(Expressed in US dollars except where noted as C$)
TORONTO, June 1, 2015 /CNW/ - Red Tiger Mining
Inc., (TSXV:RMN), (the "Company" or "Red Tiger") today reported
its financial and operating results for the three months ended
March 31, 2015. This press release
should be read in conjunction with the Company's unaudited
Financial Statements for the three months ended March 31, 2015 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.
FIRST QUARTER HIGHLIGHTS
- Comex Grade 1 Copper cathodes production of 620 tonnes for the
three months ended March 31,
2015
- Copper sales of $3.607,158 for
the three months ended March 31, 2015
at an average realized price(1) of $2.64 per pound
- Total cash costs per copper pound(1) of $1.38 and average realized margin(1)
of $1.26 per pound for the three
months ended March 31, 2015
- Net loss of $2,932,603 or
$0.03 per share for the three months
ended March 31, 2015
- Adjusted EBITDA(1) of ($453,898) or adjusted EBITDA per
share(1) of $0.00 for the
three months ended March 31,
2015
- Cash of $572,537 as at
March 31, 2015
(1) "Total cash costs per pound", "Average
realized price", "Average realized margin", "Adjusted EBITDA" and
"Adjusted EBITDA per share" are non-IFRS financial performance
measures with no standard meaning under IFRS. Refer to the
"Non-IFRS Financial Performance Measures" section of this MD&A
for reconciliations of these non-IFRS measures.
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Q1
2015
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Q4
2014
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Q3
2014
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Q2
2014
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Q1
2014
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Q4
2013
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Q3
2013(1)
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Q2
2013
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OPERATING
RESULTS
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Mining
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Ore mined
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tonnes
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-
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160,116
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248,408
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283,480
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331,465
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293,355
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248,342
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230,432
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Waste rock mined and
removed
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tonnes
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-
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707,319
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1,273,452
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1,343,687
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1,297,719
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997,378
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1,333,793
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1,047,433
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Total
mined
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tonnes
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-
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867,435
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1,521,860
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1,627,167
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1,629,184
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1,290,733
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1,582,135
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1,277,865
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Waste-to-ore
ratio
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4.4
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5.1
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4.7
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3.9
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3.4
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5.4
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4.5
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Average grade of
mined ore
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total
copper
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1.25%
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1.15%
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1.16%
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0.91%
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0.84%
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0.96%
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1.25%
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Crushing and
Stacking
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Ore crushed and
stacked
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tonnes
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2,425
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148,241
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250,133
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279,910
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319,457
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292,329
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241,599
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230,326
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Average grade of
stacked ore
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total
copper
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1.38%
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1.25%
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1.15%
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1.29%
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1.03%
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0.97%
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0.96%
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1.50%
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Ore
Stockpiled
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Ore stockpiled at end
of period
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tonnes
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29,175
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31,600
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30,960
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31,507
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27,937
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15,929
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14,903
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6,516
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Average grade of ore
stockpiled
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total
copper
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1.02%
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1.02%
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1.01%
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1.06%
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0.95%
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0.84%
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1.01%
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0.94%
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Copper cathodes
produced
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Copper cathodes
produced
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tonnes
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620
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1,029
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1,274
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1,812
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1,619
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1,784
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1,536
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1,108
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FINANCIAL
RESULTS
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Q1
2015
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Q4
2014
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Q3
2014
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Q2
2014
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Q1
2014
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Q4
2013
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Q3
2013
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Copper
sales(1)
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$ 3,607,158
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$ 6,357,452
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$ 8,671,348
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$ 2,466,706
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$ 10,955,699
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$ 12,884,804
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$ 10,990,682
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Production
costs
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$ 1,378,301
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$ 1,431,511
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$ 4,556,892
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$ 6,155,323
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$ 4,058,486
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$ 6,861,256
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$ 2,329,048
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Net (loss)
earnings
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$ (2,932,603)
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$ (16,959,843)
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$ (1,264,647)
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$ 144,871
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$ (59,460)
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$ (5,121,019)
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$ 3,014,042
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Total cash costs per
copper pound(2)
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$/pound
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1.38
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1.60
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1.73
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1.65
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1.33
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1.78
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1.12
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Average realized
price(2)
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$/pound
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2.64
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2.80
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3.09
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3.12
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3.07
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3.28
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3.24
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Average realized
margin(2)
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$/pound
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1.26
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1.20
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1.36
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1.47
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1.74
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1.50
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2.12
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(1) Prior to the Company declaring commercial production on
July 1, 2013, all previous revenues
were credited against capitalized project costs.
(2) Total cash costs, average realized price and average realized
margin are calculated on post-commercial pounds sold only.
(3) 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.
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 do not have any standardized meaning prescribed under IFRS,
and therefore may not be comparable to other issuers.
Operations Update
As reported previously, Copper production from the Company's
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,) area 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.
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 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.
SOURCE Red Tiger Mining Inc.