RED 5 Limited (ASX: RED) is preparing details in regards to a review of recent ground movement associated with the Siana tailings facility, with the company granted a trading halt - with its shares placed in pre-open.
RED 5 halted milling activities at Siana at midday on 25 April 2013 as a precautionary measure pending an immediate geotechnical assessment of ground movement on a small section of the tailings dam wall.
The Siana Gold Project is located in the Philippines, and is RED 5's major asset. The project, as originally designed, delivers a minimum 849,000 ounces of gold production at a cash cost of sub US$400 per ounce over a ten year life. Extensions to the mine life are currently under review.
The Siana orebody remains open to the north and south, and below 400 metres vertical. The first gold was poured in February 2012.
The halt will last until the earlier of an announcement being made to the market, or the opening of trade on Tuesday 30th April 2013.
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