(expressed in US dollars except where noted as C$)
TORONTO, Nov. 28, 2011 /CNW/ - Red Tiger Mining Inc., (TSXV:RMN), (the
"Company" or "Red Tiger") today reported that the quarterly unaudited
Consolidated Financial Statements and Management's Discussion and
Analysis report for the nine and three months ended September 30, 2011
have been filed on SEDAR, www.sedar.com The Company's new website is currently under construction.
Activity in the third quarter was focused on the completion of the
conditions for the release from escrow of the Private Placement of $25
million in equity units, along with a bank financing of $30 million.
Mexican courts approved the creditors' settlement agreements which
ended the Mexican litigation, and the necessary filings were made in
certain courts and registries that will result in the removal of liens
on the mining concessions where the Company's Luz del Cobre Copper
Project is located. Funds were released from escrow on July 20, 2011,
completing the financing.
Effective August 10, 2011, the Company's shares commenced trading on the
TSX Venture Exchange as a Tier 1 Mining Company and currently trade
under the new name under the symbol RMN.
The net loss for the nine months to September 30, 2011 was reduced by
$1,345,000 to $498,000 during the quarter as a result of beneficial
adjustments resulting from the financing, as well as adjustments made
to the provisions previously made to settle with the creditors. These
settlements have progressed to the extent that management does not
expect to incur additional costs in settling the remaining accounts.
Working Capital at September 30 was $7.2 million and Shareholders'
Equity was $20.3 million.
Senior personnel for the Copper Project and all heads of departments are
on site. Contracts for the development and construction of the project
have been signed and the Company projects that it will be producing
copper cathodes by the second quarter of 2012. Planned production is 15
million pounds of copper per year at a cash cost of production (cash
cost before interest, taxes, and amortization) of $1.20 per pound.
On November 7, the Company filed Articles of Amendment effecting a
consolidation of its outstanding shares on a one new share for ten
existing shares basis and changing the name of the Company to Red Tiger
Red Tiger is listed on the TSX Venture Exchange (symbol RMN). Common
shares outstanding after giving effect to the consolidation will be
65,232,029, subject to adjustment for fractional shares.
This News Release contains forward-looking statements which are
typically preceded by, followed by or including the words "believes",
"expects", "anticipates", "estimates", "intends", "plans" or similar
expressions. Forward-looking statements are not guarantees of future
performance as they involve risks, uncertainties and assumptions.
Neither TSXVenture 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.
SOURCE Red Tiger Mining Inc.
For further information:
Red Tiger Mining Inc.
20 Toronto Street, 12th Floor, Toronto ON, M5C 2B8, Canada
Fax: 416 367 3638