Media ReleasesRed 5

View All Red 5 News


Red 5 Limited (ASX:RED) Siana mine construction update

 Siana gold mine build – construction accelerates
 
The two major concrete pours, the crusher and ROM pad floor, and the SAG mill floor have been completed following abatement, but not cessation, of extreme rainfall. Associated pedestal, pillar and retaining wall pours have now commenced.
 
The remaining plant equipment is now being sequentially barged to site. A 150 tonne mobile crane (one of only two in the Philippines), the SAG mill and the 3x2MW standby power generators are due to arrive on site this week.
 
The open pit water level is now rapidly dropping with installed pumping capacity reaching 2,400 litres per second. A total of 6 billion litres of initial pit contents plus a cumulative 4.4 metres of natural rainfall has been discharged.
 
Appointments to the senior positions of Operations Director and Group Exploration and Technical Manager have been made, and await Philippines Mines and Geological Bureau regulatory certification.
 
The Company is also nearing completion for the launch of a Depositary Receipt (Level 1) with BNY Mellon. The DR (basis one for ten) will facilitate an expansion of shareholder reach.
 
The Company would expect to be in a position to forecast an inaugural gold pour date once the SAG mill installation is complete.
Download this document

Are you a 708 sophisticated investor?

A sophisticated investor is defined under Section 708 of the Corporations Act (net assets of $2.5 million or annual incomes in excess of $250,000).

They are eligible to receive information regarding wholesale investment opportunities that are not available to regular or retail investors.

Please subscribe if you would like to be alerted to these types of opportunities.