logo-loader
viewRed Rock Resources PLC

Red Rock Resources sees Colombian production increase in first quarter

gold_bar_350_4f86b29260ae6.jpg

 

Red Rock Resources (LON:RRR) said infrastructure improvements at its Colombian operations have resulted in higher production at both the mine and plant in the first quarter.

In the first three months of the year, the company mined 6,110 tonnes of ore and processed 5,658 tonnes, up 13 per cent and 12 per cent respectively compared with the final quarter of 2011, while grades jumped 23 per cent to 10.7 grammes per tonne (g/t).

However, gold sales declined 19 per cent to 1,149 ounces from the previous quarter due to a decline in recovery rates at the plant.

Red Rock noted that monthly sales have picked up from a low of 312 ounces in January to 398 ounces and 439 ounces in February and March respectively as the company addressed “some processing issues” and recovery rates improved.

The company simultaneously announced the appointment of Peter Bolt as chief operating officer (COO) of the Colombian mining operations.

Bolt, who has been in charge of two operating mines in Colombia over the past six years, will be responsible for all operations at the mine.

“We welcome the opportunity to work with Peter Bolt, who has previous experience with the El Limon mine and whose judgement and depth of knowledge greatly strengthens our team in Colombia,” said chairman of Red Rock Andrew Bell.

Only yesterday, Red Rock reported significant initial drill results from the Migori gold project in Kenya. Laboratory analysis showed that new gold prospects had been defined, with five samples from three areas encountering more than 1 g/t gold.

Red Rock says that further analysis is being carried out and it intends to produce a report detailing results and potential targets, along with plans for follow-up exploration work.

 

Quick facts: Red Rock Resources PLC

Price: 0.408 GBX

AIM:RRR
Market: AIM
Market Cap: £2.84 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Red Rock Resources PLC named herein, including the promotion by the Company of Red Rock Resources PLC in any Content on the Site, the Company...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Red Rock Resources PLC boss hoping to be cash flow positive by year's end

Andrew Bell, chairman of Red Rock Resources PLC (LON:RRR), is hopeful that the mineral exploration and production company will be ”showing appreciable positive cash flows” by the end of 2016. Bell tells Proactive that if everything goes to plan at Shoats Creek, Red Rock will also “be...

on 1/4/16

2 min read