Last checked at 4 May 2011 12:20
RED ROCK RESOURCES PLC
Conditional disposal of interests in Cue Resources Limited
4 May 2011
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, announces that it has agreed to dispose of its entire holding of 15,798,000 common shares in Cue Resources Ltd (TSXV: CUE, "Cue") to its 24.9 per cent. owned associate company Resource Star Limited (ASX: RSL, "RSL") for C$1,556,000. A C$200,000 loan from Red Rock to Cue is also being transferred at face value together with warrants to subscribe in aggregate for 15,798,000 common shares in Cue at prices of between C$0.12 and C$0.15.
The transaction is subject to approval by shareholders of RSL, other than Red Rock, at an RSL EGM expected to be held in June. The consideration payable to Red Rock will be paid in two instalments, 40% on completion with the balance six months later.
Further details on the transaction and on Cue are available in the RSL announcement which may be accessed via http://www.asx.com.au/asx/research/companyInfo.do?by=asxCode&asxCode=RSL.
Enquiries:
Andrew Bell 0207 402 4580 or Red Rock Resources plc Chairman
07766 474849
Sandra Spencer 0207 402 4580 or Red Rock Resources plc Public and Investor
07757 660 798 Relations
Peter Trevelyan-Clark/ 020 7444 0800 Religare Capital Markets Nominated Adviser
Ben Jeynes
Nick Emerson 01483 413500 Simple Investments Ltd Broker
Updates on the Company's activities are regularly posted on its website,www.rrrplc.com.