Ann: Siana Bankable Feasibility Study , page-15

Councilgritter, i refer you to this ASX release, 22 August 2005:

"Siana Gold Project interest increased,
a substantial new JV partner and strategic alliance
with First Metro, the Philippines largest investment bank.
Red 5 has increased its beneficial interest in the Siana Gold Project
from 80 percent to 90 percent.
Merrill Crowe Corporation, a Philippine mining investment company,
has purchased the JCG Resources’ 20 percent interest in Siana
and on-sold, under pre-emptive rights, a 10 percent interest to Red 5.
The Red 5 purchase consideration to Merrill Crowe is satisfied by the
issue of 16,829,865 million Red 5 shares for a deemed value
of US$1.65 million. Merrill Crowe intends to retain approximately
5.6 million shares, equivalent to 2.1% of the expanded Red 5 issued
capital, with the balance to be on-sold.
NM Rothschild & Sons (Australia) Limited (appointed financial adviser and
arranger for the Siana Project in December 2004) has agreed with Merrill Crowe
to purchase 3.4 million shares and AngloGold Ashanti Australia Limited
(Red 5’s largest shareholder and strategic exploration partner) has agreed with
Merrill Crowe to purchase a further 6.8 million shares.
The Chairman of Directors and controlling shareholder of Merrill Crowe
is Mr Jerry Angping, the President of Angping Securities, a leading
stockbroker on the Philippine Stock Exchange. He is also the Vice Chairman
of First Metro Investment Corporation, the investment banking subsidiary of
Metropolitan Bank and Trust Company of the Philippines, the largest banking
organisation in the Philippines.
The benefits of the transaction to Red 5 include: increased equity in Siana
Gold Project, a superior credentialed partner in Merrill Crowe, long term
access to land holdings covering the mine site footprint and Merrill Crowe
as joint venture partner in the Mapawa MPSA application.
Red 5 and First Metro Investment Corporation have agreed to form a strategic
alliance to secure mutual benefits in relation to their respective business
activities in the Philippines. Under this alliance, First Metro will act as advisor
to Red 5 in the identification of project acquisition opportunities in the
Philippines and to provide, on an as required basis, corporate advice,
including capital raisings involving a Philippine nexus.
Pursuant to this alliance First Metro has been requested to advise and assist
in investigating the merits of Red 5 securing the (dual) listing of its securities
on the Philippine Stock Exchange.
The increase in Siana equity, the introduction of a new
investment partner and the strategic alliance with the
Philippines’ largest investment bank are substantive
advances to complement the pre-feasibility study
due for Board review next month.
Greg Edwards, Managing Director
22 August 2005...."

It also demonstrates how long this study has been in the making! But its happening now...