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 Sonora, Mexico.
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:
Dr. Thomas Utter
President and CEO
Tel.: +1 52 662 311 8839
CFO and Secretary
Tel.: 416-637-1517 x 107