Update

RNS Number : 5923S

Red Rock Resources plc

08 November 2013

 



8 November 2013

Red Rock Resources plc

("Red Rock" or the "Company")

Update

Red Rock Resources Plc, the mining and exploration company with an iron ore project in Greenland, a producing gold mine in Colombia, and advanced gold and copper exploration in Kenya, announces an update on operations and developments.

Greenland

Further to the Company's announcement on 9 October 2013 in relation to an offer by a third party for a controlling interest in Nama Greenland Limited, a company 60% owned by Red Rock (the "Offer"), progress continues to be made by the parties' legal teams who are actively working towards finalisation of the transaction.

Colombia

Two underground drill holes have now been drilled and the engineering consultant is at site reviewing these and plans for further drilling. The sale process was slowed by the regional strike that disrupted communications until recently, but continues; meanwhile a satisfactory level of production is being maintained. No offer has to date been received from Ashmont Resources Corporation, who recently revisited the site. Dialogue continues with this and other potential buyers.

Kenya

A proposal has been received for a feasibility study and is being reviewed.

Andrew Bell, Chairman, states: "The Greenland sale process has been slow but that is not due to any factors within our control. We remain confident that the transaction is being actively pursued by both sides. In Colombia, the finances of the subsidiary now permit it to invest in exploration, and a carefully controlled process has begun." 

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

 

END

 

 

MSCLLFLVLVLTIIV