Mgm1a - how do you figure 17 months from appointment of Project...

Mgm1a - how do you figure 17 months from appointment of Project Director/EPCM?

The schedule remains on track as far as I'm concerned, with first gold pour in first quarter of 2011 - commencement of EPCM contract will require only 12 months at the latest from my understanding of what is being constructed - remember the long lead time item, being the mill has already been bought with only refurbishment required.

The construction of this sized plant and the other preparatory work will not take anything beyond 10 months in my estimation.

With regard to the discussions regarding the announcement (and apparent delay) of the EPCM contract:
IMO RED will only formally sign the EPCM contract once there is a signed offer of debt finance, notwithstanding that RED could conceivably finance the majority of the plant and other works from existing cash held by the company.

I think that most of the frustration by posters is about expectations of the announcements happening sooner, but with regard to Siana I have seen nothing that is a deviation to the original planned construction schedule.

Mapawa is different, in that clearly there has been a delay for whatever reason, but I do not read into it the negativities of others. As I have already stated, the first hole has already been a success in confirming the right lithologies assumed at a depth about 150 metres downhole and the existence of sulphides from that depth. An extended intersection of sulphides from that depth will be a bonus, plus gold values associated with the sulphides.

I remain as positive about RED as I have been all along but I am a bit concerned that some are now showing a bit of frustration that will clearly have a negative longer term affect if it catches those yet to be frustrated.

Councilgritter, I don't have a problem that this is a frustrating process, but I don't see it as being anything like that past episode, where if you will recall there was a need to translate an Inferred Resource of the underground resource into a Indicated Resource - that required a major infilling drilling programme. The current work is all towards advancing the construction of the plant, and all hurdles by comparison are small ones, even though each takes some time to complete.