Update - Kenya and Colombia

RNS Number : 9517X

Red Rock Resources plc

17 January 2014

 



Red Rock Resources plc

Update

Migori Project, SW Kenya, and El Limon, Colombia

17 January 2014

Red Rock Resources Plc ("Red Rock" or the "Company"), the mining and exploration company with a producing gold mine in Colombia, an iron ore project in Greenland and gold exploration in Kenya, is pleased to announce developments at its Kenyan and Colombian gold projects.

Kenya

The Company  has signed an agreement with South African-based consultancy, Applied Geology and Mining (Pty) Ltd ("AG&M"), to commence a preliminary technical and economic assessment which constitutes the first stage of a feasibility study on the Nyanza ("NZ") gold deposit, part of the wider Mikei Gold Project ("MGP") (JORC 2004-compliant Indicated and Inferred Mineral Resources: 1.2Moz Au @ 1.26g/t Au) in the Company's Migori Project, SW Kenya. Upon completion of a Bankable Feasibility Study ("BFS"), Red Rock will hold over 75% attributable interest in the MGP.

This technical and economic study of the Nyanza deposit will inform the parameters and requirements for the next stages of the feasibility work. This will include a detailed techno-economic valuation; environmental and social impact assessment (ESIA); mine and plant design; and engineering and procurement studies.

Colombia

At the El Limon mine north of Medellin in Antioquia, Colombia, Four Points Mining SA (50.1% owned) made sales of 406 oz of gold in December 2013, and 111 ounces of gold on 5 January 2014. This shows an improving trend over the last weeks, with plant and mine performing satisfactorily over the holiday period.

The Company continues discussions with parties who have expressed interest in purchasing its Colombian assets.

http://www.rns-pdf.londonstockexchange.com/rns/9517X_-2014-1-17.pdf

Other

The Company awaits an update on progress in the sale of a portion of its Greenland interests. The investor continues to work on the transaction.

Company Chairman Andrew Bell comments: "The engagement of AG&M represents a significant milestone in the BFS process. It is the first step in a phased approach leading to a feasibility study which will identify the technical and economic mining parameters. Upon completion of the BFS, Red Rock will hold a majority interest in the Migori Project. In Colombia, so much progress has been made that we now see retention and development of the mine as a real alternative to sale."

Enquiries:

Andrew Bell	020 747 9990 or 07766 474849	Red Rock Resources plc	Chairman
Colin Aaronson, David Hignell & Ed Thomas	020 7383 5100	Grant Thornton UK LLP	Nominated Adviser
Nick Emerson	01483 413500	SI Capital Limited	AIM Broker
Guy Wheatley	020 7382 8416	Beaufort Securities Ltd	Joint Broker
Rupert Trefgarne	020 3128 8817	MHP Communications	Media Relations

Updates on the Company's activities are regularly posted on its website, www.rrrplc.com.

 

END

 

 

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