Red Mountain Mining (ASX:RMX) is well on its way to establishing a low cost production gold operation in the Philippines, with significant upside to grow with new discoveries.
A key component of the project is that it has received strong local community support, and recently 1,200 local residents held a pro-development rally.
Jon Dugdale, managing director, discussed the opportunity with investors this week at the Sydney / Melbourne Investors Luncheons.
Red Mountain's Batangas gold project currently hosts an established resource of 444,000 ounces of gold.
This includes the high grade South West Breccia Indicated Resource of 221,000 tonnes at 6.3 g/t gold, of which the majority is in the initial open pit mining inventory of 174,000 tonnes at 6.8g/t gold.
Exploration is ongoing to upgrade resources at Batangas.
Chinese interest
Adding some spice to Red Mountain is interest from two Chinese processing plant operators in toll processing and/or ore purchases.
This could provide near-term cash flow.
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