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Red Rock Resources' Colombian mine drawing interest


Red Rock Resources (LON:RRR) shot up on Wednesday as it revealed progress on a couple of proposed disposals.

In Greenland, the sale of its 60% stake in Nama Greenland is now moving towards the execution of all the relevant documentation with the purchaser. The sale, if its goes ahead, will see a controlling interest in Nama pass to the buyer.

Meanwhile, in Colombia, where the company has a gold mine up for sale, the potential buyer has given the mine the once-over and Red Rock is expecting an offer for the mine to ensue. However, it should be noted that the company has received indications of interest from other parties.

The sale process is taking place against a background of a stable operational environment, with the company saying a good level of production is being maintained.

A drill has arrived on site at El Limon preparatory to a drill programme to establish potential resource and exploration areas.
In Kenya, work is beginning on a scoping study on the MK and Nyanza areas of the Mikei Gold Project at Migori. This work will provide management with the detail on which a decision to prioritise one area for advanced feasibility can be made.

In a separate announcement, Red Rock said TA Global Master has converted £261,311 in unsecured convertible bonds 2014 into 27.45mln Red Rock shares under the terms of the convertible bond instrument at a price of £0.009518 per share.

Quick facts: Red Rock Resources PLC

Price: 0.405 GBX

Market: AIM
Market Cap: £2.82 m

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