Red Mountain banks $330 000 from the Feds
Perth based Red Mountain Mining has boosted its cash reserves by $338 000 courtesy of the Federal Government’s Research and Development rebate scheme. The company is also expecting to receive a further $1.2m sometime soon from its strategic financing partner, UK based Bluebird Merchant Ventures.
The research and development claim was in relation to Australian based research on metallurgical recovery of semi-refractory fine gold from epithermal gold ores at the Company’s Batangas Gold Project in the Philippines.
It also relates to research undertaken on the environmentally safe disposal and storage of thickened residues in a tropical environment, research that is also relevant to the Batangas Gold project.
Under an arrangement the company has with Bluebird Merchant Ventures, Bluebird is required to reimburse Red Mountain for $1.2m worth of exploration expenditure undertaken at Batangas in order to earn a percentage of the project.
Bluebird is currently undertaking a listing on the London Stock Exchange and Red Mountain expects to receive its $1.2m reimbursement soon after the listing has completed.
Red Mountain Mining (RMX)
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