TORONTO, Feb. 13, 2014 /CNW/ - Red Tiger Mining
Inc., (TSXV: RMN), (the "Company" or "Red Tiger") is pleased to
provide the following operational update. As a result of recent
levels of copper production at its Luz del Cobre copper mine in
Sonora, Mexico, the Company's
wholly owned subsidiary, Minerales Libertad ("Minerales"), has
generated sufficient free cash flow to pay all previously overdue
taxes owing to the Mexican Tax Authorities. As such, Minerales is
now in good standing under its Loan Agreement with Deutsche
Bank.
Mr. Robert Wunder, President and
CEO of Red Tiger, commented: "We are
pleased that improved operational performance during the past few
months has allowed the Company to achieve consistent positive cash
flow. The Company's balance sheet is improving by paying down debt
and liabilities, as well as by investing in assets at the
mine."
Furthermore, the Company is pleased to announce that it has
entered into an agreement with Deutsche Bank ("DB") whereby both
parties have agreed to terminate the Company's derivative
instruments. Red Tiger and DB had
previously entered into a copper collar swap transaction and a
copper call option transaction as described in the Company's
financial statements.
Forward-Looking Information
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.
SOURCE Red Tiger Mining Inc.