Unfortunately for the shareholders of copper miner Tiger Resources Limited (ASX: TGS), its share price has come crashing down today. In afternoon trade its shares are a massive 33% lower on the back of the release of a worrying half year report after the market shut yesterday.

For the six months ended June 30 2016 Tiger Resources posted a 32% decline in revenue to $56.5 million and a huge loss of $37.3 million.

The loss came largely as a result of the pre-tax impairment losses of $38.7 million and $1.1 million recorded against its Kipoi cash generating unit and capitalised feasibility costs respectively.

It clearly has been a tough six months for the miner. Not only did sales volumes of payable copper metal shrink 20% to 11,703 tonnes of copper cathode, but the realised copper price declined 17% to $4,701 per tonne.

Today’s decline means its shares have been cut in half so far in 2016, compared to a 53% rise in the share price of OZ Minerals Limited (ASX: OZL) and a small decline in the value of Sandfire Resources NL (ASX: SFR) shares.

But just when shareholders thought things couldn’t get worse, they might just be about to. Following a review of Tiger Resources’ accounts, auditor PricewaterhouseCoopers believes that a material uncertainty exists that may cast significant doubt on the company’s ability to continue as a going concern.

It has pointed to the inherent uncertainty around the forecast copper price, the timing of refunds of VAT receivables of $11.3 million, and management’s comments on the company’s need to secure additional funds.

Not only has the company already drawn $133.2 million of its $162.5 million senior debt facility, but it was in breach of certain obligations under the facility agreement during the half. Although the company obtained the appropriate waiver of the conditions prior to the reporting date, it is unclear as to whether it is still breaching its obligations.

All in all, this is one company which I would suggest staying well clear of. If the copper price does not increase dramatically over the next 12 months, I wouldn’t be at all surprised if the company is unable to continue as a going concern.

Instead of investing your hard earned money in Tiger Resources, these three new breed blue chips could be great options. Each provides investors with growing earnings and dividends, and could bolt higher in the next few months.

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Motley Fool contributor James Mickleboro has no position in any stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.