Red Rock Resources PLC (LON:RRR), the natural resource development company with interests in gold, manganese and minerals, is continuing to work on progressing its existing interests in the Democratic Republic of Congo, and reviewing new opportunities.
In a statement, released after the market close on Tuesday, the company – which on 25 February 2020 announced that a new phase of exploration was to begin on the 80%-owned Luanshimba license in the country – said planning discussions have been held with its geological advisors to ensure the most cost-effective programme, and quotes for some of the geophysical work are awaited.
In relation to the company's other concession interests, held in a 50.1% owned joint venture, it added that discussions have been held in recent weeks with each of the partners to co-ordinate work going forward, and reports are being compiled on the periods to date for submission to Gécamines.
Red Rock’s chairman Andrew Bell commented: "We continue to work on progressing our existing interests in the Democratic Republic of Congo, at the same time building our network and reviewing new opportunities. We look forward to announcing further developments over the coming weeks."
Red Rock also said that, further to its announcement of 27 June 2019, the final $100,000 of payments to vendors has now been made, of $50,000 in cash in December and the subsequent issue of 6,000,000 new ordinary shares in the company today at a price of 0.6 pence each.
It noted that the shares in the company held by the vendors are subject to a hold period ending 3 June 2020.