TORONTO, March 5, 2012 /CNW/ - Red Tiger Mining Inc., (TSXV-RMN), (the "Company" or "Red Tiger") is pleased to report that the completion of construction and development of the Company's Luz del Cobre Copper Project (Sonora, Mexico) has reached the stage that ore crushing, curing with acid to start releasing copper content, and placement on the valley leach pad has commenced.
Approximately 150,000 tonnes of ore at an average grade of 0.81% Cu were mined to the end of February and is stockpiled in front of the crusher. This tonnage is being crushed at a rate that will ramp up to 350 tonnes per hour and will be conveyed to the leach pad along with ore being mined and crushed as the stockpile is depleted.
On completion of the first lift, which is designed to level the slope of the valley floor, and the completion of the first 40 metre length of the second lift, the first cell will be placed under drip irrigation in order to release the contained copper into a solution which will report to the solvent extraction plant when the right percentage copper content is reached.
Copper cathode production is expected in mid-April. The initial cash cost of production (cash cost before interest, taxes, depreciation and amortization) may be higher than the estimated average cash cost over the life of mine of US$1.30 per pound of copper.
Red Tiger's shares are listed on the TSX Venture Exchange, (symbol: RMN). Common shares outstanding: 65,232,275
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, including the completion of the current financing.
Neither 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.
For further information:
Red Tiger Mining Inc.
20 Toronto Street, 12th Floor, Toronto ON, M5C 2B8, Canada
Fax: 416 367 3638
Dr. Thomas Utter
President and CEO
Tel.: +1 52 662 311 8839
Frank van de Water
CFO and Secretary
Tel.: 416 869 0772