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Red Mountain Mining's Batangas Gold Project Not Significantly Impacted By Typhoon Haiyan

Perth-based Red Mountain Mining (ASX:RMX) has moved to allay fears regarding its Batangas gold project in the Philippines, and advised that it has not been significantly impacted by Typhoon Haiyan.

The typhoon hit the central Philippines province of Leyte on 8 November 2013.

Last week, Red Mountain released promising high-grade grade gold hits from trenching at its Lobo Prospect, part of Batangas including 2 metres at 31.1g/t gold (1 ounce/tonne) gold, including 1 metre at 60.2g/t gold.

Tighten share structure

Red Mountain also made moves to tighten its capital structure from the removal of a stock overhang and a share buy back.

These developments should assist to put an effective "floor" on the company's share price, paving the way for it to rise on the company meeting milestones such as further drilling successes and the results of the Scoping Study.

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