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Proactiveinvestors United Kingdom Red Rock Resources http://www.proactiveinvestors.co.uk Proactiveinvestors United Kingdom Red Rock Resources RSS feed en Thu, 24 May 2012 00:11:23 +0100 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[News - Red Rock to start mobilising Greenland project this month ]]> http://www.proactiveinvestors.co.uk/companies/news/43030/red-rock-to-start-mobilising-greenland-project-this-month-43030.html Miner Red Rock Resources (LON:RRR) is to start mobilising for its iron ore exploration project in north-west Greenland as the area moves into its period of twenty-four hour sunshine.

The project is aiming to define a JORC-compliant mineral resource estimate for one or more of the Melville Bugt iron ore target areas by gathering up to between five and six thousand metres of diamond drill core.

It will also continue the detailed reconnaissance mapping it started during its maiden field season last year.

“The promising mapping, assay and geophysical survey results obtained by Red Rock Resources at Melville Bugt during 2011 indicate the potential for economic quantities of both magnetite and haematite iron ore mineralisation,” it said.

The field season will run from late May until early October with drilling expected to proceed from early June and end in September.

Twenty-four hour daylight begins in late April but sea ice limits boat access until June, so Red Rock will initially set up an air-mobilised base camp, with two heli-portable diamond drill rigs for exploration drilling.

Once the sea ice subsides in late June, it will be able to carry over a larger drill rig by charter vessel to commence a larger-scale drill programme.

It said is funding the 2012 Greenland exploration programme with resources received from the royalty sale transaction with Anglo Pacific, as well as from other liquid assets and facilities. 

Red Rock, which also has a Colombian gold-producing mine and a Kenyan gold and copper project, has an earn-in agreement with North Atlantic Mining Associates (NAMA) under which it has already earned 25 per cent in Melville Bugt.

It has the right to increase this percentage by 60 per cent by funding 2012 exploration and declaring a JORC or NI 43-101 resource.

The share price rose 11 per cent to 1.94 pence.


 

 

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Fri, 18 May 2012 15:33:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/43030/red-rock-to-start-mobilising-greenland-project-this-month-43030.html
<![CDATA[RNS press release - Update on Greenland ]]> http://www.proactiveinvestors.co.uk/companies/rns/120518rrr6812d/ Fri, 18 May 2012 14:48:00 +0100 http://www.proactiveinvestors.co.uk/companies/rns/120518rrr6812d/ <![CDATA[RNS press release - Second Price Monitoring Extn ]]> http://www.proactiveinvestors.co.uk/companies/rns/120517rrr6111d/ Thu, 17 May 2012 16:41:00 +0100 http://www.proactiveinvestors.co.uk/companies/rns/120517rrr6111d/ <![CDATA[RNS press release - Price Monitoring Extension ]]> http://www.proactiveinvestors.co.uk/companies/rns/120517rrr6101d/ Thu, 17 May 2012 16:36:00 +0100 http://www.proactiveinvestors.co.uk/companies/rns/120517rrr6101d/ <![CDATA[News - Red Rock Resources associate Resource Star takes full control of Livingstonia uranium project ]]> http://www.proactiveinvestors.co.uk/companies/news/42822/red-rock-resources-associate-resource-star-takes-full-control-of-livingstonia-uranium-project-42822.html Red Rock Resources (LON:RRR) announced that its 40.32 percent owned associate Resource Star (ASX:RSL) is taking full control of the Livingstonia uranium project in Malawi.

RSL has agreed to buy an 80 percent stake in Livingstonia from Globe Metals and Mining in addition to the 20 percent interest it already owns.

Globe will at the same time buy the remaining 80 percent of the Machinga niobium-rare earth project from RSL and the two companies will grant each other a gross revenue royalty interest of 0.7 percent for Machinga and one percent for Livingstonia.

There is no cash component to the deal and the difference in the royalty rates is due to the different levels of advancement of each project.

Livingstonia currently has an inferred mineral resource – which is compliant with the JORC standard – of 8.3 million tonnes grading 325 parts per million of uranium containing six million pounds.

The agreement with Globe Metals will enable RSL to concentrate on a uranium property with scope for resource expansion that it believes is an “attractive asset”, said Red Rock.

"We believe this restructure is in the best interest of our shareholders as it strengthens our focus on our key project in Livingstonia, where there is great potential for future growth,” said managing director of RSL Simon Heggen.

“We are currently planning the next round of drilling at Livingstonia and our exploration manager has recently returned from Malawi, following meetings with contractors, suppliers and Malawian government officials, in order to map out the program.”

RSL will outline these plans to shareholders once they are finalised.

According to RSL, the project has a very prospective exploration ground and the deal gives RSL flexibility in determining the work programme and the timing of expenditures in a “challenging capital markets environment”.

The company added that the deal is a very low absolute cost acquisition.

Back in March, Red Rock increased its stake in RSL from 24.57 percent after participating in a rights issue, which saw the company raise A$838,563.

Early in the year, Red Rock agreed to sell its interest in Paraguay operating uranium company Cue Resources to US-based Uranium Energy Corp, saying part of the proceeds would be invested in RSL.

“This will create a stronger company able to explore its portfolio of assets and potentially to look at other opportunities within the mining sector,” Red Rock said at the time of the announcement.

“In addition, the refinancing of RSL may itself improve sentiment towards the company and, in potentially increasing its shareholding in RSL at a historically low price Red Rock expects to make a profit.”

 

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Tue, 15 May 2012 11:01:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/42822/red-rock-resources-associate-resource-star-takes-full-control-of-livingstonia-uranium-project-42822.html
<![CDATA[RNS press release - Update on Resource Star Limited ]]> http://www.proactiveinvestors.co.uk/companies/rns/120515rrr3571d/ Tue, 15 May 2012 10:32:00 +0100 http://www.proactiveinvestors.co.uk/companies/rns/120515rrr3571d/ <![CDATA[News - Red Rock Resources completes Mt Ida royalty stake sale ]]> http://www.proactiveinvestors.co.uk/companies/news/42253/red-rock-resources-completes-mt-ida-royalty-stake-sale--42253.html Red Rock Resources (LON:RRR) has completed the deal announced in February to sell half of its 1.5 per cent production royalty over the Mt Ida iron ore prospect to Anglo Pacific Group (LON:APF, TSE:APY).

Mt Ida is a 530 million tonne iron ore project in Western Australia.

Red Rock will receive US$14 million in total from the deal.

Jupiter Mines is developing the mine and it is currently completing a feasibility study for a 10 million tonne a year mining operation. The pivotal study is due by the end of this year.

Red Rock will receive the money in three instalments from Anglo Pacific in either cash or shares.

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Wed, 02 May 2012 08:14:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/42253/red-rock-resources-completes-mt-ida-royalty-stake-sale--42253.html
<![CDATA[RNS press release - Completion of Partial Sale of Royalty Interest ]]> http://www.proactiveinvestors.co.uk/companies/rns/120502rrr5511c/ Wed, 02 May 2012 07:00:00 +0100 http://www.proactiveinvestors.co.uk/companies/rns/120502rrr5511c/ <![CDATA[RNS press release - Total Voting Rights ]]> http://www.proactiveinvestors.co.uk/companies/rns/120430rrr2758c/ Mon, 30 Apr 2012 07:00:00 +0100 http://www.proactiveinvestors.co.uk/companies/rns/120430rrr2758c/ <![CDATA[News - Red Rock Resources shares advance on high grade gold results in Kenya ]]> http://www.proactiveinvestors.co.uk/companies/news/42029/red-rock-resources-shares-advance-on-high-grade-gold-results-in-kenya--42029.html Red Rock Resources (LON:RRR) shares gained around 10 per cent this morning as a gold drilling report from Kenya buoyed investors.

The infill drilling results from the Nyanza prospect, revealed in an after-hours statement yesterday, show the group’s progress towards the completion of a resource estimate for the Mikei gold project.

Nyanza is one of five linked deposits within Mikei. The latest drill results include high grade intervals, reaching 43.3 grams per tonne (g/t) gold.

The best results from 3 holes included 2 metres grading 14.7 g/t. As well as 2.6 metres at 32.9 g/t gold and includes a one metre interval of 43.3 g/t. The third hole cut 31 metres at 3.91 g/t and included two higher grade assays - 1.5 metres at 27.7 g/t and 7 metres at 9.8 g/t.

Nearly 11,000 metres of drilling has been carried out by Red Rock at Nyanza to date.

The Nyanza area was mined back in the 1960s with an estimated 126,000 tonnes being mined at a grade of 23 grams per tonne. 

And the whole Mikei project was estimated, by a previous operator, in 2006 to contain 1.17 million ounces of gold. However Red Rock says that estimate used limited structural control and there were concerns about certain aspects of the estimate.

Its current operation is focused on the preparation of a new resource estimate for Mikei, by assessing each deposit sequentially.  

It said that this will be done to JORC standards. It plans to integrate recent drill data from the other four deposits with the historic information.

“The aim of Red Rock's infill drill programme throughout has been to validate the existing information with additional high quality data, and to provide a robust geological interpretation to target extensions and high grade material,” the company said.

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Fri, 27 Apr 2012 09:07:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/42029/red-rock-resources-shares-advance-on-high-grade-gold-results-in-kenya--42029.html
<![CDATA[RNS press release - Drilling update - Nyanza Prospect ]]> http://www.proactiveinvestors.co.uk/companies/rns/120426rrr1781c/ Thu, 26 Apr 2012 16:34:00 +0100 http://www.proactiveinvestors.co.uk/companies/rns/120426rrr1781c/ <![CDATA[News - Red Rock appoints lawyer to help sort out Migori ownership ]]> http://www.proactiveinvestors.co.uk/companies/news/41738/red-rock-appoints-lawyer-to-help-sort-out-migori-ownership-41738.html  

Red Rock Resources (LON:RRR) has appointed law firm Ariel Partners to help it simplify the ownership structure of the Migori gold prospect in Kenya.

Red Rock has a direct 15 per cent direct stake in Mid Migori Mining, the Kenyan firm that owns Migori.

The remainder of Mid Migori is owned by Canadian company Kansai. In February, Red Rock acquired options that will give it up to a 37.96 per cent stake in Kansai. 

Red Rock also said it has the right to farm in to a majority position in Mid Migori Mining by performing exploration work and is manager of the Migori project with certain additional rights.

Ariel has been taken on by Red Rock for an initial four months. Kansai has also agreed to deal exclusively with the law firm for three months on issues relating to the Migori project and assets.

Andrew Bell, Red Rock’s chairman, said: "The attribution of a proper value to the Kenyan assets is unlikely until there is a simplification in the holding structure and a unification of the various interests. 

This is what we have for some time sought, and we have every confidence in the capacity of Ariel, whose principal and consultants we have long known, to structure and carry though a transaction".

The Migori Project has a NI 43-101-compliant Indicated Mineral Resource of 1.172m oz of gold. 

Part of the project, the KKM area, has a more recent 2011 JORC-compliant Indicated and Inferred Mineral Resource Estimate of 0.577m oz of gold.

In addition, the Macalder tailings have a 2011 JORC Measured Resource of 68,000 oz of gold.

 

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Fri, 20 Apr 2012 09:31:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/41738/red-rock-appoints-lawyer-to-help-sort-out-migori-ownership-41738.html
<![CDATA[RNS press release - Agreement with Ariel Partners LLP ]]> http://www.proactiveinvestors.co.uk/companies/rns/120419rrr7178b/ Thu, 19 Apr 2012 17:46:00 +0100 http://www.proactiveinvestors.co.uk/companies/rns/120419rrr7178b/ <![CDATA[RNS press release - Share Incentive Plan, Directors Dealing ]]> http://www.proactiveinvestors.co.uk/companies/rns/120416rrr4376b/ Mon, 16 Apr 2012 17:09:00 +0100 http://www.proactiveinvestors.co.uk/companies/rns/120416rrr4376b/ <![CDATA[News - Red Rock Resources sees Colombian production increase in first quarter ]]> http://www.proactiveinvestors.co.uk/companies/news/41398/red-rock-resources-sees-colombian-production-increase-in-first-quarter-41398.html  

Red Rock Resources (LON:RRR) said infrastructure improvements at its Colombian operations have resulted in higher production at both the mine and plant in the first quarter.

In the first three months of the year, the company mined 6,110 tonnes of ore and processed 5,658 tonnes, up 13 per cent and 12 per cent respectively compared with the final quarter of 2011, while grades jumped 23 per cent to 10.7 grammes per tonne (g/t).

However, gold sales declined 19 per cent to 1,149 ounces from the previous quarter due to a decline in recovery rates at the plant.

Red Rock noted that monthly sales have picked up from a low of 312 ounces in January to 398 ounces and 439 ounces in February and March respectively as the company addressed “some processing issues” and recovery rates improved.

The company simultaneously announced the appointment of Peter Bolt as chief operating officer (COO) of the Colombian mining operations.

Bolt, who has been in charge of two operating mines in Colombia over the past six years, will be responsible for all operations at the mine.

“We welcome the opportunity to work with Peter Bolt, who has previous experience with the El Limon mine and whose judgement and depth of knowledge greatly strengthens our team in Colombia,” said chairman of Red Rock Andrew Bell.

Only yesterday, Red Rock reported significant initial drill results from the Migori gold project in Kenya. Laboratory analysis showed that new gold prospects had been defined, with five samples from three areas encountering more than 1 g/t gold.

Red Rock says that further analysis is being carried out and it intends to produce a report detailing results and potential targets, along with plans for follow-up exploration work.

 

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Thu, 12 Apr 2012 11:39:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/41398/red-rock-resources-sees-colombian-production-increase-in-first-quarter-41398.html
<![CDATA[RNS press release - Colombia - Quarterly Update ]]> http://www.proactiveinvestors.co.uk/companies/rns/120412rrr2146b/ Thu, 12 Apr 2012 10:47:00 +0100 http://www.proactiveinvestors.co.uk/companies/rns/120412rrr2146b/ <![CDATA[News - Red Rock Resources shares rise on Migori gold exploration results ]]> http://www.proactiveinvestors.co.uk/companies/news/41344/red-rock-resources-shares-rise-on-migori-gold-exploration-results-41344.html Shares in Red Rock Resources (LON:RRR) advanced around 5 per cent today as it revealed significant initial drill results from the Migori gold project in Kenya.

The AIM-quoted firm completed a 8,500 metre aircore drill programme last year.

Laboratory analysis released today shows that new gold prospects have been defined, with five samples from three areas encountering more than 1 gram per tonne gold.

This initial process was effectively an untargeted regional sampling programme. And the findings included a coherent anomalous zone with greater than 0.1 g/t gold. This zone is 0.5 kilometres wide and it has a 1.5 kilometre strike length.

Separately, results from a further seven samples across four areas exceed 0.25g/t Au.

"Initial analysis of the data has already picked out promising targets in areas where highly anomalous results were returned,” said chairman Andrew Bell.

“We expect that continuing interpretation will identify further targets.

“The objective of this regional program has been to prioritise targets for future exploration in order to increase the gold resource base of the company."

Red Rock says that further analysis is being carried out and it intends to produce a report detailing results and potential targets, along with plans for follow-up exploration work.

 

 

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Wed, 11 Apr 2012 12:06:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/41344/red-rock-resources-shares-rise-on-migori-gold-exploration-results-41344.html
<![CDATA[RNS press release - Aircore drilling ]]> http://www.proactiveinvestors.co.uk/companies/rns/120411rrr1185b/ Wed, 11 Apr 2012 11:14:00 +0100 http://www.proactiveinvestors.co.uk/companies/rns/120411rrr1185b/ <![CDATA[News - Red Rock Resources expects Mt Ida royalty stake sale to complete this month ]]> http://www.proactiveinvestors.co.uk/companies/news/41270/red-rock-resources-expects-mt-ida-royalty-stake-sale-to-complete-this-month-41270.html Red Rock Resources (LON:RRR) said the deal announced in February to sell half of its 1.5 per cent production royalty over the Mt Ida iron ore prospect is expected to complete during April.

Mt Ida is a 530 million tonne iron ore project in Western Australia.

Red Rock had told investors it was set for a US$14 million boost after it agreed to sell half of its royalty over Mt Ida iron to Anglo Pacific Group (LON:APF, TSE:APY).

Jupiter Mines is developing the mine and it is currently completing a feasibility study for a 10 million tonne a year mining operation. The pivotal study is due by the end of this year.

Red Rock will receive the money in three installments from Anglo Pacific in either cash or shares.

Subsequently, Anglo Pacific will own 1.5 per cent of the mine’s gross revenue iron ore royalty.

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Tue, 10 Apr 2012 08:23:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/41270/red-rock-resources-expects-mt-ida-royalty-stake-sale-to-complete-this-month-41270.html
<![CDATA[RNS press release - Partial Sale of Royalty Interest ]]> http://www.proactiveinvestors.co.uk/companies/rns/120410rrr9790a/ Tue, 10 Apr 2012 07:00:00 +0100 http://www.proactiveinvestors.co.uk/companies/rns/120410rrr9790a/