Update

RNS Number : 7285H

Red Rock Resources plc

12 June 2017

 

Red Rock Resources plc

("Red Rock")

Update

12 June 2017

Further to the announcement of 5^th April 2017, Red Rock announces an update in relation to the sale in 2016 of certain assets including the Company's wholly owned subsidiary American Gold Mines Ltd ("AGM"), the 50.1% shareholder of the El Limon gold mine, Colombia ("Sale") to Colombia Milling Limited ("CML").         

Highlights:

·    CML has paid US$50,000 interest due on the US$1m promissory note ("Note") held by Red Rock

·    CML has paid US$5,148.34 in respect of gold royalties due for the quarter ended 31^st March 2017

·    CML has paid US$225,000 and is remitting US$25,000 as partial repayment of the Note

·    The balance of the Note remains payable on 1 April 2018

Red Rock Chairman Andrew Bell comments: "The receipt of $305,148.34 in further payments for the sale and operations of El Limon, and the interim distribution of $300,000 by Jupiter that we expect to receive in September, continue the pattern of improving cash flows seen since last year. An update on the most significant pending event, the sale or IPO of Jupiter's Tshipi manganese mine, is expected within weeks."

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.

For further information, please contact:

Andrew Bell 0207 747 9990                                                       Chairman Red Rock Resources Plc

Scott Kaintz 0207 747 9990                                                        Director Red Rock Resources Plc

Roland Cornish/ Rosalind Hill Abrahams 0207 628 3396         NOMAD Beaumont Cornish Limited

Jason Robertson 0129 351 7744                                                Broker Dowgate Capital Stockbrokers Ltd

 

END

 

 

UPDLLFEERRIAIID