Last checked at 12 Apr 2012 10:47
RED ROCK RESOURCES PLC
Quarterly Update - Colombia
Appointment of COO at Colombian operations
Dated: 12 April 2012
Red Rock Resources plc ("Red Rock" or the "Company"), the gold mining and exploration company with projects in Greenland, Colombia and Kenya, and interests in steel feed, uranium, and rare earths, reports on gold sales in Colombia.
Colombia
Ore Mined | Ore Processed | Gold Sold | Grade Average | |||
(Tonnes) | (Tonnes) | (Oz) | (g/t) | |||
Quarter to:
| ||||||
31st December 2011 | 5397 | 5055 | 1425 | 8.7 | ||
31st March 2012 | 6110 | 5658 | 1149 | 10.7 | ||
Percentage Change | 13% | 12% | -19% | 23% |
The first quarter of 2012 in Colombia saw an increase in production at both the mine and plant as infrastructure improvements start to take effect; an increase in the grade from the mine and entering the plant as the mining process improvements are implemented; the appointment of a COO; a fall in gold sales over the period, attributed to inefficiencies within the plant.
Gold sales dropped to 1149ozs (1425ozs Q4 2011), a 19% decrease on the previous quarter. Monthly sales have picked up from a low in January of 312ozs (9.7kgs), to 398ozs (12.3 kgs) for February and 439ozs (13.6kgs) for March. A significant decrease in recovery rates at the plant led to this drop in sales. A number of personnel have been released and some processing issues have been identified and addressed. Recovery rates have started to improve.
The Company announces the recent appointment as Chief Operating Officer of the Colombian mining operations of Dr Peter Bolt Bsc, CEng, MIMMM, MCIMM. Dr Bolt is an experienced mining engineer with extensive narrow vein mining experience in the Frontino Gold Belt. He has lived in Colombia for 6 years and run two operating mines over that period. Before his work in Colombia, Dr Bolt was with SRK (UK) Ltd for 11 years. Dr Bolt takes responsibility for all operations at the mine. His mission is to improve efficiency of the mine and plant and increase production.
Andrew Bell, Chairman of Red Rock said "We welcome the opportunity to work with Peter Bolt, who has previous experience with the El Limon mine and whose judgement and depth of knowledge greatly strengthens our team in Colombia."
Enquiries:
Andrew Bell | 020 7099 5840 or 07766 474849 | Red Rock Resources plc | Chairman |
Sandra Spencer | 020 7099 5840 or 07757 660 798 | Red Rock Resources plc | Public and Investor Relations |
Philip Davies/David Porter | 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.