Hi All (esp Rick64!).
Sorry I have been away on holidays the past week, and just got back onto this site this morning. I do want to make a few points re Rick64 comments:
Firstly, I'm sad to hear you had to sell some (30%) of your holding (assumedly at a loss), at this time when RED has gone to sleep. It sucks to think that RED, at a time when I personally had thought (going back some months now) it would fly due to its much anticipated pouring gold in April 2011, would be faltering along the bottom as April is just a couple of days away! But the weather has intervened and who could have predicted such a wet season event, of a magnitude that sounds like the Qld floods over again!
I think the recent announcements by RED, regarding the expected appointment of Senior Staff and board members, plus the adjusted debt facility, and the Greg Edwards interview are all positive and should go some way to reassure all shareholders that FINALLY things will fall into place as they should have some months ago!
I don't want to dwell on it but will make a simple statement here, that the variation to the debt facility does confirm my original thoughts and those of many other previous posters who were upset with the large capital raising. But thats now done and dusted.
It also probably confirms that RED are close to budget with the total capex on Siana development, and any additions, such as to provide a new and slightly bigger mill, and supplemental power plant are positive for the development. This should be reflected in higher throughput or at least more likelihood of achieving feasibility study goals.
Although RED will probably linger a lot longer at around this current share price, until the market is convinced that the Siana plant is commissioned and in fact ready to pour gold, once that happens I can see the share price flying - but how high ALWAYS remains subject to how the gold price performs over coming months. From a P/E basis RED could easily move beyond 40 cents once the plant is bedded down the cash flows are confirmed, plus whatever might happen at Mapawa exploration. I do like GE's comments regarding the additional resource potential at Siana, and I personally would like RED proving the prospectivity of other large porphyry targets on the MPSA's, including the Siana MPSA around Madja.
Rick64, IF its possible for you to hang in there until July I still stick by my original view that RED will at least double, but being greedy and very attached to my own investment in RED, I am unlikely to sell out until the real value of Siana starts to prove itself to the non-believers.
By the way, I have stopped posting so often, not as an indication of me losing interest or selling out, as I have retained my shares, but there is a limit to what can be said before RED puts those words of anticipation, into action! In the meantime I am also investing in some other small gold resource stocks to keep myself in touch with the market, but certainly my largest holding by a county mile remains RED and I will ADD MORE again once it gets closer to first gold pour day!