Red Tiger Reports Record Monthly Production, Extends Balance of Private Placement
TORONTO, Nov. 1, 2012 /CNW/ - Red Tiger Mining Inc., (TSXV: RMN), (the "Company") today reported that copper production for the month of October reached a monthly record of 432 tonnes. It is expected that commercial levels in excess of 500 tonnes per month will be achieved by year-end.
The Company also reported that it is extending its previously announced non-brokered private placement of up to US$2,500,000 (the "Private Placement") to allow any interested non-insiders to participate. As previously announced, the Company has completed a first tranche comprising US$2 million subscribed for by insiders of the Company and US$20,000 by non-insiders.
Red Tiger is listed on the TSX Venture Exchange (symbol "RMN"). The number of shares outstanding is 74,098,537.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains forward-looking statements, which are subject to risks and uncertainties and other factors that may cause results to differ materially from expectations. Specifically, this news release contains forward-looking information regarding the Company's projected copper production, completion of the Private Placement, the participation in the Private Placement by non-insiders, the availability of, and the Company's reliance upon, certain exemptions from applicable securities law and/or TSXV requirements, and the Final Acceptance of the Private Placement by the TSXV. Actual results may vary from the forward-looking information. Factors that could cause actual results to differ materially from the forward-looking information include: disruption to operations, site damage due to extreme weather, and unexpected drop in PLS grade. The production estimate has been extrapolated based on current levels of production. Accordingly, readers are cautioned not to place undue reliance on this forward-looking information.
SOURCE: Red Tiger Mining Inc.For further information:
Dr. Thomas Utter
President and CEO
Tel.: +1 52 662 311 8839
CFO and Secretary
Tel.: 416 637-1517 x 107