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Update - Colombia (Replacement)

19 Dec 2011 09:28

RNS Number : 2243U
Red Rock Resources plc
19 December 2011
 



RED ROCK RESOURCES PLC

 

Update - mine planning

 

Dated: 19 December 2011

 

Red Rock Resources plc ("Red Rock" or the "Company"), a mining and exploration company with a producing gold mine in Colombia; Kenyan gold and Greenland iron ore exploration projects; and interests in steel feed, uranium and rare earths, reports on short and medium term mine planning at the El Limon mine in Antioquia, Colombia.

El Limon Mine Plan

Short-term Mine Planning

Recent level mapping and sampling has been used to generate a working estimate of the amount of potentially mineable material at the EL Limon Mine. This material is in two areas, that defined between Levels 6 and 7, which is fully developed and is the main source of current production; and, a new development area south of the main production shaft on Level 6 South (see Figs 1 to 3).

Figure 1

Figure 2

Figure 3

The Company's in-house estimates have been completed without independent verification and without the use of modern tonnage estimating methodologies. Rather, tonnage estimates have been completed by defining simple geometric volumes based on surveyed areas and projected dips of the ore zone, using mining parameters of a minimum 40cm mining dilution on each side of the vein, up to a mining width of 1.2m, and an estimated density of 2.76 tcm. The Level 6-7 mine block extends over a strike length of some 200m, has a height of nearly 50m and an average horizontal projection of between 35-60m. The Level 6 South block is projected to be 40-50m long, with a similar profile to that of the Level 6-7 block.

Estimates indicate that these blocks potentially contain some 29,000 to 35,000 tonnes of in situ mineralised material remaining as of the end of November 2011 (Table 1 below). Current production from these areas is running at a mining-diluted production grade in the range of 9-10g/t Au, and the objective will be to maintain the production grade at this level or higher.

Support for the projected production grade comes from current production grades from these areas, combined with systematic sampling and vein measurements completed at 2-5m intervals along the development drives.

However, there is as yet limited understanding of gold grade variation within the vein. Pods of high grade mineralisation of up to ~150g/t Au have been found within the Level 6-7 panels, but their orientation and continuity is not yet completely understood, and the vein grades in these areas have been cut to 40g/t in internal production forecasts.

It should be noted that this calculation process is not JORC-compliant, so it is not possible to assign the usual confidence categories to the estimates, or to state them as resources. Therefore although access has been established into most panels which has confirmed the continuity of mineralisation, there can be no assurance that the predicted production can be realised. The estimates described herein have been prepared by the recently appointed mine management team for the purpose of developing a production schedule to form the basis of a comprehensive mine plan which the Company hopes will provide profitable production over the next six months.

During this six-month period, the management team will work to extend the expected operational life of El Limon by defining new ore blocks through development and in-mine exploration. The mine team will also present detailed plans for operating costs, maintenance, and capital expenditure requirements.

Medium-Term Mine Planning

The new mine team is optimistic that the exploration and development planned over the next six months will define ore extensions to allow as much as a further 18 months of operations before production is required from below the already established Level 7.

Once the character of the newly-defined ore is established the next phase of mine planning will commence to optimise extraction from these areas by considering new mining techniques and determining the right degree of mechanisation.

Enquiries:

Andrew Bell

020 7402 4580 or

07766 474849 

 

Red Rock Resources plc

Chairman

 

Sandra Spencer

020 7402 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.

  

Table 1:

Estimated tonnage contained within each block at the EL Limon Mine, Colombia, net of production to date, referenced in Figures 2 & 3 

 

Block Number
Estimated Tonnage
1
248
2
1,460
3
375
4
1,268
5
2,204
6
3,851
7
2,090
8
207
9
906
10
397
11
1,686
12
336
13
1,809
14
152
15
1,094
16
317
17
1,385
18
161
19
1,241
20
154
21
646
22
994
23
2,830
24
1,641
25
2,108
26
2,659
Raw Total
32,219
Confidence
+/- 10%
Estimate
29-35kt

 

 

 

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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