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Red Rock and Power Metals joint venture company makes further process with licence applications in Australia

Red Rock and Power Metal both have diverse portfolios of assets around the world

Power Metal Resources -

Power Metal Resources PLC (LON:POW) and Red Rock Resources PLC (LON:RRR) said that Red Rock Australasia Pty Ltd, a company jointly owned by the two firms, has been notified that a further seven of its license applications have been accepted and have been given highest ranking, following the notification in respect of the first three applications received in early July.

Red Rock Australasia will now advertise the seven applications in newspapers with statewide and local circulation, and after a three-week exposure period, the Department of Jobs, Precincts and Regions of the State of Victoria will begin the application assessment process.

"I am pleased to announce further progress from Red Rock Australasia with regard to the licence application progress and notably that a further seven license applications have been formally accepted and given the highest ranking,” said Power Metals chief Paul Johnson in a statement.

“Red Rock Australasia is making great progress in the application process and is investing now in building its technical and managerial team, local to Ballarat, in readiness for an investment in field exploration work when licenses are granted allowing ground operations to commence in earnest.”

In a separate statement, Red Rock’s Andrew Bell added: "We continue to monitor closely the process of grant and are pleased to see steady progress as the authorities tackle the backlog of work that has built up. This second batch comprises the largest part of our applications. One of Red Rock's key principles is the cultivation of good relationships with local stakeholders, and the JV has already put in place a team on the ground that will be actively communicating our plans and activities to those living and working in the license areas."

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Price: 3.001 GBX

Market: AIM
Market Cap: £30.41 m

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