Sign In
Last checked at 
17 Jan 2014 12:26
Red Rock Resources plc
Update
Migori Project, SW Kenya, and El Limon, Colombia
17 January 2014
Red Rock Resources Plc ("Red Rock" or the "Company"), the mining and exploration company with a producing gold mine in Colombia, an iron ore project in Greenland and gold exploration in Kenya, is pleased to announce developments at its Kenyan and Colombian gold projects.
Kenya
The Company has signed an agreement with South African-based consultancy, Applied Geology and Mining (Pty) Ltd ("AG&M"), to commence a preliminary technical and economic assessment which constitutes the first stage of a feasibility study on the Nyanza ("NZ") gold deposit, part of the wider Mikei Gold Project ("MGP") (JORC 2004-compliant Indicated and Inferred Mineral Resources: 1.2Moz Au @ 1.26g/t Au) in the Company's Migori Project, SW Kenya. Upon completion of a Bankable Feasibility Study ("BFS"), Red Rock will hold over 75% attributable interest in the MGP.
This technical and economic study of the Nyanza deposit will inform the parameters and requirements for the next stages of the feasibility work. This will include a detailed techno-economic valuation; environmental and social impact assessment (ESIA); mine and plant design; and engineering and procurement studies.
Colombia
At the El Limon mine north of Medellin in Antioquia, Colombia, Four Points Mining SA (50.1% owned) made sales of 406 oz of gold in December 2013, and 111 ounces of gold on 5 January 2014. This shows an improving trend over the last weeks, with plant and mine performing satisfactorily over the holiday period.
The Company continues discussions with parties who have expressed interest in purchasing its Colombian assets.
http://www.rns-pdf.londonstockexchange.com/rns/9517X_-2014-1-17.pdf
Other
The Company awaits an update on progress in the sale of a portion of its Greenland interests. The investor continues to work on the transaction.
Company Chairman Andrew Bell comments: "The engagement of AG&M represents a significant milestone in the BFS process. It is the first step in a phased approach leading to a feasibility study which will identify the technical and economic mining parameters. Upon completion of the BFS, Red Rock will hold a majority interest in the Migori Project. In Colombia, so much progress has been made that we now see retention and development of the mine as a real alternative to sale."
Enquiries:
Andrew Bell | 020 747 9990 or 07766 474849 | Red Rock Resources plc | Chairman |
|
|
|
|
Colin Aaronson, David Hignell & Ed Thomas | 020 7383 5100 | Grant Thornton UK LLP | Nominated Adviser
|
|
|
|
|
Nick Emerson | 01483 413500 | SI Capital Limited | AIM Broker |
|
|
|
|
Guy Wheatley | 020 7382 8416 | Beaufort Securities Ltd | Joint Broker |
|
|
|
|
Rupert Trefgarne | 020 3128 8817 | MHP Communications | Media Relations |
Updates on the Company's activities are regularly posted on its website, www.rrrplc.com.
Follow the stocks
