- Red 5’s (RED) King of the Hills (KOTH) project is halfway towards completion as the gold miner ticks development boxes within budget and on schedule
- The company progressed the construction of the project over July, while steelwork and platework for the process plant has been awarded for fabrication
- Further, Managing Director Mark Williams says the development of carbon-in-leach tanks and a semi-autogenous grinding mill is also progressing nicely
- The company says it is on track to pour first gold from the 2.4-million-ounce project during the June quarter of 2022
- Shares in Red 5 are trading grey this afternoon, worth 19 cents each at 1:50pm AEST
Red 5’s (RED) King of the Hills (KOTH) project is halfway towards completion as the gold miner ticks development boxes within budget and on schedule.
The company said this morning it is on track to pour first gold from the 2.4-million-ounce project during the June quarter of 2022 as it progressed construction over the month of July.
Red 5 has completed the engineering design for concrete, steel, platework, and piping at the KOTH project.
All key components for the project’s semi-autogenous grinding (SAG) mill are on site with the exception of mill shells, but Red 5 said these should be delivered by August.
Importantly, the KOTH Village — which will be home to mineworkers once the project is up and running — is now fully operational.
Red 5 Managing Director Mark Williams highlighted some other key developments in the project area, saying KOTH is “really beginning to take shape”.
“Construction of the CIL (carbon-in-leach) tanks is well advanced, with all eight tanks at full height. All steelwork and platework for the process plant has been awarded for fabrication and, remarkably, nearly 80 per cent of this steelwork is already on site together with many key components for the SAG mill,” Mr Williams said.
“The mill installation crews are now on site and have started preparing the mill sole plates for installation.”
He said this all comes despite a challenging environment for people, equipment, and services across the WA mining industry.
“King of the Hills remains within budget and on schedule,” he said.
Red 5’s KOTH project lies in the Eastern Goldfields region of Western Australia, just 28 kilometres north of the mining town of Leonora.
The company owns a 215 sqkm exploration land package in the area, with planned open-pit and underground mining from the main KOTH deposit over a 16-year mine life.
Shares in Red 5 were trading grey this afternoon, worth 19 cents each at 1:50 pm AEST. The company has a $446 million market cap.