Toronto, Ontario, November 25, 2013; 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
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
(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.
Contact Information
For further information, please contact:
Red Tiger Mining Inc.
20 Toronto Street, 12th Floor, Toronto, ON, M5C 2B8
Fax: 416-367-3638
[email protected]
www.redtigermining.com
20 Toronto Street, 12th Floor, Toronto, ON, M5C 2B8
Fax: 416-367-3638
[email protected]
www.redtigermining.com
Dr. Thomas Utter
President and CEO
Tel.: +1 52 662 311 8839
[email protected]
David Lurie
CFO and Secretary
Tel.: 416-637-1517 x 107
[email protected]
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.
