amazement, page-8

Councilgritter, I am not defending management with regard to your comments, we all share some frustration with the timeliness of many things in regard to the project over the years. As we all know however, in the past 12 months that many of those milestones we eagerly sought have been accomplished and now we stand behind a company completely changed as regards project status, cash in bank, solid investor support etc etc.

As regards Mapawa it should be noted that each project in Phils is completely unique with respect to the timelines for completing certain works, not just because of the different technical factors that might come into play, but also the different communities that need to be fully informed of the process that is being planned. I can't speak for MML and Kamarangan deposit but each of RED and MML have had strong community support for their respective projects, but the timelines to achieve that support clearly can vary considerably. In regards to Mapawa I understand there was considerable groundwork required to be established with the local communities to enable exploration, including drilling, to proceed. Without achieving that support any future works at Mapawa would have been for nothing. Now we can look forward to a very positive development for Mapawa in the event that it produces the goods.

I also understand that since drilling started there has been considerable rain in the local area, that could not have assisted the process as well.

As long as we get results that confirm the potential and all else happens in a timely fashion regarding Siana and I remain bullish on RED.