Ann: Change in substantial holding, page-11

my description of an upcoming "scoping study" is potentially misleading. It implies an examination of the considerations in the development of a mine . However the last quarterly ( see below) is not so clear.
Also, I have studied more closely the costs of Wolf's Drakelands mine. The mining cost is greater than the processing cost but for Wolf the financing costs on the debt are also significant . It all points to the sense of bringing in a third party as farminee or JV partner . Either way I suggest that at current prices for the end product $17,000 per tonne Redmoor is worth more than the imputed $1.6million in its market cap.

Whilst there is ongoing interest from third parties in acquiring the Redmoor asset, the Company intends to firstly complete its technical and economic review to determine how the project can best add value to shareholders. This may include pursuing further exploration and evaluation activities on the project, a farm-in arrangement or an asset sale