Jun 19, 2008. /Lesprom.com/. Gold and copper explorer Red Emperor Resources NL has branched out into the timber industry after signing an agreement with its Russian partners to harvest a resource in the country, Australian Business News reported. The company has signed a memorandum of understanding whereby the unnamed Russian partners will provide the opportunity to acquire a 100% interest in a licence of a timber project. Under the terms of the agreement Red Emperor will acquire a 100% interest in the project by paying Euro 5 million to the partners and the issue of 30 million Red Emperor shares for consideration. Red Emperor will also meet all costs associated with the acquisition. Red Emperor is continuing its due diligence on the project with a view to acquiring it during the next 3 to 6 months. It is expected that the licence for the Project will have an annual harvesting allowance of well in excess of 500 thousand cubic metre per annum. Sawn timber is presently selling for in excess of $200 a cubic metre.