chartist, page-29

Holdonman

"Iam an a mechanical engineer, with PHd, however that does not Mean i have not had my hands dirty. I was a fitter and turner for 16 years.
I apply my knowledge of mechanical engineering, every calculations is verified, there is no room for mistakes otherwise your design gets sued If you design something that says your design will deliver X amount then the client has every reason to say what the hell, your design does not work, I want my money back or compensation"

Point? A primary problem that has been experienced by RED has been the reliability of the mining contractors equipment. At present plant design issues haven't arisen.



"I have been a non destructive test engineer, I have visited PT newmont mine in Indonesia, i saw 4 x ball mills and 2 x sag mills all in poor condition. I see a brand new plant at red, the ball mill is not even run in yet due to lack of work."

Wow your awesome, great identification that mill hasn't been utilised much.



"No my argument is with the company ASX announcement of gold produced at 350oz. As stated above, if you say something, you sell your shares for that value of your statement then you must deliver. If however your ASX announcement is false then it is gander amount to fraud. No the company has made several statements of one of the lowest cost gold producers, people have invested on this statement on good faith. As stated above if I designed something that did not work as I said then I would be sued, no questions asked."

Heard of forward looking statements? If they expected to achieve what they stated, then the statement it isn't fraud. Do I think management had completely unrealistic expectations about what they and their contractors thought they could achieve? yep.



"6/2/2012; 1st gold pour
28/2/2012; ramp-up, G.Edwards states ore ramp-up to 750,000tpa expected by May 2012, gold amount will follow mill throughput??????????????

6/6/2012; G.Edwards states production to June expected to be 7800oz at sub $600; I can't find what the actual gold production was; 31/7/2012 G.Edwards states 571kg of gold & silver shipped to Geneva???????????? maybe G.Edwards was to affraid to state actual gold production.

31/7/2012; G. Edwards states production guidance 2012/2013 remains at 75,000 oz at sub $340 cash cost??????????? Ah-ha

2/10/2012; G. Edwards states gold production for Dec quarter expected to be 18,000oz?????????????

31/12/2012; Now heres a good one (also see 2/10/2012 above); gold produced for Dec quarter 3,806oz at cash cost of $1382 per oz?????????????? G.Edwards states gold likely to be 18,000oz; what the hell!!!!!!!!!!

All these facts above were derrived from the RED ASX announcements.
I do not care about, silt in the pit, haul truck availability, power brown outs etc. However what I do care about is lies, my point is if you make a statement to the stock market then the share price is affected by these statements, if the statement is false then it is fraud."


This is all history. New leadership is in place, new/additional mining supervisors have been hired, RED is currently transitioning to new mining contractors.

The time to flame about this crap has been and gone.