TORONTO, Jan. 30, 2012 /CNW/ - Red Tiger Mining Inc., (TSXV-RMN), (the "Company" or "Red Tiger") is pleased to report that the construction and development of the Company's Luz del Cobre Copper Project (Sonora, Mexico) has reached an overall 85% completion mark.
The mining contractor has continued waste rock removal and copper ore is being stockpiled next to the crusher at the valley leach pad area. Ore mined from the end of November to January 25, 2012 from the 650 to 640 metre levels totaled 50,300 tonnes at an average grade of 0.87% copper based on blast hole sample assays, compared to a planned grade of 0.77% copper. Crushing and stacking of ore on the leach pad will start in February while the solvent extraction and electro-winning plant enters into various stages of commissioning. Copper cathode production from this 15 million pounds of copper per year project is expected to commence in April, at a cash cost of production (cash cost before interest, taxes, and amortization) projected to average $1.30 per pound over the life of the mine.
The Company is also pleased to announce that its new website www.redtigermining.com is operational and special reference is made to a photo gallery linked to the home page showing the progress on site at Luz del Cobre.
Red Tiger's shares are listed on the TSX Venture Exchange, (symbol: RMN). Common shares outstanding: 65,232,275
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