Siana Gold project, philippines
• Title transfer to Merrill Crowe Corporation completed,
transfer to Red 5 operating company in progress.
• Selected pre-development capital activities approved
including mine road permitting and final power negotiations.
• Initial underground resource upgrade programme nearing
completion - includes 2 metres at 18.6 g/t and 6.3% Zn,
7 metres at 9.8 g/t and 1.1% Zn, 2 metres at 25.6 g/t and
2.2% Zn, and 7 metres at 7.3 g/t and 4.2% Zn. Additional
• Final open pit mine equipment and design optimisation
• Construction manager, Warren Mathews appointed.
• Environmental Impact Statement on schedule for
mid-May 2008 submission.
Mapawa MpSA and Jv
• All required documentation submitted and grant awaited.
Finance and corporate
• Société Générale bank syndicate (total four banks) confirms
indicative term sheet for Siana development.
• Net cash position $31.9 million (unaudited).