Red Rock Resources Plc is a mineral exploration company focused on the discovery and development of gold, uranium and other minerals. The Company through its sale of assets to Jupiter Mines Ltd on the ASX, of which it remains a significant shareholder, is also committed to the pursuit through Jupiter of an active 'steel feed' strategy for consolidating large scale interests in iron ore, manganese, and prospectively coal.
Red Rock in pursuit of its goals follows varying strategies, operating through exploration for, and exploiting of, mineral deposits; through the acquisition and disposal of interests in actual or potential mineral deposits or companies holding them in exchange for cash, securities, or royalty and other deferred interests; through buy-in agreements and joint ventures with such companies; and through public offerings of securities in subsidiary or associate companies. Red Rock Resources (AIM: RRR) listed on London’s AIM market in July 2005.
The principal operational focus of the Company in 2011 is its gold assets in Kenya and gold investment in Colombia.
06/02/12
Proposed Partial Sale of Royalty Interest02/02/12
Scoping Study02/02/12
Red Rock Acquires Option In Kansai Mining02/02/12
Resource Star Limited - Rights Issue31/01/12
Total Voting Rights
10/08/11
Red Rock’s Andrew Bell says he’s relaxed about progress in Colombia with incremental improvements starting to feed through at the El Limon gold mine. Here we speak to Bell about the group’s attempts to ramp up production in Colombia, and examine the group’s broader portfolio of gold and steel feed projects around the world.
15/06/11
Red Rock Resources chairman Andrew Bell is guarding against jumping the gun with the company’s Macalder tailings project in Kenya despite criticism from some shareholders that he has downplayed its prospects
27/12/10
Andrew Bell is chairman of Red Rock Resources and Regency Mines. Here we give Bell a grilling about the year just gone and the outlook for both companies as we head into 2011.
19/11/10
Red Rock has added another producing gold asset to its portfolio with an indirect investment in Ascot Mining’s Chassoul gold mine in Costa Rica. Ascot can now take full control of the recently expanded mine and it intends to join the AIM market as soon as possible.
05/08/10
Red Rock Resources chairman Andrew Bell tells Proactive Investors why the market has got its sums wrong and reveals the company’s Colombian gold mine could start producing in less than three months.
06/02/12
Red Rock Resources set for US$14 mln windfall02/02/12
Red Rock Resources commits to RSL rights issue02/02/12
Red Rock Resources shares up as it reveals positive scoping study for Macalder tailings project02/02/12
Red Rock Resources acquires option in Kansai Mining30/01/12
Red Rock Resources reports quarterly update from associate Jupiter Mines
24/01/2012
08/07/2011
20/09/2010
28/07/2010
Gold interests:
KENYA
In late 2009, Red Rock announced the conditional acquisition from Kansai Mining Corporation Limited (“KMC”) of a 60% interest in the 68 km Migori greenstone belt in South West Kenya. The Mid Migori Property is approximatly 300 sq km and is located 30 km north of the operating North Mara goldmine in Tanzania. The Migori belt is an Archaean greenstone belt, relatively lightly explored over the greater part of its length, but with historic gold and base metal production including the Macalder VMS copper-zinc-gold mine. The tenements have a 43-101 Indicated Resource of 1.172 m oz gold.
Red Rock has conducted percussion drilling on the Macalder tailings and RC drilling on several locations across the licence in order to consolidate the existing resource estimate and investigate the previously underexplored areas at the eastern end of the licence. A programme of trenching of several areas of recognized potential has been carried out. Digitisation and compilation of all old data is being carried out, and an airborne geophysics programme is planned.
Some of the exploration has been with the aim of exploring Banded Iron Formation (BIF) targets. Surface exposures of BIF are indicators of possible gold endowment at depth and a UN-drilled hole in 1985 in the Migori greenstone confirm this gold associated BIF model.
Red Rock also has options over adjacent properties at Ngira-Migori, and has acquired rights over 35% of KMC.
Red Rock owns 50.5% of Colombian gold miner Mineras Four Points SA (“MFP”) and retains an option over a further 1%. Red Rock initially lent $2m to, and entered into a consultancy agreement with MFP. The loan and consultancy agreement have a 3 year life.
MFP owns and has rightsover two gold mines in Antioquia, El Limon and El Mango (La Aurora). El Limon has a history of high grade production and is over 350m deep covering 7 levels. El Mango has recently started producing ore for production at the El Limon plant. A recently completed refurbishment of the 150t/day plant at El Limon has seen the start of operations, and production building up towards rated capacity.
Iron Ore & Manganese
IRON ORE (Fe)
The company’s iron ore projects in WA include two known large high-grade occurrences of Banded Iron Formation (BIF) in hills at Mt Ida, including a haematite lens returning 66.64% iron and 0.05% phosphorus in surface sampling. A joint venture and option agreement covering Mt Ida and Mt Hope and are now held through Jupiter Mines Ltd.
Australia
Mt Alfred is located in the central Yilgarn district of Western Australia and collectively cover an area of 471 sq km. This area contains large, high-grade occurrences of Banded Iron Formation (BIF) with one hematite lens returning 66.64% iron and 0.05% phosphorus from surface sampling.
Tasmania
Savage River North and Arthur River tenements are located in NW Tasmania and cover an area of 148 sq km. Strike continuations from the Savage River mine contain potential for banded magnetite lenses.
MANGANESE (Mn)
Over 90% of Manganese production goes into the manufacturing of steel, and in this application there is no known substitute for Manganese. High, or metallurgical, grade Manganese substantially comes from three areas currently: Australia, now the number 1 producer, South Africa, and Gabon. Manganese demand is therefore directly influenced by the industrial revolution affecting China and India, some 40% of the world’s population, and the growing demand for steel it has caused. India, a large producer of iron ore, does not enjoy the same position in metallurgical grade Manganese. The Manganese price, currently upto $12.00 per unit (so c. $600 fob for 50% Manganese), is expected to remain relatively stable while demand will increase.
The company’s extensive tenements at Oakover are north and north west of the Consolidated Minerals mine at Woodie Woodie, now one of the major world producers of metallurgical grade manganese, in what is currently the major emerging province for incremental production. They surround that company’s Ripon Hills manganese discoveries and adjacent areas. Limited test work on the licenses has encountered manganese grades generally in excess of 25% and sometimes exceeding 50%. The company is the major tenement owner in the area after Consolidated Minerals.
The first phase of the company’s exploration programme at Chiwefwe in Zambia has established an Indicated Resource of 2.36 m tons of high grade Manganese at c.46%+ grade on a 550 m strike length with a further 6 km of strike extension showing continuous mineralization. Further exploration and drilling are under way to bring further resources to Measured and Indicated status and test depth of mineralization.
The company’s aspiration is to become a significant producer in world terms in both the short and the long term and from more than one location.
Zambia
A permit is held in the Chiwefwe area in central Zambia. The license contains manganese, and Red Rock has been frustrated in its attempts to develop the area by persistent interference with its license and its rights. The company obtained an injunction against illegal occupants of its land, and is now pursuing the matter of attempted falsification of records. There can be no doubt of the company's rights and Red Rock will patiently pursue matters to a conclusion.
Australia
Oakover, Western Australia (WA):- Four tenements are held in the East Pilbara manganese province covering 695 sq km. Limited test work has encountered manganese grades generally in excess of 25% and sometimes exceeding 50%.
Uranium & Rare Earths
Uranium represents the only major long-term energy source that can replace or compete with fossil fuels and that can enable industrialized countries to meet their Kyoto obligations. The long term prospects for uranium are strong, and there is a need for a greater geographical diversity of source. Increased demand in the last five years has been met by increased production from Kazakhstan, but the pace of this increase is not expected to be sustained, and from 2011 Red Rock expects better supply-demand fundamentals.
Rare Earth Elements (REE) are in increasing demand in various technology applications, including magnets, screens, batteries, energy-saving light bulbs, and wind turbines. Demand for heavy rare earths (HREE) such as terbium and dysprosium is particularly strong.
In August 2007 Red Rock signed a deal with Resource Star Ltd (ASX: RSL). In return for transferring all the Red Rock Uranium licences in the Northern Territory of Australia and Malawi to RSL, Red Rock received 24% of RSL's issued share capital and appointed two directors to the board. Red Rock currently holds 26.3% of RSL, following a relisting and fundraising in early 2010.
RSL's significant ground position dominating the Chilwa Alkaline Province in Malawi, the Machinga license, has proved to have strong niobium and rare earths over at least 7 km of strike, with exceptionally high HREE and dysprosium. Globe Metals & Mining Ltd, a specialist niobium and rare earth company, has farmed in to Machinga and can earn up to 80% by completing a bankable feasibility study. RSL has farmed into up to 80% of Globe's Livingstonia roll-front uranium project in the Karoo sandstones of northern Malawi and expects to produce an Inferred Resource in the first half of 2010.
Red Rock additionally owns 15.8% of Cue Resources Ltd, which owns the Yuty roll front uranium project in Paraguay which has an Indicated and Inferred Resource of 9.5 m lbs of uranium.
Andrew Bell, MA, LLB, FGS, Chairman
Andrew Bell began his career as a natural resources analyst at Morgan Grenfell & Co. in the 1970s. His business experience encompasses periods in fund management and advisory work at leading financial institutions, international corporate finance work, and private equity. Andrew Bell’s listed company directorships are Regency Mines Plc (Chairman), Greatland Gold Plc (Chairman), Jupiter Mines Ltd (Director) and Resource Star Ltd (Chairman).
Manoli Yannaghas, BA, Director
Manoli Yannaghas is a former financial analyst working with international financial consultancy. Experienced with small companies including operations and corporate finance, for the past ten years he has worked in various operational capacities within small and medium sized businesses. Manoli has experience with team building and management, fund raising as well as other areas of corporate finance. He currently sits as Non-executive Director on a number of small fast growth companies. He is a former Director of ASX-Listed Resource Star Ltd.
Michael Nott, BSc, MSc, DIC, FIMMM, FMES, FIQ, C. Eng., Non-executive Director
Mike Nott, aged 62, a geologist and mining engineer by profession, has 35 years relevant experience in the mining, minerals and quarrying industries. His management and executive experience covering exploration, underground mining, surface operations, environmental studies, permitting, strategic planning and operational and commercial management in significant mineral industry operations and international consulting. His early career was based in Zambia including 9 years with Roan Consolidated Mines Ltd. He was a Regional Manager for Pioneer Aggregates (UK) Ltd then an Australian Company and later a Director of Jay Minerals Services Ltd, Hills Aggregates Ltd, becoming Trading Director of ARC (Southern) Ltd and Production Director of C White Ltd. He is currently Chairman and Managing Director of Alba Mineral Resources plc (AIM) and a director and CEO of Magyar Mining Ltd.
John Watkins, FCA, Non-executive Director
John Watkins is a chartered accountant and a former partner of Ernst & Young and Neville Russell. He is a director of Starvest plc, a substantial shareholder of Regency Mines Plc, the Company’s controlling shareholder. In addition, he is a director of Regency Mines Plc and Greatland Gold Plc. All of Starvest Plc, Regency Mines Plc and Greatland Gold Plc are listed on AIM. He is Chairman of Equity Resources Plc, a shareholder of Red Rock Resources Plc, a company listed on PLUS Markets.
James Ladner, lic. oec. HSG, Non-executive Director
James Ladner, a Swiss citizen and a graduate of the University of St Gallen in economics and business administration, has over forty years experience in the finance industry. After 28 years at Coutts Bank (Switzerland) Ltd, where he was an Executive Vice-President, he was for 9 years Chairman of Bank Austria (Switzerland) Ltd. He has also served as a director of Royal Bank of Scotland AG, Interallianz Bank AG, Asahi Bank AG, F. Van Lanschot Bankiers (Switzerland) Ltd, Atlantic Finanz AG, Immofonds, Verit Immobilien, and Ahold Finance Group. He was a Member of the Swiss Admissions Commission for listing on the Swiss Stock Exchanges, and of the Swiss Capital Market Commission of the Swiss National Bank. Outside Switzerland, he has served as director of a number of companies, including StrataGold Corporation, Pan Pacific Aggregates plc, Colombia Gold plc, and Nevoro Inc. He is currently a director of Oracle Energy Corp., Colt Resources Inc, Royal Coal Corp., and Ardent Mines Inc.
Nomad: Religare Capital Markets Ltd
Solicitor: Ronaldsons Solicitors
Broker: Simple Investments
Transfer Agent: Share Registrars Ltd
Registered Office:
3/F, 55 Gower Street
London
WC1E 6HQ
Business Address:
115 Eastbourne Mews
London W2 6LQ
Telephone: +44 20 70995840
Website: http://www.rrrplc.com
Significant Shareholders:
Regency Mines Plc 20.96%
TD Waterhouse Nominees (Europe) Ltd 9.39%
Barclayshare Nominees Ltd 9.01%
HSDL Nominees Ltd 8.19%
L R Nominees Ltd 5.06%
James Capel Nominees Ltd 3.72%
Public 42.63%
CLICK HERE for further investor information
(Updated 1st June 2011)
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