May 01, 2015
Red Tiger Reports Year ended December 31, 2014 Results
(Expressed in US dollars except where noted as C$)
Toronto, Ontario, May 1, 2015; Red Tiger Mining Inc., (TSXV:RMN), (the "Company" or "Red Tiger") today reported its financial and operating results for the year ended December 31, 2014. This press release should be read in conjunction with the Company's audited consolidated financial statements for the year ended December 31, 2014 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.
FOURTH QUARTER HIGHLIGHTS
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.
Copper production from the leaching operations began to decline in September 2014. Investigation of the cause revealed that a sudden and unprecedented occurrence of clay materials had appeared in the ore in the south pit of the mine where the last few benches of material from a "slip" (i.e., material higher up in the mine that slid down a slope as a result of being located along a fault zone,) were being mined. This clay material was mixed with ore sent to the crusher and distributed onto the leach pad with a dozer. This resulted in a top layer of low permeability of the heap (i.e., stacked ore on the leach pad), greatly reducing the overall permeability of the heap and hence reducing the percolation of fluid flow through the heap to the SX/EW plant.
Last November, mining was suspended in order to (a) increase permeability on the leach pad so that fresh ore could be stacked, and (b) process clay-bearing ore inventory stacked on the pad.
The first phase of the company's rehabilitation plan included, permeability testing, draining surface ponds, ripping the top surface of the heap, optimizing irrigation to the pad, updating the future mine plan with extensive blast hole data incorporated, and performing agglomeration test work.
The second phase of the plan will include: conveying clay-bearing stacked ore from the top layers of the heap to a limited footprint on part of the pad; extending the impermeable pad liner of the leach pad; and resuming mining in the north pit and stacking fresh ore on the leach pad.
The final phase of the plan will be to agglomerate and re-stack the clay-bearing ore on the leach pad.
For further information, please contact:
120 Adelaide Street West
Suite 800, Toronto, ON M5H 1T1
Interim CEO, CFO and Secretary
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 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.
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