November 30, 2012 (Investorideas.com Mining stocks newswire) - eResearch Corp Reports: reports Red Tiger Mining Inc. (TSX-V:RMN) has filed on SEDAR (www.sedar.com) its quarterly unaudited condensed interim Consolidated Financial Statements and Management’s Discussion and Analysis Report for the three and nine months ended September 30, 2012.
Q3/2012 Copper Production
Red Tiger produced 572 tonnes of COMEX Grade 1 copper in Q3/2012 at its Luz del Cobre project at the San Antonio property in the State of Sonora, Mexico, and sold it at an average price of $3.53 per lb. Production in Q3 was affected by the closure of Luz del Cobre for four weeks because of heavy rains that slightly damaged the mine and some facilities. A total of 202,277 tonnes of ore at a grade of 1.05% Cu was crushed and stacked on the leach pad in the quarter. The grade of copper and tonnages of ore mined are conforming to the block model used in Red Tiger’s feasibility study. The ore is leaching according to plan, with recovery rates in line with expectations.
Subsequent to the quarter end, Red Tiger achieved record monthly production in October 2012 of 432 tonnes of COMEX Grade 1 copper (produced and sold). Commercial levels of production in excess of 500 tonnes per month are expected to be reached early in 2013.
Red Tiger is involved in the exploration and development of copper and gold projects within its 100%-owned San Antonio property in the San Antonio District in Mexico’s State of Sonora (see map below). The Company is focusing on the Luz de Cobre project at San Antonio, where it has started producing copper cathodes and is ramping up to the commercial stage.
The project is anticipated to operate until 2017 and produce almost 35,500 tonnes of cathodes. The life-of-mine could be extended by up to two years, depending upon the outcome of future definition drilling.
There is also hidden value in Red Tiger’s gold holdings, which total 405,000 oz Au. These are currently on hold, but the Company expects to resume exploration of the targets soon. The goal is to bring them into production in 2014.
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