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Market:
Sector: Gold Mining
Epic: ASX:RED
News: Latest news
Web Site: Red 5
Other Articles: 04-12-200930-11-200923-11-2009

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Red 5

Red 5

Red 5 Limited is a Perth, Western Australia based gold exploration company whose shares are traded on the Australian Stock Exchange (ASX: RED). The Company has significant gold assets offshore and has the intention to move to producer status at the earliest opportunity.

Monday, November 23, 2009

Red 5 shares up as approval granted for development of Siana Gold Project

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Shares in West Australian gold exploration company Red 5 (ASX: RED) spiked almost 19% on news the company has received the final approval for the development of the Siana Gold Project in the Surigao District of the Philippines.

By 11.31am, shares in Red 5 were trading up 3c, or 18.8%, for 19c on the Australian Securities Exchange.

The company was granted a Notice to Proceed  by the Mines and Geosciences Bureau, completing the final permit necessary for the development of the ten-year Siana gold mine to proceed. An Indicated Mineral Resource within the mine environs is estimated to exceed 800,000 ounces of gold, with an excellent potential to extend the resource.

The official notice followed the approval last week of the technical content of the Feasibility Study by the bureau’s internal technical review committee.

The company also received the green light from the Environmental Protection and Enhancement Program (EPEP) and the Final Mine Rehabilitation and Decommissioning Plan (FMRDP).

The Notice to Proceed follows an intensive year of activity, including completion of the underground Feasibility Study, completion and acceptance of the EIS, achievement of unanimous support at community, LGU and provincial levels, issue of the Environmental Compliance Certificate and completion and endorsement of the Social Development Management Program.

Indicative offer terms have been received for financing and negotiations are advanced with several parties.

Red 5 managing director Greg Edwards said the Board was considering several options with various debt and equity components and expected a mandate to be awarded in the near future.

"Independent technical and legal due diligence required by financiers is expected to be well advanced before year end," Mr Edwards said.

In the meantime, tenders for construction and mining contracts have been prepared and will be issued subject to Board approval of allocation of current funds to early infrastructure development.

"With gold at record price levels, the pending development at Siana and exploration drilling at Mapawa imminent, the company is entering an exciting phase for all shareholders and stakeholders alike," Mr Edwards said.

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