Red Eagle Mining (RD.V) has released its quarterly update looking back at the recent achievements this year. As it’s one of the very few companies which does an effort to regularly update its shareholders on the progress it has made during the quarter apart from the Management Discussion and Analysis, we can only applaud this level of transparency.
Red Eagle has had a very busy 2014 as it completed a feasibility study which outlines a low capex and low opex gold mine in Colombia. With an all-in sustaining cost per ounce of less than $775, the San Ramon mine will be viable, even if the gold price would drop towards $1000/oz. The mining technical work plan was approved in Q3 as well, which means that Red Eagle only needs to secure one additional permit, and we expect this permit shortly.
We believe this permit will be a huge catalyst for the company’s share price as receiving this permit would mean that Red Eagle’s San Ramon mine would be the first decent-sized gold mine in Colombia to get permitted in quite a while.
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Disclosure: The author holds a long position in Red Eagle Mining. Red Eagle is a sponsor of the website. Please see our disclaimer for current positions.
