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Red 5 achieves first commercial gold production at Siana in the Philippines

Red 5 achieves first commercial gold production at Siana in the Philippines

Perth-based Red 5 (ASX: RED) has reached the milestone of commercial gold production having achieved 30 continuous days at 60% of the 750,000 dry tonnes per annum throughput at its Siana mine in Surigao del Norte in the Philippines.

The company has so far realised revenues of US$3.3 million from three shipments totalling 562 kilograms of gold-silver dore to the Metalor refinery in Geneva.

The average throughput during the 30 day period was the equivalent of 506,000 dry tonnes per annum, 67% of nameplate production, with a maximum day rate equivalent to 2,823 dry tonnes.

Plant availability during this period averaged 91.6%, with downtime typically due to minor repairs to the MMD sizer.

Gold recovery averaged 77.2% from a head grade of 2.5 grams per tonne (g/t). The gold recovery is 3.2% lower than estimated, however as higher grades are milled during the ramp-up stage recoveries will increase.

Red 5 is now working towards achieving an interim mill throughput rate of 750,000 tonnes per annum over the next few months.



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Red 5 Ltd Timeline

December 31 2012

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