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Red Rock Resources applies for Ivory Coast gold licences

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Red Rock Resources (LON:RRR) has applied for three gold exploration licences in the Ivory Coast.

The AIM-listed group talked up the Ivory Coast as “a largely underexplored country with exceptional mineral potential”, highlighting the infrastructure of the West African nation.

The licences are near the border of Ghana, the region’s most prolific gold producer, close to the town of Bettié, whose name has been adopted for the new project.

The company has also taken on a technical advisory role for Basse Terre, a local affiliate which has itself applied for four licences in central Ivory Coast.

Chairman Andrew Bell said: “With our increasingly gold-directed focus, we are an early mover into Ivory Coast. Not as early as some, but with our smaller capital base we could not afford to be too early.  

“It is plainly evident the country holds great mineral potential, yet through most of its history it has not sought to explore or develop those resources. 

“Only recently has this begun to change and Ivory Coast now appears set to undergo a mining revolution. It seems probable that world-class discoveries will be made, as in neighboring countries, and as noted by some of our peers the hurdle rate for investment is lower. Red Rock is extremely pleased to be part of this early wave and to have identified ground that we think is good.”

Meanwhile, a draft phase 1 report on the scoping/feasibility studies announced in January in Kenya have been submitted to the company and are now under review.

Production in Colombia continues “at a satisfactory level” and the company said early-stage proposals have been received from prospective buyers of the company’s stake in the project.

The company expects to meet this group next week.

There has been a lack of progress in Greenland over a sale of its iron ore project however.

“In the absence of a transaction, the company does not intend to mount an active exploration programme in Greenland in the 2014 season,” it said.

The shares closed 10.5% higher on Friday at 0.37p.


Quick facts: Red Rock Resources PLC

Price: 0.405 GBX

AIM:RRR
Market: AIM
Market Cap: £2.82 m
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