Red Mountain cuts back Batangas spend
PERTH (miningweekly.com) – Gold developer Red Mountain Mining has cut staff and tenements from its Batangas gold project, in the Philippines, as the hunt for a strategic financing partner heats up.
The ASX-listed junior said on Monday that it had reduced staff numbers at the Batangas project by about 25% and have relinquished or reduced exploration permits at its tenement base, which were not deemed prospective, or which were not required for the development of the Batangas project.
“By significantly reducing our burn rate, we will be able to devote more discretionary funding to high impact exploration,” said Red Mountain MD Jon Dugdale, adding that nonexecutive director fees have also been reduced in an effort to save costs.
“This is an exciting phase for the company as we look to secure a strategic financing partner at project level to fund and progress the low-cost Batangas gold project towards development and continue to target more high-grade ounces.”
A previously completed scoping study demonstrated the potential for a viable gold mining and processing project that could deliver about 90 000 oz of gold over a four-and-a-half-year mine life. However, a revised production schedule estimated that the project could deliver 100 000 oz of gold and 250 000 oz of silver over its 5.2-year mine life.
The company was now proceeding with the final phase of the definitive feasibility study, which had been targeted for completion, along with final mine permitting, for the first half of 2015.
It was expected that the funding partner would assist in the completion of the feasibility studies, as well as provide project financing to fund the development of Batangas.
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