Mining company Red 5 (ASX:RED) today announced it had received the final permit necessary to commence development of its Siana gold mine project in the Philippines.
The archipelago’s Mines and Geosciences Bureau has given its stamp of approval to the project, after conducting an internal feasibility study, Red 5 said.
The company has prepared tenders for construction and mining projects, and submitted them for Board approval.
The announcement comes as Red 5 shares soar on the strength of all time high gold prices, which have surpassed $1,100 per ounce. The company’s stock price grew 18.5% yesterday, and a further 15.6% today to settle on $0.18.