TORONTO, June 21, 2012 /CNW/ - Red Tiger Mining Inc., (TSXV-RMN), (the "Company" or "Red Tiger") is pleased to announce that since start-up one month ago, the solvent extraction and electro-winning plant at its wholly owned Luz del Cobre copper project (Sonora, Mexico) has been in continuous operation, producing high purity copper. The current average daily production has been 15 tonnes (or 33,000 pounds per day) of Comex Grade 1 copper cathodes, and from the date of the first cathodes stripped on May 19 to date, 483 tonnes of copper has been produced.
Open pit mining, crushing, conveying and stacking of copper ore continues without unscheduled interruptions at a daily average rate of between 2,700 and 3,200 tonnes. To date, 390,000 tonnes of crushed ore with an average grade of 0.70%Cu have been stacked in a specially constructed, V-shaped valley leach area. The surface area for irrigation with leach solution is increasing which, combined with the recent stacking of 23,000 tonnes of high grade ore is expected to lead to an increase of average daily copper production to the designed 20 tonnes of copper per day during the third quarter of this year.
Luz del Cobre is a near surface blanket-type oxidized copper deposit with measured resources of 2,041,000 million tonnes at 1.3% copper and indicated resources of 2,521,000 million tonnes at 0.91% copper (NI 43-101 feasibility study filed October 2006, with a resource update filed June 2009). The mineralization is open on at least two sides. The planned production is an average of 15 million pounds of copper per year over the first 6 years.
Thomas F. Utter, Dipl.-Geol, Dr.phil.nat., (Eurogeologist) acted as Qualified Person, as defined in NI 43-101,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"). Common shares outstanding 69,193,537. The Annual Meeting of Shareholders will be held June 25, 2012 at 10:00 am: Conference Rooms "C and D", Second Floor, 20 Toronto Street, Toronto, Ontario, Canada.
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.
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:
Dr. Thomas Utter
President and CEO
Tel.: +1 526623118839
Frank van de Water
CFO and Secretary
Tel.: 416 869 0772