30 Jan 2015 07:00
30 January 2015
Red Leopard Holdings Plc
("Red Leopard" or the "Company")
Idora Tunnel Operations Update
Following its announcement on 20 August 2014, that the Company had successfully removed the rock falls and debris at the entrance to its Idora Mine portal (the "Tunnel") and installed a metal culvert to permit safe exploration access to the Tunnel, the Company announces today that further in the Tunnel, rock falls have been discovered which currently hinder access to the ore body and any sampling thereof. With the onset of winter and heavy snow, the Company plans now to recommence the clearance of the Tunnel this spring. Due to these Health & Safety complexities, there is likely to be additional costs than were originally budgeted for.
Howard Crosby, a director of the Company, commented: "We have been advised by our contractor that costs to advance the necessary work would increase by as much as 50% if we have to contend with winter conditions".
With the increase in the value of silver in recent months, the Company remains committed to completing this project in a timely manner.
Further updates on progress and developments will be announced in due course.
Enquiries:
Red Leopard Holdings PLC
John May, Chairman Tel: +44 (0) 207 917 6826
Northland Capital Partners Limited
David Hignell / Gerry Beaney Tel: +44 (0) 207 382 1100
Beaufort Securities Limited
Saif Janjua Tel: +44 (0) 207 382 8300