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17 Jan 2014 12:26
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Red Rock Resources plc
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Update
Migori Project, SW Kenya, and El Limon, Colombia
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17 January 2014
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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.
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Kenya
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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.
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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.
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Colombia
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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.
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The Company continues discussions with parties who have expressed interest in purchasing its Colombian assets.
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http://www.rns-pdf.londonstockexchange.com/rns/9517X_-2014-1-17.pdf
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Other
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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.
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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."
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Enquiries:
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Andrew Bell | 020 747 9990 or 07766 474849 | Red Rock Resources plc | Chairman |
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Colin Aaronson, David Hignell & Ed Thomas | 020 7383 5100 | Grant Thornton UK LLP | Nominated Adviser Β |
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Nick Emerson | 01483 413500 | SI Capital Limited | AIM Broker |
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Guy Wheatley | 020 7382 8416 | Beaufort Securities Ltd | Joint Broker |
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Rupert Trefgarne | 020 3128 8817 | MHP Communications | Media Relations |
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Updates on the Company's activities are regularly posted on its website, www.rrrplc.com.
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