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RED - RED 5 LIMITED


banjine

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Dreamer - a pity some others don't want to participate in this conversation. Quarterly - traditionally they post their quarterlies at the very end of the month - so another week and a bit I would think.

 

Drill results? Well - they said that assays, etc from the copper/gold deep diamond drill at Madja will ready by the end of the month. On July 9 they had assay results pending on 6 drillholes, with another two drillholes in progress. So, results won't be too far away - logically they will be presented in teh quarterly.

 

Hope this helps.

 

Cheers, BC

 

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Quarterly has to be lodged by 31st July to comply with listing rules, that is when they lodged it last year.

 

As far as another OXR, that is a lo.............ng stretch of the imagination at this stage. But they do have an interesting site, with further resource upgrades likely. The MADJA area further south also looks good, particularly if a farmin partner is forthcoming.

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Agree with you Barrios - can't compare RED with OXR. As far as farmin partners go, in the last quarterly they mentioned that several large international mining companies had expressed interest in the copper potential at Madja. Perhaps we will read a bit more news on that in this quarterly. I know that the directors were travelling overseas a bit over the last 3 or 4 months.

 

Cheers, BC

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Yes, extension of current perimiter of known resources will add significantly to resources.

Also interesting that the highest grades of silver so far were encountered, thats the first i have read of silver grades. 4 drill rigs currently operating.

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Todays Quarterly is good reading...............

 

Scoping study due for completion late AUG 2004

 

A new resource estimate to follow (currently 1.1million ounces), upgrade and expansion.

 

Unsolicited financing proposals received.

 

Four drill rigs in operation around Siana open pit.

 

underground stope-fill grade considerably higher than that used in the resource estimate.

 

approached by gold/copper majors interested in strategic alliances by equity position or joint ventures- in MADJA area. First drill hole mineralized in entire 380m at 0.2%CU.

 

162m aggregate at 0.2%CU and 0.2 g/t AU. Second hole completed results pending.

 

220m shares on hand market cap $29.7m ($8.1m cash on hand)

 

Moderate/Low country risk (phillipines)

 

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