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5 Sep 2013 15:48
Red Rock Resources plc
("Red Rock" or the "Company")
Resource Star Ltd - Update
5 September 2013
Resource Star Ltd (ASX:RSL) ("RSL"), a 39% owned associate of the Company, issued two announcements to the Australian Stock Exchange today.
Further to Red Rock's announcement of 2nd August 2013, relating to a binding term sheet with Searex Petroleum (BVI) Limited ("Searex") for the acquisition of an oil project in Abilene, Texas, U.S.A., RSL has issued an update on due diligence and has also released a Presentation on the Texas project.
Further details of these announcements can be accessed on the ASX website:
http://www.asx.com.au/asxpdf/20130905/pdf/42j5vbv9d1v86g.pdf
http://www.asx.com.au/asxpdf/20130905/pdf/42j5vvctf0c08w.pdf
Red Rock holds 46,908,584 shares in RSL, representing 38.6% of the total issued shares. Additionally, Red Rock is entitled to be issued a further 8,000,000 RSL shares on the exercise of AUD 100,000 Convertible Notes which have now been issued to Red Rock by RSL (including the 4,803,357 share entitlement referred to in the announcement of 2nd August 2013).
Red Rock Resources Plc is a mining and exploration company with an iron ore project in Greenland, a producing gold mine in Colombia, and advanced gold and copper exploration in Kenya.
Red Rock Chairman Andrew Bell comments: "As stated by RSL, due diligence is going well so far and the due diligence team is on the ground in Texas. The opportunity is a most promising one that has the potential to transform RSL, and this first presentation, though necessarily partial at this stage, conveys some sense of that."
Enquiries:
Andrew Bell | 020 747 9990 or 07766 474849 | Red Rock Resources plc | Chairman |
Sandra Spencer | 020 747 9990 or 07757 660 798
| Red Rock Resources plc | Press Relations |
Colin Aaronson | 020 7383 5100 | Grant Thornton UK LLP
| Nominated Adviser
|
Nick Emerson | 01483 413500 | SI Capital Limited | Broker |
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