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Red Rock Resources edges higher as El Limon mine shows improvements


The first stages of a feasibility study at Red Rock Resources' (LON:RRR) Migori Project in Kenya has kicked off, said the firm, as it also unveiled improvements at the El Limon mine in Colombia.

It has inked an agreement with consultants Applied Geology and Mining (AG&M) to begin a preliminary technical and economic assessment on the Nyanza gold deposit part of the project, the company said in the update.

Chairman Andrew Bell told investors: "The engagement of AG&M represents a significant milestone in the BFS process. 

"It is the first step in a phased approach leading to a feasibility study which will identify the technical and economic mining parameters. 

"Upon completion of the BFS, Red Rock will hold a majority interest in the Migori project."

Meanwhile, at its El Limon mine in Colombia, Four Points Mining SA, of which Red Rock owns 50.1%, made sales of 406 ounces of gold in December 2013, and 111 ounces of gold on 5 January 2014. 

"This shows an improving trend over the last weeks, with plant and mine performing satisfactorily over the holiday period," the company said.

Red Rock added it is continuing discussions with parties who have expressed interest in purchasing its Colombian asset.

Red Rock shares added 2.65% Friday to stand at 0.58p.

Quick facts: Red Rock Resources PLC

Price: 0.34 GBX

Market: AIM
Market Cap: £2.37 m

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