Quarterly comments, page-51

More on the June 2015 Q;

In regards to the 2013 SPP and the latest backflip in the June 2015 Q;
The real concern must be the statement on the long-term tailings dam. On the 15/05/13 RED specifically stated “The location was selected several months ago as part of normal forward planning with design elements already in-hand.” Now in a back-flip that RED has become famous for, they have “narrowed its selection of potential sites from six to two options”. Like planning a mission to Mars a “multi-criteria analysis process is being used in conjunction with the Company’s consultant engineers… to assist in weighting the various factors involved in finalizing the selection process.” Over 2 ½ years after RED supposedly assured the SH’s that they had selected the location and started the design process they now tell you they still have no idea!!!!!!

The forum on the new tailings dam 10 should be transferred to the humour section of HC; similarly I recall a little fury creature from the Ice Age movie chasing an acorn who never seemed to be able to grab it; but I digress!!!

But the one that beats them all is the statement by RED they will be completing a Mineral Resource estimation on Mapawa… they haven’t updated the Ore Reserve on Siana since 2011, haven’t provided costs, feasibility assumptions or a mine plan for years on the current project but they want to inform the market on a project that can’t have more than a dozen drill holes containing low-grade mineralization that could never make it (economically) to the Siana process plant. IMO it was the classic smoke and mirrors statement. It obviously didn’t fool many of the investors with a SP remaining at 4.9cents.

The slip on the Eastern side is presented in images on HC on the 23/7/2015 by poster Dr Spock; my estimate (DYOR) is 1.3M BCM of slumped material; the impact to the ore body is not defined nor is the clean up costs; please DYOR on this one my opinion only; you know the costs of waste removal per BCM as presented earlier on HC on the 8/8/2015...

My research only DYOR please....