Update on Power Metal Resources and Australian JV
Red Rock Resources PLC
("Red Rock" or the "Company")
Update on Power Metal Resources PLC and Australian Joint Venture
21 September 2021
Red Rock Resources Plc ("Red Rock" or "the Company"), the natural resource development company with interests in gold, copper, cobalt and other minerals, announces an update in relation to its investee company Power Metal Resources PLC ("POW") and its joint venture with POW, Red Rock Australasia Pty Ltd ("RRAL") which is undertaking gold exploration at its granted licences in the Victoria Goldfields in Australia (the "Projects").
New Ballarat Gold Corporation PLC ("NBGC") is in course of incorporation and Red Rock and POW will hold their interests in the Projects through shareholdings in NBGC in the same proportions as their previous shareholdings in RRAL (50.1% Red Rock and 49.9% POW). RRAL will become a wholly owned Australian subsidiary of NBGC.
Andrew Bell, Red Rock Chairman, states: "We will now intensify work on the planned IPO of NBGC on the London markets. As I shall be heavily involved in that process, and will have a continuing role in NBGC before, and for some time after, listing, it is no longer desirable for me to continue my active role as Chairman and director of Power Metal Resources PLC. I have therefore notified POW that I shall be stepping down from those positions from the end of this month.
Paul Johnson and I have collaborated closely during an exciting period in POW's history in the period since early 2019, as POW was first rescued and then developed, and I leave it now in a strong position and in capable hands as he takes that company forward on the next stage of its journey.
Red Rock retains its holding of 45,000,000 POW shares, now worth over £900,000, and looks forward to seeing this extraordinary story continue as POW moves from the project acquisition and preliminary exploration stage to the drilling stage across a range of its projects."
For further information, please contact:
Andrew Bell 0207 747 9990 Chairman Red Rock Resources Plc
Roland Cornish/ Rosalind Hill Abrahams 0207 628 3396 NOMAD Beaumont Cornish Limited
Jason Robertson 020 7374 2212 Broker First Equity Limited
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