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VAULT MINERALS LIMITED — Capital/Financing Update 2012
Oct 1, 2012
65991_rns_2012-10-01_bf8d1913-c203-4268-ad74-ab65f9e3bf97.pdf
Capital/Financing Update
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Red5Limited ABN 73 068 647 610
ASX report to ShAreholderS
2 october 2012
Siana production ramp-up progress
With silt at the bottom of the pit no longer an issue and with the ore interface exposed over a reasonable part of the pit floor, the mine is now in a position to deliver consistent tonnages to the process plant.
Red5 limited
is a publicly listed company on the ASX - ticker symbol RED
The September 2012 quarter was dominated by preparing the pit for ore extraction, in particular the removal of a vast volume of silt and a large quantity of submerged pit wall slump material from the operations over twenty years ago. The magnitude of both activities was significantly underestimated.
The Board strategy continues to focus on the development of Siana gold mine.
As a consequence, ore extraction was restricted to smaller positions adjacent to the main ore zones, which was insufficient to keep the process plant operating for considerable periods. Doré shipments during this period totalled 3,376 ounces of gold and 6,152 ounces of silver.
Inquiries regarding this report and company business may be directed to:
Greg edwards
Managing Director (office) +63 2 807 2790 (mob) +61 408 370 582, or
Colin G. Jackson Chairman (office) +61 8 9322 4455 (mob) +61 407 718 372
Investor Inquiries: [email protected]
The silt is now completely extracted other than for a relatively small volume at the southern (non-critical) section of the orebody. This material is dewatered and will be removed over the next couple of months. The ore extraction process has been under the direct management of the recent appointee Nestor M Casas, a former fourteen year veteran Leighton’s mine engineer, since early last month. Four additional pit foreman will also commence duties within the month.
With the pit floor adequately cleared of debris, gold production from the continuing ramp-up phase for the three months to december 2012 is forecast at 18,000 ounces recovered.
Greg edwards Managing Director
Address & Registered Office: Level 2, 35 Ventnor Avenue West Perth 6005 Western Australia Tel: (+61) 8 9322 4455 Fax: (+61) 8 9481 5950 Web: www.red5limited.com
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