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If your sources are correct, I think the last letter to ASIC...

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1ForDaMoney

5,536 Posts.

153

10/07/15

19:09

Post #: 15615959
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Originally posted by Holdonman ↑

My sincere condolences and apologies to all RED holders; I've been away on holidays and just reading up on the latest drama. No haven't been standing on my rooftop screaming “I was right you bastards! I was riiiiiiiight!!!”

I am not gloating in the joy of knowing what was happening, but rather I am further saddened by what has occurred. If you have skin in this game then you have the right to be ticked off somewhat.

For the record I didn’t blow a valve over this….. I knew about it all along. However due to the T&C’s of HC, I have not been able to properly inform you of matters I have been aware of for many months without further substantiation. With this current failure and the previous pit wall failure I tried in earnest to give the hints in posts going back months but was slammed down by some for being a down-ramper. Hopefully you got the hints…. I wasn’t very subtle. There is substantially more I cannot reveal until the next ‘innocent mistake’.

In this latest fiasco (innocent mistake #2 ?) I was given the heads up by a government agency employee and again by a local from one of the neighbouring towns. Despite the broken English of the latter, both messages were clear and consistent; the main northern ramp into the pit on the east side and accessed from the west had issues which likely occurred more than six months ago and the access thereafter was via a smaller ramp to the south, also accessed from the west. Hence the “west wall cut back” was born in which RED have ‘informed’ the SH’s (in-depth) about over the past few announcements.

I was also told about the lack of keeping the base of the pit pumped dry; I also posted images from October 2014 & Jan 2015 showing the pit floor under considerable water. The current failure on the east side is where several dewatering bores are located. The slide is apparently quite large and I will elaborate more in coming posts of what the issues were and what happened now that part of the story is out.

Also see an extract from RED 5 Code of Conduct; the maximise returns part is wearing a bit thin.

Mission and Objective
The Company aims to maximise returns to its shareholders from successful gold exploration,
development and mining operations. To do this, the Company will:
* pursue its goals through safe work practices;
*conduct its activities honestly and ethically;
*treat people with respect and dignity.

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If your sources are correct, I think the last letter to ASIC should smokem out. They could sell the processing plant and turn the pit into an aquaculture facility and tourist attraction were you can pan for gold. I reckon a couple of the insto,s that stumped up some cold hard johnie cash may have made a couple of rude phone calls. What do you think the plant may be worth HoM.

RED Price at posting: 9.6¢ Sentiment: Hold Disclosure: Held
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