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Red Rock Resources plc

Publié le 11 mai 2016

Update - Colombia

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Mots clés associés :   9/11 | Cash | Mines |

Update - Colombia

Update - Colombia
RNS Number : 8444X
Red Rock Resources plc
11 May 2016

Red Rock Resources plc

("Red Rock" or the "Company")

Update - Colombia

11 May 2016

Update on Colombia

Further to the announcement on 5 May 2016 of the re-start of production at El Limon after a US$ 2.5m refurbishment, Para Resources Limited (TSXV:PBR)("Para") has issued a further release headed "Para Resources Announces Letter of Intent to Purchase 17,000 Ha of Mineral Rights Surrounding El Limon Mine".

Highlights

· Para LOI to acquire 17,000 ha of concessions in Segovia Gold Belt, NE Colombia, from Otu Gold, Ltd. at cost of US$1,000,000.

· Three small operating mines included.

· Additional sources of feed material to El Limon plant.

· Rapid payback expected.

· Mineral rights provide El Limon with sufficient feed to exceed 200 TPD mill capacity.

· Full statement available on Para's website.Para announcement.

Red Rock Interest

· US$225,000 instalment due to Red Rock in July in respect of 2015 El Limon sale.

· Royalty income stream to Red Rock of 3% on plant output began 1 May 2016, to be calculated quarterly.

· Red Rock holds US$1,000,000 promissory note with conversion right.

Background

Para is listed on the TSX Venture Exchange, and at the closing price on 9 May 2016 had a market capitalisation of CAN $19.0m. On 13 January 2016 Para announced a letter of intent to acquire Colombia Milling Ltd, the acquiror of Red Rock's Colombian interests, and this acquisition has subsequently been completed.Para has recently stated that once steady state production has been achieved, it expects to produce over 20,000 oz of gold per year through the processing plant with a projected all-in sustaining cost of cUS$600 per ounce.

Red Rock Chairman Andrew Bell states: "Para's last announcement already allowed us to project, once steady state production is reached, and at current gold prices, approximately US$300,000 of annualised royalty income from that part of the planned plant output derived from the El Limon mine itself. With greater visibility now as to the source of the other half of the material Para plans to process to reach its projected steady state production of 20,000 oz p.a., we expect to revise those projections upwards over time.

The improving news flow from Colombia shows that we selected the right buyer for our Colombian assets last year.

Reduction of costs, and the development of cash flows from each of our key business areas has been our consistent focus. It has taken more than two and a half years of effort to get to this point, where the effort is beginning to pay off. Oil revenues at Shoats Creek and gold royalty flows are going to transform significantly our business, with other revenue streams playing their part."

For further information, please contact:

Andrew Bell0207 747 9990 ChairmanRed Rock Resources Plc

Scott Kaintz0207 747 9990 DirectorRed Rock Resources Plc

Roland Cornish/Rosalind Hill Abrahams0207 628 3396 NOMADBeaumont Cornish Limited

Jason Robertson0129 351 7744 BrokerDowgate Capital Stockbrokers Ltd


This information is provided by RNS
The company news service from the London Stock Exchange
ENDMSCQBLFFQEFBBBK
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Red Rock Resources plc

EXPLORATEUR
CODE : RRR.L
ISIN : GB00B0CQLF79
Suivi et investissement
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Red Rock Res. est une société d’exploration minière d'or et de fer basée au Royaume-Uni.

Son principal projet en exploration est MIGORI GOLD au Kenya.

Red Rock Res. est cotée au Royaume-Uni et en Allemagne. Sa capitalisation boursière aujourd'hui est 28,7 millions GBX (33,4 millions US$, 31,2 millions €).

La valeur de son action a atteint son plus haut niveau récent le 11 avril 2014 à 9,87 GBX, et son plus bas niveau récent le 24 avril 2024 à 0,06 GBX.

Red Rock Res. possède 503 658 124 actions en circulation.

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Projets de Red Rock Resources plc
23/04/2015Australian Associate interest in Sugar Dragon
15/05/2011Red Rock Resources Plc
15/05/2011Red Rock Resources Plc
Communiqués de Presse de Red Rock Resources plc
28/07/2016Acquisition of Further Interest in Goldstone
28/07/2016Shoats Creek Update
14/07/2016Audited results for the year ended 31 December 2015
14/07/2016Shoats Creek Operations Update
13/07/2016Annual Results
20/06/2016Second Price Monitoring Extn
20/06/2016Price Monitoring Extension
16/06/2016Directors Dealings
14/06/2016Cancellation and Re-issue of Options
08/06/2016Shoats Creek Update
17/05/2016Holding(s) in Company
11/05/2016Update - Colombia
05/05/2016Transaction completion and operational update
29/04/2016Financing, Directors Dealings and TVR
14/04/2016Director/PDMR Shareholding
13/04/2016Holding(s) in Company
24/03/2016Shoats Creek Update
02/02/2016Infrastructure and production at Shoats Creek
01/02/2016Grant of Options and Directors' Shareholdings
01/02/2016Total Voting Rights
29/01/2016Partial sale of holding, update
22/01/2016Share Incentive Plan and Directors' Dealings
20/01/2016Investment
02/01/2016Total Voting Rights
30/12/2015Holding(s) in Company
21/12/2015Result of AGM, Board change Capital reorganisation
18/12/2015Director/PDMR Shareholding
16/12/2015Loan Repayment and Update
14/12/2015Issue of Equity
05/11/2015Update on Star Striker Ltd
28/10/2015Option to Invest in Shoats Creek
19/10/2015Holding(s) in Company
09/10/2015Convertible Note Conversion
05/10/2015Update; Restructuring
21/09/2015Operations Update
07/09/2015Convertible Loan Note
02/09/2015Total Voting Rights
27/07/2015Holding(s) in Company
16/07/2015Holding(s) in Company
13/07/2015Final Tranche of Subscription Shares
09/07/2015Update on Subscription and Directors' Dealings
08/07/2015Investment and Share Subscription
30/06/2015Board Changes
30/06/2015Update on Resource Star Ltd
26/06/2015Update
26/06/2015Option to invest in Elephant Oil Limited
23/04/2015Convertible Note Conversion
21/04/2015Holding(s) in Company
14/04/2015Share Incentive and Directors' Dealings
14/04/2015Attendance at UK Investor Show
14/04/2015Columbian Gold Assets - Sale Agreement
07/04/2015Convertible Note Conversion
07/04/2015Holding(s) in Company
07/04/2015Total Voting Rights
07/04/2015Loan Repayment and Convertible Note Conversion
16/03/2015Director/PDMR Shareholding
16/03/2015Update and Placing
16/03/2015Holding(s) in Company
16/03/2015Convertible Note Conversion and Issue of Equity
16/03/2015Update
20/02/2015Update
30/01/2015Issue of Convertible Loan Note
30/01/2015Ivory Coast and Colombia Update
02/01/2015Total Voting Rights
30/12/2014Result of AGM, Capital Re-organisation
30/12/2014Holding(s) in Company
10/12/2014Issue of Equity and TVR
05/02/2013new website now live
06/12/2011News Release
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