Last checked at 1 Dec 2010 13:24
RED ROCK RESOURCES PLC
Update on Ascot Mining and Colombia
Dated: 1 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, notes this morning's announcement by Red Rock investee company Ascot Mining plc ("Ascot"; PLUS: ASMP) in which Ascot announced the pouring of 40.1 ounces of gold dore from its newly expanded mill, one day after Ascot fully paid for the Chassoul Gold concession and obtained clear title to the mine. Overall development of the mine was reported as being on schedule, with the intention for production to reach an average mill throughput grade of 0.305 oz/ ton during December and for production to be accelerated to the initial targeted 1,200 ounces per month in Q1 2011.
The full text of the announcement made by Ascot can be viewed at:
http://www.plusmarketsgroup.com/PLUS_news_story.shtml?NewsID=3943131&ISIN=GB00B2QH7M99/GBX/PLUS-exn
Colombia
The first 170 tonne (pre-crushing) ore bin has been filled, and the second 600 tonne (post-crushing) ore bin is being filled. Further processing will follow the switching on of the ball mill. This is expected to occur and all stages of the plant to become operational by mid-month.
Full gold production is expected to proceed as planned by the end of December 2010.
Kenya
Drilling continues and a progress report will be issued shortly.
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 |
Notes:
Red Rock's interest in Ascot is held by way of 10% convertible loan notes 2015, convertible at any time at Red Rock's discretion into new Ascot ordinary shares at 20 pence per share. In addition Red Rock holds 740,000 Ascot ordinary shares and has warrants to subscribe for a further 10,300,000 additional new Ascot ordinary shares at an exercise price of 20 pence per new Ascot ordinary share, valid for 5 years. Ascot is quoted on the PLUS-quoted market, an exchange regulated market operated in London by PLUS Markets plc, where it trades under the stock code ASMP, and is traded on XETRA and PLUS.
Updates on the Company's activities are regularly posted on its website, www.rrrplc.com.