Last checked at 10 Dec 2010 13:10
RED ROCK RESOURCES PLC
Update
Dated: 10 December 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 on developments.
Colombia
The gold treatment plant at El Limon is ready to start operations and is expected to be producing gold by the middle of next week.
Kenya
Drilling continues, with two diamond rigs and a reverse circulation rig now operating on site.
Tasmania
A previously undrilled 3 km North-South trending magnetic anomaly on the Arthur River tenement is being tested by a four hole reverse circulation drill programme across the structure. An apparent magnetite amphibolite/metadolerite sill has been encountered in the three holes drilled to date. This is hypothesised to be a structure related to the mineralisation at the Savage River magnetite mine. This hypothesis will be tested in sample analysis and further drill interpretation.
Kansai
On 1 October the Company reported an announcement made to the NEX board of the TSX Venture Exchange by Kansai Mining Corporation ("Kansai", NEX:KAN), in which the Company has an interest, that it had reached agreement with IPCM, an international private equity group, to sell Kansai's interests in two of its subsidiary companies, Mid Migori Mining Company Limited and Compania Minera Adamantine C.A. for a total cash consideration of C$40 million. Kansai expected to make an initial payment to shareholders by approximately 20 December 2010.
Red Rock understands that Kansai will need to circularise its shareholders and obtain approval in the New Year, and that consequently this time frame for payment will not be achieved.
The technical information is this release has been reviewed and approved for release by Helen Salmon, BSc(Hons), a geologist working for the Company, a Fellow of the Geological Society and a Member of the Mineralogical Society.
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.