Red Tiger Mining Inc. resulted from a change of name from Zaruma Resources Inc. after a share consolidation of one new share for ten existing shares on November 8th, 2011
Zaruma Resources Inc. ("the Company" or "ZMR") originated in October 2000 with the reverse take over of its predecessor company, Laminco Resources Inc. by Zaruma Mining Corporation ASA, Norway. Trading of ZMR's common shares on the Toronto Stock Exchange began on November 1, 2000.
The predecessor company was incorporated under the name "Golden News Inc." by memorandum and articles of incorporation pursuant to the provisions of the Company Act (British Columbia) on March 29, 1983 and changed its name by articles of amendment to "Golden News Resources Inc." on July 5, 1983. On January 10, 1995, the Company changed its name by articles of amendment to "Laminco Resources Inc." and was continued under the name of "Zaruma Resources Inc." under the laws of Yukon by articles of continuance on October 17, 2000.
December: Construction of the Luz del Cobre Project has advanced to a 75% to 80% completion level.
July: the Company announces closing of US$ 25 million in equity financing and US$ 30 million in debt financing. Additionally, in exchange for the cancellation of all agreements between the Company and Glencore International AG and certain of its affiliates, the Company issued 21,500,600 common shares and 21,500,600 warrants.
December: Special Meeting of the shareholders of the Company approved a private placement financing to raise gross procedes of up to US$25 millon as well as a debt fiancing to raise approximately US$30 million.
The Company completed a study on the Sapuchi Gold Project, as an alternative to the Luz del Cobre project; the study was assessed under NI 43-101 standards, a Technical Report was filed on June 15th, 2009.
Construction of the Luz del Cobre project started in late 2007/early 2008 based on a senior secured debt financing of US$ 22 million which was established with a subsidiary company of the Glencore International AG group of companies ("Glencore"), Empresa Minerales Los Quenuales S.A., ("EMLQ"), to Zaruma's wholly-owned Mexican subsidiary, Minerales Libertad, S.A.de C.V. ("ML").
During 2008, the Company explored copper targets in the Sapo-Carrizo area in the western portion of the San Antonio concessions and along a corridor of copper showings west of the Luz del Cobre planned open pit, the Calvario-Trion Extension. Exploration in the former area lead to new discovery of primary copper mineralization, and in the latter area to an extension of resources adding short of one more year to the life of the planned mine. Both exploration ventures were financed in two separate agreements by EMLQ.
Mid-October 2008, fourth months close to first copper production, construction work of Luz del Cobre was suspended by the Company and it was announced that it was not possible to raise additional financing, necessary to complete the project
December 2008: the Company received Notice of Default from EMLQ under the terms of the credit agreement.
In November 2006, the Company filed a Technical Report which was completed by M3 Engineering and Technology Corporation, ("M3"), Tucson, Arizona and P&E Mining Consultants Inc., ("P&E"), Brampton, Ontario. Qualified Persons and Independent Consultants Dr. Conrad E. Huss, P.Eng., and Peter Erath, P.Eng. of M3 authored the review of the process design, flow sheet, engineering and capital and operating cost estimates, and Eugene Puritch, P.Eng., of P&E estimated the ore reserves and prepared the pit optimization and production schedule.