Last checked at 29 Mar 2018 07:00
Red Rock Resources PLC
("Red Rock" or the "Company")
Progress Report on Due Diligence - Cobalt/Copper Tailings Project
29 March 2018
Red Rock Resources Plc, the natural resource investment and development company, announces, further to its announcement of 31 January 2018, an update on progress on the proposed Joint Venture with Cobalt Blue Limited ("Cobalt Blue") previously announced on the 27 September 2017.
The Company's prospective Joint Venture partners have engaged a drilling contractor to conduct work on the three copper/cobalt tailings dams not tested so far.
Highlights:
o Drilling and sampling work scheduled by Cobalt Blue to be completed by 30 April 2018, with the objective of defining a JORC (2012) resource report and final due diligence report to be received in May 2018 following laboratory analysis of the auger and bulk samples and receipt of assays.
o RRR has reached agreement with Cobalt Blue to extend the due diligence period for it to proceed and acquire a 26.25% interest of the proposed Joint Venture to 31 May 2018 to allow sufficient time for this work to now be completed.
Andrew Bell, Chairman of Red Rock comments: "In late 2017, we began due diligence and field work on these five tailings dams. With the end of the wet season, we are now able to complete, in partnership with Cobalt Blue Limited, the drilling and sampling programme to validate the grade and tonnage of these tailings.
We are grateful to Cobalt Blue Limited for the spirit of co-operation in which they have undertaken additional work on behalf of the Joint Venture, in order that we can be provided with the information necessary to make a decision. I will be on site with them shortly after Easter to further our discussions
I am pleased to note that the mid-market traded price for cobalt cash contracts on the London Metal Exchange has continued to strengthen and is currently $94,000 per ton."
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.
For further information, please contact:
Andrew Bell 0207 747 9990 Chairman Red Rock Resources Plc
Scott Kaintz 0207 747 9990 Director Red Rock Resources Plc
Roland Cornish/ Rosalind Hill Abrahams 0207 628 3396 NOMAD Beaumont Cornish Limited
Neil Badger 0129 351 7744 Broker Dowgate Capital Stockbrokers Ltd