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RED MOUNTAIN MINING LIMITED Capital/Financing Update 2015
65719_rns_2015-11-11_ced47dd4-4e67-412d-98b1-29f97df8969d.pdf
Capital/Financing Update
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ASX ANNOUNCEMENT RED MOUNTAIN MINING LTD (ASX:RMX) 12 NOVEMBER 2015
RED MOUNTAIN RECEIVES $337,543 RESEARCH AND DEVELOPMENT REFUND
Perth, Western Australia: Red Mountain Mining Limited (ASX:RMX) is pleased to report that $337,543 ($322,526 net of costs) has been received in relation to the Company's research and development (R&D) claim for the financial year ended 30 June 2015.
The claim was in relation to Australian based research on metallurgical recovery of semi-refractory fine gold from epithermal gold ores at the Company's Batangas Gold Project, as well as research on the environmentally safe disposal and storage of thickened residues in a tropical environment.
This funding is in addition to the agreed repayment to RMX of loans totalling US$850,000 (A$1.2M), plus interest and costs, by Red Mountain Mining Singapore Ltd (RMMS) upon receipt of Stage 1 funding from Bluebird Merchant Ventures Ltd (Bluebird), pursuant to the new Agreement with Bluebird, released 15 October 2015.
| For further information about Red Mountain please visit www.redmm.com.au or contact: | |
|---|---|
| Company Investors: | Media: |
| Jon Dugdale | Matt Birney |
| Managing Director | Birney Corporate |
| (+61) 402 298 026 | (+61) 419 217 090 |
| (+61) 8 9226 5668 | (+61) 8 9226 5668 |
| E : [email protected] | E : [email protected] |
About Red Mountain Mining Limited and the Batangas Gold Project
Red Mountain Mining Ltd (ASX:RMX) is a gold exploration and development company which listed on the ASX in September 2011. The Company's strategy is to unlock the potential of 'under-developed' gold and polymetallic projects in the greater Asian region by introducing Australian exploration and mining methods and improving efficiencies to gain significant exploration and production upside.
The Company holds a direct and indirect contractual right interest in tenements in the Philippines that contain significant gold resources totalling Indicated and Inferred 6.19 million tonnes at 2.2 g/t Au for 444,000oz Au (JORC 2012, see ASX announcement 30 June 2014).
The Company's objectives include development of gold production at the Batangas Gold Project, while continuing to focus on increasing the mineral resource base.
The Company announced a new Strategic Financing Agreement (the Agreement) with Bluebird Merchant Ventures Ltd (Bluebird) on 15 October 2015. The Agreement includes a two stage funding arrangement totalling up to US$5.5M, that will earn Bluebird up to 50.1% of wholly owned subsidiary, Red Mountain Mining Singapore Ltd (RMMS), that holds the Company's interests in the Batangas Gold Project in the Philippines, with the project to operate under an Incorporated Joint Venture (JV).
Stage 1 funding of US $1.7M under the Agreement will earn Bluebird 25% of RMMS and will allow the JV to complete a Definitive Feasibility Study (DFS) on the project, with initial results confirming low capital and operating costs and recovery of over 100,000 ounces of gold during the initial 5 years of a 10 year production plan (ASX announcement 20 November 2014 and updated 23 January 2015).
ASX code: RMX COMPANY DIRECTORS CONTACT DETAILS Non-Executive Chairman Non-Executive Director Head Office
ABN 40 119568106 Neil Warburton Michael Wolley RED MOUNTAIN MINING LTD Jon Dugdale Shannon Coates Unit 1, 2 Richardson Street Managing Director Company Secretary West Perth Western Australia 6005 www.redmm.com.au [email protected]
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Final permitting to allow development of the Batangas Gold Project is being progressed through the Philippines Government approval process.
The Company is on the lookout for other advanced gold development and exploration opportunities, which will be reviewed on a continuous basis.
For more details about Red Mountain Mining Ltd see http://www.redmm.com.au/
Cautionary Statement
The production targets referred to in this announcement were first released to ASX on 20 November 2014 and updated on 23 January 2015. They are preliminary and there is no certainty that the production targets or the forecast financial information derived from the production targets, will be realised. All material assumptions underpinning production targets or forecast financial information derived from production targets continue to apply and have not materially changed.
Competent Person Statement
The historic information in this report relating to Mineral Resources is based on information compiled by Mr Jon Dugdale who is a Fellow of the Australasian Institute of Mining and Metallurgy and has sufficient exploration experience which is relevant to the various styles of mineralisation under consideration to qualify as a Competent Person as defined in 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr Dugdale is a full time employee and Managing Director of Red Mountain Mining Ltd. The Company confirms that the form and context in which the information is presented has not been materially modified and it is not aware of any new information or data that materially affects the information included in the relevant market announcements, as detailed in the body of this announcement. All material assumptions and technical parameters underpinning the Mineral Resource estimates continue to apply and have not materially changed.
Forward Looking Statements
This announcement contains certain forward looking statements. These forward-looking statements are not historical facts but rather are based on Red Mountain Mining's current expectations, estimates and projections about the industry in which Red Mountain Mining operates, and beliefs and assumptions regarding Red Mountain Mining's future performance. Words such as "anticipates", "expects", "intends", "plans", "believes", "seeks", "estimates" "potential" and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and other factors, some of which are beyond the control of Red Mountain Mining, are difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements. Red Mountain Mining cautions shareholders and prospective shareholders not to place undue reliance on these forward-looking statements, which reflect the view of Red Mountain Mining only as of the date of this presentation. The forward-looking statements made in this release relate only to events as of the date on which the statements are made. Red Mountain Mining will not undertake any obligation to release publicly any revisions or updates to these forward-looking statements to reflect events, circumstances or unanticipated events occurring after the date of this presentation except as required by law or by any appropriate regulatory authority.
ASX code: RMX COMPANY DIRECTORS CONTACT DETAILS
Non-Executive Chairman Non-Executive Director Head Office
ABN 40 119568106 Neil Warburton Michael Wolley RED MOUNTAIN MINING LTD Jon Dugdale Shannon Coates Unit 1, 2 Richardson Street Managing Director Company Secretary West Perth Western Australia 6005 www.redmm.com.au [email protected]
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