(Expressed in US dollars except where noted as C$)
TORONTO,
Nov. 25, 2013 /CNW/ - Red Tiger
Mining Inc., (TSXV:RMN), (the "Company" or "Red Tiger") today
reported its financial and operating results for the third quarter
("Q3") ended September 30, 2013. This
press release should be read in conjunction with the Company's
unaudited Financial Statements and Management's Discussion and
Analysis ("MD&A") for the corresponding period, available on
the Company's website at www.redtigermining.com and on SEDAR at
www.sedar.com.
Q3 2013 Highlights
- Commercial production reached on June
30th (declared July
1st)
- Comex Grade 1 Copper cathodes production of 1,536 tonnes for
the quarter
- Copper sales of $10,990,682 for
the quarter at an average realized price(1) of
$3.24 per pound
- Total cash costs per copper pound(1) of $1.75 and average realized margin(1)
of $1.49 per pound
- Net income of $846,564 or
$0.01 per share for the three months
ended September 30, 2013
- Adjusted EBITDA(1) of $4,940,761 or adjusted EBITDA per
share(1) of $0.05 for the
three months ended September 30,
2013
- Cash of $1,114,536 as at
September 30, 2013
| |
|
| (1) |
Refer to the section on Non-IFRS Financial Performance Measures
at end of the press release. Reconciliation of these measures is
described in the MD&A on page 9. |
| |
|
Subsequent to Quarter Events
- The Company issued 692,441 common shares to Gerald Metals to
settle the interest premium payable at September 30th.
- The Company granted options to certain directors, officers and
employees to purchase 1,350,000 common shares of the Company, each
at a strike price of $0.20 and having
a term of five years.
- In October, the Company produced 602 tonnes of Comex Grade 1
copper cathodes
Q3 2013 Selected Operational and Financial
Information
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|
|
|
|
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|
Q3
2013 |
Q2
2013 |
Q1 2013 |
Q3
2012 |
| OPERATING
RESULTS |
|
|
|
|
|
| Mining |
|
|
|
|
|
| Ore mined |
tonnes |
248,342 |
230,432 |
185,742 |
216,175 |
| Waste rock mined and removed |
tonnes |
1,333,793 |
1,047,433 |
821,973 |
919,591 |
| Total mined |
tonnes |
1,582,135 |
1,277,865 |
1,007,715 |
1,135,766 |
| Waste-to-ore ratio |
|
5.4 |
4.5 |
4.4 |
4.3 |
| Average grade of mined ore |
total copper |
0.96% |
1.25% |
0.84% |
1.09% |
| |
|
|
|
|
|
| Crushing and Stacking |
|
|
|
|
|
| Ore crushed and stacked |
tonnes |
241,599 |
230,326 |
181,992 |
202,277 |
| Average grade of stacked ore |
total copper |
0.96% |
1.50% |
0.99% |
1.06% |
| |
|
|
|
|
|
| Copper cathodes produced |
tonnes |
1,536 |
1,108 |
949 |
572 |
| |
|
|
|
|
|
| FINANCIAL
RESULTS |
|
|
|
|
|
| Copper sales(1) |
$ |
10,99,682 |
- |
- |
- |
| Production costs |
$ |
4,274,059 |
- |
- |
- |
| Net earnings (loss) |
$ |
846,564 |
(257,913) |
1,094,239 |
(331,410) |
| Total cash costs per copper
pound(2) |
$/pound |
1.75 |
- |
- |
- |
| Average realized price(2) |
$/pound |
3.24 |
- |
- |
- |
| Average realized margin(2) |
$/pound |
1.49 |
- |
- |
- |
| Adjusted EBITDA(2) |
$ |
4,940,761 |
(1,148,989) |
(1,152,358) |
(1,300,972) |
| |
|
|
(1) |
Prior to the Company declaring commercial production on July 1,
2013, all previous revenues were credited against capitalized
project costs. |
|
(2) |
Refer to the section on Non-IFRS Financial Performance Measures
at end of the press release. Reconciliation of these measures is
described in the MD&A on page 9. |
|
(3) |
Total cash costs, average realized price and average realized
margin are calculated on post-commercial pounds sold only. |
| |
|
Technical Information
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.
About Red
Tiger
Red Tiger's Luz
del Cobre ("LdC") mine in Mexico
has continued to show improved operating performance over its
initial seven quarters of operation, which, on July 1, 2013, reached commercial production
levels. The LdC mine has proven and probable reserves of 3,605,000
tonnes of copper with an average grade of 1.00%.
Non-IFRS Financial Performance
Measures
The Company has included certain non-IFRS
measures in this press release, including "total cash cost per
copper pound", "average realized price", "average realized margin",
"adjusted EBITDA" and "adjusted EBITDA per share". The Company
believes these measures, in addition to conventional measures
prepared in accordance with IFRS, provide investors an improved
ability to evaluate the underlying performance of the Company. The
non-IFRS measures are intended to provide additional information
and should not be considered in isolation or as a substitute for
measures of performance prepared in accordance with IFRS. These
measures do not have any standardized meaning prescribed under
IFRS, and therefore may not be comparable to other issuers.
Refer to page 9 of the Company's MD&A for
the nine months ended September 30,
2013 for a reconciliation of these measures.
Forward-Looking Information
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.