Last 0.31 GBp
Change Today 0.00 / 0.00%
Volume 1.7M
As of 11:35 AM 07/26/13 All times are local (Market data is delayed by at least 15 minutes).

red rock resources plc (RRR) Snapshot

Open
0.31 GBp
Previous Close
0.31 GBp
Day High
0.31 GBp
Day Low
0.31 GBp
52 Week High
08/6/12 - 2.10 GBp
52 Week Low
07/24/13 - 0.31 GBp
Market Cap
3.8M
Average Volume 10 Days
1.5M
EPS TTM
-0.01 GBp
Shares Outstanding
1.2B
EX-Date
--
P/E TM
--
Dividend
--
Dividend Yield
--
RRR:LN Advanced Stock Chart

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red rock resources plc (RRR) Key Developments

Red Rock Resources plc Appoints Manoli Yannagas as Non-Executive Director

Red Rock Resources plc announced that Manoli Yannagas, who is currently an executive director has, assumed the position of a non-executive director.

Red Rock Resources plc Announces the Results of Pit Optimisation Study on Migori Gold Project

Red Rock Resources plc announced the results of a pit optimisation study on its Migori Gold Project, in which it has a combined direct and indirect investment of approximately 47%. The pit optimisation work has been undertaken by SRK Consulting (UK) Limited. Optimization results include: conceptual results from pit optimisation study completed on the Mikei Gold Project supports on-going development to Scoping Study stage; Nyanza prospect followed by the MK prospect show the best potential as starter pits due to lower metal price sensitivity and favourable conversion from mineral resources to diluted pit shell metal inventories (NZ 77%); 6.5 Mt diluted mineral inventory at 2.0 g/t Au for 419 koz Au at a stripping ratio of 4.3 (twaste:tore) contained within a 1,300 $/oz pit shell, representative of the potential open pit mining inventory; identification of potential high grade starter pits at the NZ and MK prospects with a combined diluted mineral inventory of 1.8 Mt at 3.9 g/t Au for 221 koz Au and relatively low optimised pit shell Cash Cost of 476 $/oz Au; 11.4 Mt undiluted mineral inventory at 1.9 g/t Au for 689 koz Au contained within a 1,700 $/oz pit shell, representative of the Mineral Resources limited by open pit potential; and the results of the pit optimisation will be used to guide further resource development including drilling, metallurgy and a more detailed scoping level study ahead of feasibility.

Red Rock Resources plc Announces Update on Operations and Developments

Red Rock Resources plc announces an update on operations and developments. Kenya: The area in which the company's licenses are situated was a focus of communal strife at the last, closely fought, Presidential Election in 2007. The Presidential Election fought this year was also close, but it is pleasing to record that there was a universal desire to avoid the breakdown in order seen in 2007 and the only challenge to the results was through the courts. The business of the new Administration will include passage of a new draft Mining Bill. Much is therefore undergoing change in Kenya, and the company and its partners are working closely with the new Kenyan government and other stakeholders to play its part. A draft of the pit optimisation study the company commissioned following the definition of new Mineral Resources in 2012 has just been received and is under review by Red Rock, following which a further detailed announcement will be made. The pit optimisation is a necessary preliminary to the feasibility studies Red Rock intends to carry out. In Kenya, as in all its operations, Red Rock has been carrying out a continuous review of costs and is progressively reducing its cost level. Offer for 51% interest in Nama Greenland Limited. Further to the company's on 28 November 2012, 8 February 2013 and in the Interim Report on 28 March 2013, in relation to an offer by a third party for a 51% interest in NGL, the company has been advised that the delays are occasioned by a key investor having held significant cash balances in Cyprus but that the intention to proceed with the Offer remains. The parties are working actively to progress the transaction towards the earliest possible completion. As previously stated, there can be no certainty the Offer will complete. A work programme has been submitted to the authorities in Greenland, but the extent to which this programme is able to be implemented will depend on the timing of receipt of funding from the prospective joint venture partners. Without timely receipt of such funding, the Company might not be able to do more in Greenland this year than conduct essential maintenance activities. Colombia: Production of gold at the El Limon mine in Colombia continues from levels seven and eight. Performance remains satisfactory, and cost saving measures at the mine and in head office have improved margins, absorbing the effect of a lower gold price. Mine development work on both levels is being carried out, and the ability to control grade and production is increasing as a result. The sale process with Ashmont continues although delays have been experienced. As a result of these delays the company has opened the window to a second potential buyer who is about to start conducting due diligence. Jupiter Mines: The company's significant investment in Jupiter Mines Ltd. has shown poor price performance despite bringing a major manganese mine into production and having strong cash holdings. That Jupiter is trading so far below what Red Rock believes to be its true value, although not an uncommon predicament in the current market, is a matter of considerable concern and a company representative will be in Perth, WA next week to address this matter with Jupiter colleagues.


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