Last checked at 19 Nov 2014 08:36
Red Rock Resources Plc
("Red Rock" or the "Company")
Update - Jupiter Mines Ltd, Columbia and Ivory Coast
19 November 2014
Red Rock Resources plc, the mining and exploration company with gold interests in Colombia, Kenya, and Ivory Coast, is pleased to announce an update on its investment in Jupiter Mines Limited ("Jupiter"), a steel feed company in which Red Rock has 27,324,375 shares (1.20%), as well as a royalty stake over Jupiter's Mt Ida iron-ore project.
Jupiter Interim Results Highlights
· AUD4.520,490 profit after tax
· Net Asset Value per share AUD 21.2c
· Strong performance at 49% owned Tshipi Borwa mine
The interim financial results for the six months to 31st August 2014 were announced on 18th November 2014 and can be accessed here: http://www.jupitermines.com/images/jupiter---cheolushei.pdf
During this period, Jupiter continued to focus on the development of its manganese projects in pursuit of its Long Term Steel Feed Corporation Strategy. The Tshipi Borwa mine in South Africa continued production, shipment and sale of manganese ore. Optimisation work continued on the Mount Mason DSO Hematite Project.
The consolidated result for the six month period to 31 August 2014 was $4,520,490 profit after tax (eight month period to 28 February 2014: loss of $2,264,630 after tax).
Segment operating profits consolidated on the equity method from the Tshipi Manganese project were AUD8,470,436 for the six months, against AUD4,845,555 in the six months to 31 December 2013 and AUD8,810,967 in the eight month period to the new financial year end date of 28 February 2014.
Colombia
Progress continues on the sale of the Colombian gold assets, as announced on 13 October 2014, and the Company currently awaits draft legal documentation on the transaction. The Company will update the Market on any changes to the announced timing as they occur.
Ivory Coast
A geological team is preparing to mobilise to the Company's recently acquired Alepe tenement in south-east Ivory Coast to carry out a preliminary soil geochemical sampling programme. Alepe is located along trend and in a similar geological setting to Newmont's 17Moz Ahafo gold mine in Ghana's Sefwi Greenstone Belt. Several regional structures run through the greenstone belt parallel to Ghana's rich Ashanti Gold Belt, host to numerous multi-million ounces gold deposits. The Ivory Coast portion of the greenstone belt remains relatively underexplored.
Company Chairman Andrew Bell comments:
"Profits from Jupiter's Tshipi operations were trending at nearly 30% above the previous accounting period in the six months to August, despite lower manganese prices, as Tshipi consolidated its position as perhaps the lowest cost major manganese producer. This augurs well for future performance.
We continue active as the year end approaches and begin our first on-ground exploration in Ivory Coast. The sale of the Four Points Mining assets in Colombia we expect to conclude shortly."
For further information, please contact:
Andrew Bell0207 747 9990 or 0776 647 4849 Chairman Red Rock Resources Plc
Roland Cornish/ Rosalind Hill Abrahams 0207 628 3396 NOMAD Beaumont Cornish Limited
Jason Robertson 0129 351 7744 Broker Dowgate Capital Stockbrokers Ltd.
Rupert Trefgarne 0203 128 8817 Media Relations MHP Communications