TORONTO, Nov. 14, 2013 /CNW/ - Red Tiger Mining Inc., (TSXV-RMN), (the "Company") today reports that it has achieved a record monthly
production of 602 tonnes of COMEX Grade 1 Copper Cathodes during the
month of October from its wholly-owned Luz del Cobre Copper Mine in
Since the start of open pit mining at Luz del Cobre in late 2011, and
commencement of crushing and leaching of ore in April 2012, a total of
1.6 million tonnes of ore with an average grade of 0.98% total copper
has been placed on the leach pad and put under leach. The output of
pure copper cathodes from the SX/EW plant in each of the past five
months has exceeded an unprecedented 500 tonnes per month, and reached
a new record of 602 tonnes for October.
Chief Executive Officer, Thomas Utter, commented: "On July 1st we passed the initial ramp-up phase of the project and entered into
Commercial Production. Four months later, I'm extremely pleased to
report that we achieved approximately 90% of our monthly design
capacity in October. With our dedicated team and the current
performance of the leach pad and plant, we can expect to run our
operations near to or at our design capacity going forward."
Additionally, the Company wishes to correct a statement made in its
prior press release regarding the vesting of options. Of the 1.35
million options granted to Management and Directors of the Company,
300,000 granted to non-executive directors vest immediately, with the
remaining 1.05 million options vesting as previously stated.
Thomas F. Utter, Dipl.-Geol, Dr.phil.nat., (European Geologist) acted as
Qualified Person, as defined in NI43-101, with respect to the
disclosure of the scientific and technical information contained in
this news release.
Red Tiger is listed on the TSX Venture Exchange (symbol "RMN"). The
number of shares outstanding is 101,318,776.
Certain statements contained in this news release constitute
"forward-looking information" as such term is used in applicable
Canadian securities laws. Forward-looking information is based on
plans, expectations and estimates of management at the date the
information is provided and is subject to certain factors and
assumptions, including, that the Company's financial condition and
development plans do not change as a result of unforeseen events, that
the Company obtains regulatory approval, future metal prices and the
demand and market outlook for metals. Forward-looking information is
subject to a variety of risks and uncertainties and other factors that
could cause plans, estimates and actual results to vary materially from
those projected in such forward-looking information. Factors that could
cause the forward-looking information in this news release to change or
to be inaccurate include, but are not limited to, the risk that any of
the assumptions referred to prove not to be valid or reliable, that
occurrences such as those referred to above are realized and result in
delays, or cessation in planned work, that the Company's financial
condition and development plans change, delays in regulatory approval,
risks associated with the interpretation of data, the geology, grade
and continuity of mineral deposits, the possibility that results will
not be consistent with the Company's expectations, as well as the other
risks and uncertainties applicable to mineral exploration and
development activities and to the Company as set forth in the Company's
latest management discussion and analysis filed under the Company's
profile at www.sedar.com. The Company undertakes no obligation to update these forward-looking
statements, other than as required by applicable law.
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.
SOURCE: Red Tiger Mining Inc.
For further information:
Red Tiger Mining Inc.
20 Toronto Street, 12th Floor, Toronto, ON, M5C 2B8
Dr. Thomas Utter
President and CEO
Tel.: +1 52 662 311 8839
CFO and Secretary
Tel.: 416-637-1517 x 107