Red Rock Resources
PLC
("Red Rock" or the
"Company")
DRC and Gold Assets
Update
6
March 2024
Red Rock Resources Plc, (AIM:RRR)
("Red Rock" or "the Company"), is a natural resource development
company with interests in gold, base metals, battery metals, and
hydrocarbons principally in Africa and Australia.
This release is an update in relation
to (a) the Company's arbitration in the Democratic Republic of
Congo ("DRC") with respect to the US$10m claim the Company is
pursuing in country for its interest in the VUP copper-cobalt joint
venture, and (b) certain of the Company's gold assets and
opportunities.
DRC
On 5th February 2024 Red
Rock noted that:
(1) The Company's 100% owned subsidiary in the DRC had, obtained
in 2022, an executory judgment for $2.5m (being 50.1% of $5m paid
to local partner by a buyer), and the result of the Arbitration
hearings held in Kinshasa in 2022 in order to obtain $7.5m (being
50.1% of the $15m still to be paid by the buyer) was
pending;
(2) A
draft of the arbitration award had been received by the Company and
awaited finalisation and release;
(3) The hiatus caused by the Presidential and Parliamentary
elections in the DRC was over, and the finalisation of the
arbitration award and payment was resuming; and
(4) A
further update was to be provided as soon as possible.
We are in constant communication
with our country representative, our lawyer, and our local partner
and expect senior management to be in the DRC this week or next
with a view to finalisation.
Kenyan Gold Assets
A Red Rock team is in Kenya working
on the renewal of the Company's two licences. The Company has a
723,000 oz gold Mineral resource, and a tailings project, and
renewal will allow the next phase of exploration to proceed with
the aim of increasing the resource to +1 million ounces.
Ivory Coast
Following expressions of interest by
third parties, as previously noted, the Canadian consultants Watts,
Griffis and McOuat have been commissioned to produce a short report
on the seven gold licences held or applied for by the Company's
subsidiary, and will be distributing this at the PDAC Conference in
Toronto this week. Each licence is for an area approaching 300
square kms, and to do justice to these licences, felt to be in some
cases highly prospective, all possibilities for sale, farm in or
joint venture, either of parts or of the whole of the portfolio,
are being considered.
Chairman Andrew Bell
comments:
"Other gold assets or prospects, for example in Australia and
Burkina Faso, have been dealt with in recent announcements, but
Kenya and Ivory Coast are among the best projects for substantial
sized Resources. In the DRC we have made considerable progress but
we consider that co-ordination of the final steps requires our
presence in Kinshasa. What should have been the simplest of
matters, obtaining our share of the sales proceeds of an asset
bought and paid for in 2018, has taken far too long but I am
confident that we will prevail and receive the monies
owed.
Gold is now trading at an all time high price, fulfilling
predictions made for many months, and this will present us with
more opportunities to crystallise and establish the value of our
diversified gold portfolio, that contains early stage exploration,
established Resources, and early and advanced stage development
projects, as well as royalties."
For
further information, please contact:
Andrew Bell 0207 747
9990
Chairman Red Rock Resources
Plc
Bob
Roberts 0203
8696081
Broker Clear Capital
Corporate Broking
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