The company said it will make an announcement in the first week of September about the offer from a third party to buy the stake.
Meanwhile, there have been further developments with Resource Star (ASX:RSL), in which Red Rock has a 38.6% stake.
Red Rock announced that it had worked with the Resource Star (RSL) board to identify a transaction that would take RSL into oil development through the acquisition of a project in Abilene, Texas.
Red Rock’s due diligence team has now mobilised to Texas and started work.
Completing the update on corporate manoeuvring, Red Rock said Ashmont Resources still intends to purchase Red Rock’s interest in gold mining company, Four Points Mining. Four Point’s main asset is the El Limon gold mine in Antioquia, Colombia; Ashmont is preparing to visit the mine in the first week of September and, subject to agreement with Red Rock, to issue a definitive term sheet for the purchase.