(TheNewswire)
Toronto, Ontario / TheNewswire / December 15, 2016 - Red Tiger Mining Inc. (TSXV: RMN)
(“Red Tiger” or the “Company”) announces that it has
ceased mining operations at Luz del Cobre copper mine. The Company has made this decision after completing an infill drilling
program designed to better delineate the oxide-sulphide copper boundary in North and South pits.
The company had been nearing the end of its original mine plan, and was experiencing lower than expected copper
recoveries. The results of the drill program demonstrated continued copper mineralization; however, the portion of acid soluble
copper above cutoff remaining within the pit limits appears to be insufficient to continue the mining operation given the current
recoveries being realized. The Company is investigating this further to fully understand the situation and to see what actions, if
any, might be taken.
The Company continues to operate the solvent extraction and electrowinning plant, and is producing
copper cathodes from existing copper inventory on the leach pad. The Company is evaluating its strategic options
including potential copper and gold opportunities.
About Red Tiger Mining
Red Tiger is engaged in copper cathode production, and in the exploration and development of copper and gold
projects through its wholly-owned subsidiary, Minerales Libertad, S.A. de C.V. (“Minerales”) at San Antonio de la Huerta, in the
state of Sonora, Mexico.
On July 1, 2013, Minerales placed the Luz del Cobre Copper Project, an open-pit, heap leach, copper recovery
operation into commercial production. The Company has other prospects on its over eleven-thousand-hectare concession at various
stages of exploration, and is potentially a gold producer in the mid-term.
Red Tiger is listed on the TSX Venture Exchange (symbol "RMN"). The number of shares outstanding is
144,446,957.
For further information, please contact:
Red Tiger Mining Inc.
PO Box 23006 Castlewood, Toronto, ON M5N 3A8
info@redtigermining.com
www.redtigermining.com
David Lurie
Chief Executive Officer
dlurie@redtigermining.com
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.
Forward-Looking Information
This press release contains certain “forward-looking information”. All statements, other than
statements of historical fact, that address activities, events or developments that Red Tiger believes, expects or anticipates will
or may occur in the future (including, without limitation, statements relating to the Private Placement, the recommencement
of mining operations and the filing and clearing of the PIFs with the TSX Venture Exchange) constitute forward-looking information.
This forward-looking information reflects the current expectations or beliefs of Red Tiger based on information currently available
to Red Tiger as well as certain assumptions including, without limitation, the assumption that Red Tiger will complete the Private
Placement and be granted TSX Venture Exchange approval in respect of the private placement, and be able to recommence mining
operations as proposed. Forward-looking information is subject to a number of significant risks and uncertainties and other factors
that may cause the actual results of Red Tiger to differ materially from those discussed in the forward-looking information, and
even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected
consequences to, or effects on Red Tiger. Factors that could cause actual results or events to differ materially from current
expectations include, but are not limited to, TSX Venture Exchange approval for the Private Placement not being obtained,
unforeseen difficulties in connection with the process for recommencing production at Red Tiger’s mine.
Any forward-looking information speaks only as of the date on which it is made and, except as may be
required by applicable securities laws, Red Tiger disclaims any intent or obligation to update any forward-looking information,
whether as a result of new information, future events or results or otherwise. Although Red Tiger believes that the assumptions
inherent in the forward-looking information are reasonable, forward-looking information is not a guarantee of future performance
and accordingly undue reliance should not be put on such information due to the inherent uncertainty therein.
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