Red 5 has accepted a three year debt facility at competitive margins from Société Générale CIB (Australia) with the funds allocated mainly to re-finance the Siana project long lead time capital items.

During the past four months The company has bought a Krupp roll crusher and paid substantial deposits on a 5.3 metre by 7.8 metre, 3600kW twin drive grinding mill (plus substantial spares) for a total of $1.33 million. A final payment of $665,000 is due December 30.

The Siana gold project is in the Surigao Gold District of the Philippines. An indicated mineral resource within the mine environs is estimated to exceed 800,000 ounces of gold and there is excellent potential to extend this resource.

The project covers an area of approximately 33sqkm focussed around the Siana gold mine in the established gold mining region of Surigao del Norte at the northern end of Mindanao. www.red5limited.com

News sourced from International Mining Project News - www.im-mining.com