Philippines Lifted to Investment Grade - Red Mountain Receives Quote for Gold Development Scoping Study
(firmenpresse) - Philippines Lifted to Investment Grade - Red Mountain Receives Quote for Gold Development Scoping Study
Perth-based Red Mountain Mining Limited (ASX: RMX) (“the Company”, “Red Mountain”) is pleased to inform shareholders and investors that the Philippines has been upgraded to investment grade by Standard and Poors from BBB- to BB+. This is expected to have the effect of cheapening financing of development projects, including future gold mine developments.
Red Mountain is currently undertaking a pro rata renounceable Rights Issue, closing Monday 17th June at 5pm WST, with the objective of raising funds to continue drilling of high-grade gold exploration targets for potential resource upgrade and to complete a scoping study into a gold mine development based on the existing Indicated and Inferred resources totaling 5.78 million tonnes (at) 2.2 g/t gold for 408,000 Au oz (using a 0.85 g/t Au lower cut off). A quote has been received from Arccon Mining Services (Arccon), part of the Allmine Group (AZG),to complete a scoping study into project processing alternatives and associated capital and operating costs of mining approximately 550,000 tonnes of open pitable gold resource material per annum. If the outcomes of the scoping study are sufficiently positive, the Company will aim to complete project permitting and a definitive feasibility study during 2014.
Managing Director of Red Mountain Jon Dugdale: “We view the upgrade of the Philippines to investment grade, coupled with the intention of the Philippines government to fast track mining permit approvals under the Executive Order 79 policy, as very positive developments for a company such as Red Mountain,that aims to become a Philippines gold producer.”
For further information about Red Mountain please visit www.redmm.com.au or contact:
Company Investors
Jon Dugdale
Managing Director
(+61) 402 298026
(+61) 8 9226 5668
Media
Kevin Skinner
Field Public Relations
(+61) 414 822631
(+61)8 8234 9555
Leseranfragen:
Red Mountain Mining Ltd.
Unit 1, 2 Richardson St
West Perth, Western Australia 6005
Neil Warburton
Executive Chairman
(+61) 408935014
(+61) 8 9226 5668
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Datum: 17.06.2013 - 08:22 Uhr
Sprache: Deutsch
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