Quarterly Report and Cash Flow for 31 December 2013

Maronan, QLD, Silver-Lead & Copper-Gold

• Red Metal’s first drill hole into the northern hinge zone target discovers thickened horizons of strong Cannington Mine-style lead and silver mineralisation at shallow levels.

• Significant down-hole intercepts included:
  • 2.3m from 459.6m at 9.8% lead, 277 g/t silver;
  • 13.7m from 483.3m at 7.9% lead, 230 g/t silver;
  • 10.1m from 516.9m at 8.9% lead, 202 g/t silver;
  • 15.1m from 548.9m at 5.8% lead, 134 g/t silver.
• Design and budgeting for a follow-up program focusing on the newly discovered lead and silver mineralisation is underway.

Joint Venture Activity

• Partner-funded drilling on the Corkwood, Emu Creek and Barton joint venture projects planned for 2014.

Research and Development

• Cash refund of $1.4 million received in January 2014 following a successful research and development claim.

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Red Metal awarded Queensland Explorer of the Year

The Board of Red Metal is very pleased to announce that its exploration team has been awarded the Queensland Explorer of the Year for 2013.

This prestigious industry award was determined by a select committee that includes members from the Queensland Government and the Queensland Resources Council and was presented by the Minister of Natural Resources and Mines, the Honourable Andrew Cripps MP, at yesterday's Mining 2013 Resources Convention in Brisbane.

Continued innovative thinking and bold drilling backed with recent exploration success at Maronan won Red Metal’s team the award.

The award coincides with the recommencement of drilling on the Maronan project following on from the last successful hole which returned 115 metres averaging 0.8% copper and 0.5 g/t gold.

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Assay Results - drill hole MRN13002, Maronan Project, NW QLD

The Board of Red Metal is pleased to announce that assaying of cores from drill hole MRN13002 has defined multiple separate horizons of strong Cannington Mine-style lead mineralisation with strong silver values

Significant down-hole intercepts include:

2.3m from 459.6m at 9.8% lead, 277 g/t silver;

13.7m from 483.3m at 7.9% lead, 230 g/t silver;

10.1m from 516.9m at 8.9% lead, 202 g/t silver;

15.1m from 548.9m at 5.8% lead, 134 g/t silver;

These very exciting results confirm the continuity of the strong lead and silver mineralisation to shallow levels below the northern hinge zone and significantly expand the geological potential of this very large, under-drilled, mineralised system.

Starting at a down-hole depth of just 460 metres these intersections are thicker, higher grade and at significantly shallower levels than those of the earlier drilling campaigns carried out in 2013 and 2012.

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Red Metal Limited annual report for 2013 financial year (printer's version)

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