Extension of Exclusivity - Update

RNS Number : 4297R

Red Rock Resources plc

11 September 2014

 



Red Rock Resources Plc

("Red Rock" or the "Company")

Extension of Exclusivity - Update

11^th September 2014

Red Rock Resources plc, the mining and exploration company with gold interests in Colombia, Kenya, and Ivory Coast, announces an update in relation to the proposed sale of its Colombian interests to Nicaragua Milling Company Limited ("NMC").

Further to the Company's announcement on 12^th August 2014, Red Rock has now executed an amendment to the terms of the Letter of Intent ("LOI") to extend the outside date for exclusivity to 10^th October 2014.

The outside date for closing is 10^th November 2014. Further announcements will be made as the transaction progresses.

Company Chairman Andrew Bell comments:

"NMC have committed time and resources to due diligence on the Four Points Mining assets and are now working on draft agreements with minority shareholders for a complete sale of the mine. We have been working closely with NMC during this time and have agreed a further extension of the exclusivity period to allow these additional matters to be concluded. This is a reasonable request and does not reflect a lack of assiduity in pursuing the transaction on either their part or ours; NMC has earlier made significant payments for exclusivity and both parties remain committed to the earliest possible conclusion to the sale process."

For further information, please contact:

Andrew Bell0207 747 9990 or 0776 647 4849                                   Chairman Red Rock Resources Plc

Roland Cornish/ Rosalind Hill Abrahams 0207383 5100                NOMAD Beaumont Cornish Limited

Jason Robertson 01293 517744                                                       Broker Dowgate Capital Stockbrokers Ltd.

Rupert Trefgarne 02031288817                                                       Media Relations MHP Communications

 

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