Red Tiger Reports on Progress of the Luz del Cobre Copper Project
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,
. Common shares outstanding: 65,232,275This 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.
Red Tiger Mining Inc.
CONTACT: Red Tiger Mining Inc.
20 Toronto Street, 12th Floor, Toronto ON, M5C 2B8, Canada
Fax: 416 367 3638
info@redtigermining.com
www.redtigermining.com
Dr. Thomas Utter
Frank van de Water
President and CEO
CFO and Secretary
Tel.: +1 52 662 311
Tel.: 416 869 0772
8839
fvandewater@on.aibn.com
thomasutter@gmx.net
