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    Red 5 to step up Siana work

    Brad Ricks

    Friday, August 08, 2003

    AUSTRALIAN junior Red 5 plans to speed up exploration at its Siana gold project in the
    Philippines after releasing encouraging drill results this week including an intersection of
    128m, which graded up to 11.5gpt over a 10m interval.

    Recently the company has been drilling underneath the existing 825,000 ounce openpit resource
    at the project, which is located adjacent to Anglo American's 15 million ounce Boyongan
    coper-gold deposit.

    Red 5 managing director Greg Edwards said this second deep diamond drill hole intersected
    continuous gold mineralisation over the 128m at 2gpt gold, 0.22% lead, 30% zinc and 3.7gpt
    silver from a depth of 265m.

    Edwards said this interval represented a true width of 100m including higher-grade gold zones
    of 41m at 5.1gpt from 296m and 10.6m at 11.5gpt from 311.5m.

    "A new style of mineralisation named the Dayano zone was intersected between 496 and 544m,"
    Edwards said.

    "The sulphide content and alteration in this zone indicate the potential for a very large gold
    mineralised system and it is now clear that the East zone and the Dayano zone are coincident
    with an induced polarisation anomaly.

    "This anomaly is predicted to comprise a large sulphide target from near surface to depth in
    excess of 250m."

    Edwards said this new drill intersection complements earlier results that confirm the extension
    of the mineralised system to a depth of 360m below surface and 130m below the current resource.

    "We have highlighted the world class potential of this project and plan to accelerate our
    exploration activities in order to advance it as rapidly as possible," he said.

    "We want to build both the potential to expand the resource at depth and regional exploration
    to follow up on encouraging recent results."
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