TORONTO, Feb. 13, 2014 /CNW/ - Red Tiger Mining Inc., (TSXV: RMN), (the "Company" or "Red Tiger") is pleased to provide the following operational update. As a result of recent levels of copper production at its Luz del Cobre copper mine in Sonora, Mexico, the Company's wholly owned subsidiary, Minerales Libertad ("Minerales"), has generated sufficient free cash flow to pay all previously overdue taxes owing to the Mexican Tax Authorities. As such, Minerales is now in good standing under its Loan Agreement with Deutsche Bank.
Mr. Robert Wunder, President and CEO of Red Tiger, commented: "We are pleased that improved operational performance during the past few months has allowed the Company to achieve consistent positive cash flow. The Company's balance sheet is improving by paying down debt and liabilities, as well as by investing in assets at the mine."
Furthermore, the Company is pleased to announce that it has entered into an agreement with Deutsche Bank ("DB") whereby both parties have agreed to terminate the Company's derivative instruments. Red Tiger and DB had previously entered into a copper collar swap transaction and a copper call option transaction as described in the Company's financial statements.
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, Fax: 416-367-3638, [email protected], www.redtigermining.com; Robert Wunder, President and CEO, Tel.: +1 52 662 311 8839, [email protected]; David Lurie, CFO and Secretary, Tel.: 416-637-1517 x 107, [email protected]