploration
work done by Crediton in the Crediton Trough, Devon, and whilst some very
encouraging grades of gold have been found, there remains much work to do to
delineate a commercially viable mine.

In this context, the directors suspended trading of Crediton's shares on OFEX
on July 5th 2000 in order to conduct a strategic review of the opportunities
available to the company. In the Director's view it was the optimal time to
create a new vehicle to invest in natural resource companies capitalising on
the significant industrial and financial experience of the management team. 
In addition there have been a number of positive developments in the natural
resource sector in the last year.  In December 2000 proposals to raise new
equity and change the business focus were presented to shareholders.  These
proposals were approved by shareholders in January 2001 resulting in Crediton
being re-named Tiger and a total of STG£3.6m was raised from existing and new
shareholders.

Results for Year
Results for the year show a loss before taxation of STG£358,804 (1999: loss
STG£6,454).  This loss is mainly attributable to the write down of STG£347,678
in the exploration asset which has been purchased by Minmet plc for
STG£230,000.  Although the resolutions supporting the change of focus were
approved on January 19th 2001 the accounts at 31 December 2000 reflect the new
fund raising, the write down of the exploration asset and its sale to Minmet
plc.

Tiger Resource Finance plc
In December 2000 (and January 2001) a total of Stg£3.6 Million pounds was
raised from both public and institutional investors, the company changed it's
name to Tiger Resource Finance Plc and was relisted on the Alternative
Investment Market of the London Stock Exchange on January 23rd 2001.  The
mineral asset which Crediton previously owned, in the Crediton Trough in Devon
was sold to a subsidiary of it's major shareholder Minmet plc for Stg£230,000,
which was considered by AMCO Robertson Mineral Services Ltd, an independent
third party, a fair value of the work carried out to date.  This has resulted
in a write off of the historical cost of exploration work done by Crediton in
the accounts to December 31st 2000.

Looking forward, Tiger is being run by an experienced management team and an
independent Investment Manager (Lion Resource Management Limited), who will
take advantage of opportunities in natural resource companies world-wide.  The
Board will retain the flexibly to invest in natural resource companies across
the spectrum of development from early stage through to production.  It is
envisaged that Tiger may also bring a level of technical expertise to its
investee companies and may not merely take on the role of a passive investor. 
However, it is important that investee companies demonstrate a core management
ability before an investment is made.  In addition, the location of key
projects of companies in which Tiger invests should predominately be in
countries where political risk insurance cover is available.

Tiger's emphasis will be on taking appropriate positions in well managed
businesses in the natural resource sector.  It is not the intention of Tiger
to become a vulture fund picking up defunct or bankrupted businesses.  Tiger
will fulfil the role of a traditional mining finance house.

A dynamic aspect of the Company's investment policy will include supporting
companies who have developed or are applying the new technologies that are
becoming increasingly available to the resource sector.  


Developments
Since Tiger was admitted to listing on the Alternative Investment Market of
the London Stock Exchange, in January 2001, a number of investments have been
made:

*  Formation Capital Corporation Inc ('Formation'): 
An investment of Stg£250,000 was made in 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.

*  Cluff Mining plc ('Cluff'):
Tiger purchased 55,000 shares in Cluff and agreed to acquire a further 119,000
shares under the terms of a placing of new ordinary shares which was completed
on April 4th 2001 under a placing of new ordinary shares.  The aggregate
consideration for both purchases amounts to STG£247,080 representing a
purchase price of Stg£1.42 per share.  Following the completion of the Placing
Tiger will be interested in 1.4% of the enlarged ordinary share capital of
Cluff.  Cluff's interests include the Kalsaka gold project in Burkina Faso,
the Mabounie niobium project in Gabon and the recently acquired platinum group
metals projects ('PGM') in the Bushveld Complex in South Africa.  The Placing,
in which Tiger is participating, will be used to accelerate the development of
the PGM properties in the Bushveld and to fund feasibility studies at both
Kalsaka and Mabounie. 

*  Pacific North West Capital Corporation Inc ('Pacific')
At the date of this letter Tiger purchased 406,500 shares in Pacific on the
open market, representing a 2.1% interest in the equity of Pacific.  Pacific,
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 ('Amplats'). 
Amplats will have spent C$4.3m by June 2001.  The drilling to date has
demonstrated that potential exists for large scale open pit mining at one or
more sites along an eight kilometre mineralised intrusive.  The ongoing work
programme is designed to delineate reserves, and further test metallurgy.  

*  National Gold Corporation Inc ('National Gold')
Through a unit placing, which includes warrants, Tiger has invested
Stg£167,000 in National Gold, a Canadian junior which has recently acquired
the Salamandra gold property in Mexico from Placer Dome and Kennecott.  Upon
exercise of the warrants, the total investment will be Stg£280,000.  The
initial investment gives Tiger an interest of 12.7% in National Gold.  The
Salamandra property contains seven gold bearing epithermal systems, one of
which hosts the Mulatos deposit with a 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.

The current investments and those still under consideration are designed to
give a reasonable spread of mineral interests with the maximum upside chance
of doing well over the next two to three years.  Cobalt, platinum, palladium
and gold all have their specific place in the commodities sector. In my
opinion the downside risk is limited. Other base, precious and strategic
metals will be added to the portfolio in due course.

Finally, I want to extend my thanks to my Board and professional advisors for
their efforts during 2000 and in particular the sterling work that has led to
Tiger Resource Finance plc becoming a reality.

A copy of the Report and accounts for the year ended December 31st 2000 will
be posted to shareholders in the next few days and the Annual General Meeting
will be held on May 24th 2001 at 11.30 a.m. at the Geological Society of
London, Burlington House, Piccadilly, London W1J 0BG.

Jeremy Metcalfe
Chairman

TIGER RESOURCE FINANCE PLC

PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2000


                                                         2000          1999
                                                         STG£          STG£

Administration expenses - continuing operation       (11,137)       (7,184)

Write down of Intangible Asset - 
  discontinued operations                           (347,678)            -
                                                  -------------------------
OPERATING LOSS                                      (358,815)       (7,184)

Interest receivable                                       11           730
                                                  -------------------------
LOSS ON ORDINARY ACTIVITIES          
BEFORE TAXATION                                     (358,804)       (6,454)

Taxation                                                (148)            -
                                                  -------------------------
LOSS ON ORDINARY ACTIVITIES
AFTER TAXATION                                      (358,952)       (6,454)

Balance at beginning of year                         (22,349)      (15,895) 
                                                  -------------------------
Balance at end of year                              (381,301)      (22,349) 
                                                  =========================
Loss per share                                         (3.9p)       (0.02p) 
                                                  =========================

There were no movements in shareholders' funds other than the recognised gains
and losses in the current and prior years.
 
TIGER RESOURCE FINANCE PLC
BALANCE SHEET AS AT 31 DECEMBER 2000

                                                         2000          1999
                                                         STG£          STG£


FIXED ASSETS
Intangible assets                                          -       519,400
                                                  -------------------------

CURRENT ASSETS          
Debtors                                            3,525,986         9,671
Cash at bank                                           1,110         1,550
                                                  -------------------------
                                                   3,527,096        11,221

CREDITORS : (Amounts falling due          
within one year)                                     (11,600)     (131,062) 
                                                  -------------------------
NET CURRENT ASSETS/(LIABILITIES)                   3,515,496      (119,841) 
                                                  -------------------------
TOTAL ASSETS LESS CURRENT LIABILITIES              3,515,496       399,559
                                                  =========================

Represented by :          

CAPITAL AND RESERVES          
Called-up share capital                            2,234,114        91,155
Share premium account                              1,662,683       330,753
Profit and loss account                             (381,301)      (22,349) 
                                                  -------------------------
EQUITY SHAREHOLDERS' FUNDS                         3,515,496       399,559
                                                  =========================


For further information please contact:

Jeremy Metcalfe, Chairman
00 44 (0) 1303 874798 (UK)