logo-loader
viewRed Rock Resources PLC

Red Rock Resources edges higher as El Limon mine shows improvements

share_price_up350_52d92cf530795.jpg

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

AIM:RRR
Market: AIM
Market Cap: £2.37 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