Update and Notice of Meeting

RNS Number : 3707W

Red Rock Resources plc

17 November 2010

 



RED ROCK RESOURCES PLC

Update and Notice of General Meeting

Dated: 17 November 2010

Red Rock Resources plc ("Red Rock" or the "Company"), the gold mining and exploration company with projects in Kenya and Colombia, and interests in steel feed, uranium and rare earths, reports the start of drilling at the Migori gold and VMS (Volcanogenic Massive Sulphide) project in Kenya, and at the Arthur River magnetite-IOCG (iron oxide copper gold) prospect in Tasmania.  The Company is also today convening a General Meeting for 2pm on 3 December 2010 to renew its share allotment authorities and to ratify certain share issues in August 2010 and subsequently.

Kenya

Infill diamond drilling has started in the Western license, with the first hole to be drilled at the Gori Maria prospect where an Indicated Resource was defined by earlier exploration, and will cover the KKM (Kakula-Kalanga-Munya) and other prospects. The diamond drill programme is for an initial 2,000m, extendable to 5,000m. The objectives of the programme include the increase of confidence levels for revision of resource and grade, validation of existing data and provision of structural information. The Longyear 38 rig and a back-up rig arrived on site at the weekend.

A further BQ diamond rig is expected to be engaged shortly to conduct additional drilling in the Eastern license.

An additional exploratory drill programme, on targets where no resource has yet been defined, will be conducted with a reverse circulation rig. It will be used to drill between 5,000m and 10,000m, and is planned to start in January 2011. Subject to rig availability, an aircore drilling programme at the Nyarongi prospect will also start at that time.

CSA Global (UK) Limited is acting as consultant to the drill programmes.

Tasmania

A reverse circulation drill rig has mobilised to a site at Arthur River in Tasmania, where a 3 or 4 hole drill programme will test a significant geophysical and geochemical magnetite-IOCG target along strike from the Savage River magnetite mine. The site of the exploration lies on the Arthur lineament, a metamorphic belt cutting North-East to South-West across the North-Western corner of Tasmania. The lineament is known to host iron and base metal deposits of economic significance, including the Savage River mine, and to contain gold, magnesite, and uranium mineralisation. The areas held by the Company have only been lightly explored, partly as a result of rugged terrain and inaccessibility.

Other

A further inspection trip is under way at El Limon, Colombia, where production of gold is imminent. A report is expected to be issued shortly.

Notice of General Meeting

The Company is today convening a general meeting to ratify on a retrospective basis various share allotments over a total 64,162,681 ordinary shares of 0.1p each in the capital of the Company ("Ordinary Shares") and the grant of options over 17,000,000 Ordinary Shares, that were in excess of the Company's authorities granted at its annual general meeting on 23 December 2009.  The Company is at the same time proposing to renew its general and non-preemptive share allotment authorities over £250,000 nominal of equity securities, representing approximately 37 per cent. of the Company's existing issued ordinary share capital.  The meeting is being convened for 2pm on Friday 3 December 2010 at 115 Eastbourne Mews, London W2 6LQ.  A copy of the Notice, which is today being posted to shareholders, will shortly be available on the Company's website at www.rrrplc.com.

Enquiries:

Andrew Bell	0207 402 4580 or 07766 474849	Red Rock Resources plc	Chairman
Sandra Spencer	0207 402 4580 or 07757 660 798	Red Rock Resources plc	Public and Investor Relations
Peter Trevelyan-Clark/ Ben Jeynes	020 7444 0800	Religare Capital Markets	Nominated Adviser
Nick Emerson	01483 413500	Simple Investments Ltd	Broker

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

 

END

 

 

MSCBLBDBLGBBGGR