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.