Red Leopard Holdings PLC Idora Tunnel Operations Update (5576D)

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RNS Number : 5576D

Red Leopard Holdings PLC

30 January 2015

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: [phone] 

Northland Capital Partners Limited

   David Hignell / Gerry Beaney                           Tel: [phone] 

Beaufort Securities Limited

   Saif Janjua                                                        Tel: [phone] 

This information is provided by RNS

The company news service from the London Stock Exchange

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