DESPITE THE CURRENT market insecurity, Red 5 Ltd's debt funding agreement with Societe Generate for the development of its Siana gold project in the Philippines remains solid. The project covers an area of about 39 square kilometres around the old Siana gold mine, and is located 30 km south of Surigao City in the mining province of Surigao del Norte. Perth-based Red 5 has arranged a 42 million dollars debt funding package with Societe Generate and three other international banks for the development of Siana, which is forecast to produce about 717,000 ounces of gold within its first five years from an initial 750,000 tonnes per annum open pit operation.
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