With respect to the board spill, Red Mountain managing director Jon Dugdale told MNN the incumbents have over 100 years of combined experience in the mining sector and were “receiving strong support from our shareholders”.
Dugdale compared that professional experience to that of the challengers, who aside from geologist and established resource sector corporate executive Jason Bontempo, comprise “a couple of accountants and an optometrist”.
Meanwhile a pre-feasibility for the Batangas project reported this week revealed a modest sized, “technically straightforward” project that Dugdale contends will be just the beginning for Red Mountain in the Philippines.
“The key is to get started,” Dugdale said.
Batangas is slated to produce 116,000 ounces of gold over seven years, generating $A46 million in free cashflow. Initial capital costs were put at $US16 million.
For Dugdale, it is the 14km of identified epithermal gold structures at Lobo – that outcrop at 6 grams per tonne where open pit mining will begin – that are the longer term prize for Red Mountain and joint venture partner Bluebird at Batangas.
Shares in Red Mountain were unchanged at A0.1c in early trade, capitalising the company at $2.7 million.
