Red Rock Resources
PLC
("Red Rock" or the
"Company")
DRC and Gold Assets
Update
5
April 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
specifically in relation to (a) the Company's arbitration in the
Democratic Republic of Congo ("DRC") with respect to the 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 in Burkina Faso.
DRC
On 5th February 2024 Red
Rock noted that a finalisation of the arbitration award in relation
to the Company's claim for its share of the sale proceeds of a
joint venture asset awaited signature and release. Following a
period where Presidential elections and the formation of a new
administration caused a pause in this and many other matters, we
looked to an early resolution, but said that we would keep the
market updated on progress, as we have done at monthly or more
frequent intervals.
Our understanding has not changed,
and as we believe that there is now a consensus in relation to our
position, we expect this to now be resolved, irrespective of any
third party matters, within a short timeframe. Recent intensive and
direct discussions with the former JV partners mean that we may be
able to approach the arbitrator with an agreed position.
Burkina Faso
Further to the Company's
announcements of 24 January 2024 and 27 February 2024, and the
Interim Statement of 28 March 2024, we note that the Company has
stated that it will report as equipment is
delivered and installed, and as other milestones passed. Currently, and as
anticipated,
a team from the Company and its technical partners
is on the ground at Bilbale. The understanding as to grade and
potential to which previous work and observations had led us has
been confirmed by this expert review and we continue on the course
outlined in our announcement of 27 February 2024, leading to early
alluvial gold production initially at one location but then at up
to four locations. The first gold wash plant is expected to arrive
by air within a few days and will start operation.
Red
Rock Chairman Andrew Bell comments:
"The first team on site will be
preparing a report giving further detail that we will hope to be
able to share with the market as early as next week, whereupon Mr
Samuel and myself will relocate to Burkina Faso to be on site for
the whole period of transition into stable gold production and to
prepare for larger scale mechanised mining.
This reflects the importance to us, and the potential scale,
of this first project at the Bilbale gold mining
camp.
The presentation on the Burkina Faso project remains available
on the Company's website, broadly unchanged, with conceptual
parameters reflecting our expectation of the range of possible
outcomes."
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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