Toronto, Ontario, Canada. Red Tiger Mining Inc., (TSX-V:RMN), (the “Company” or “Red Tiger”) is pleased to report that contractors have advanced the construction and development of the Company’s Luz del Cobre Copper Project (Sonora, Mexico) to an overall 75% to 80% of completion. M3 Engineering & Construction Inc. is continuing to supervise the site construction as the EPCM (Engineering, Procurement, and Construction Management) Contractor.
The mine contractor has started waste rock removal and copper ore encountered during stripping is being stockpiled next to the installed crusher at the valley leach pad area. Crushing and loading of ore and start-up of leaching is scheduled for February 2012. Copper cathode production of this 15 million pounds of copper per year, open pit, leach, solvent extraction (“SX”) electro-winning (“EW”) project, is expected to start in the second Quarter of 2012, at an estimated cash cost of production (cash cost before interest, taxes, depreciation and amortization) of an average $1.20 per pound over the expected life of the mine.
The Company is pleased to announce that Jesus Gutierrez Bastida has assumed the newly created position of Director General of the Company’s Mexican subsidiary Minerales Libertad, S.A. de C.V. (Minerales”). He is in charge of the Minerales team developing the project and the subsequent operation of Luz del Cobre. Mr. Gutierrez has over 30 years of experience with a proven track record in the management of mining and processing operations. During the past 6 years he has led the Cobre de Mayo SX-EW project, Sonora, Mexico, from feasibility to construction, through start-up and into production in near record time. He has also held high level operating positions as Director of Operations for Grupo Mexico’s Cananea mine, was Director General of Minera de Angeles and Director General for the Frisco Group. In his role as Director General of Minerales he will report to the President and CEO of the Company.
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, including the completion of the current financing.
For further information, please contact:
Red Tiger Mining Inc.
20 Toronto Street
12th Floor
Toronto ON, M5C 2B8 Canada
Fax: 416 367 3638
Dr. Thomas Utter
President and CEO
Tel.: +1 521 662 311 8839
[email protected]
Frank van de Water
CFO and Secretary
Tel.: 416 869 0772
[email protected]
