www.rrrplc.com
Red Rock Resources plc is a minerals company focussed on the discovery and development of gold, iron ore and other minerals. The principal operational focus of the Company is gold and base metal exploration in Kenya, gold production in Colombia and early stage iron ore exploration in Greenland. The Company’s iron ore interests are also held through its strategic holding in Jupiter Mines Limited (ASX:JMS) and its royalty interest in an iron ore project. Red Rock adds value to its projects through various strategies and realises value through strategies which can include production, sale, joint venture, retention of royalty and spin offs.
Red Rock Resources reports quarterly update from associate Jupiter Mines
Red Rock Resources (LON:RRR) noted the quarterly report by its 4.11 per cent held associate Jupiter Mines (ASX:JMS), in which the latter updated investors on some of its key projects.
JMS reported that its 49.9 per cent owned Tsipi Borwa manganese project in South Africa remains on track for delivery of first ore in the second half of 2012.
It also announced an updated mineral resource statement for the Mount Mason direct shipping ore hematite project in Australia’s Central Yilgarn region.
It now stands at 5.9 million tonnes in the measured and indicated categories, grading 60.1 per cent iron with a cut-off larger than 55 per cent.
At JMS's Mount Ida magnetite project in the same region, where Red Rock has a 1.5 per cent gross production royalty interest, approximately 90 per cent of the proposed drill holes over the Central Zone have been completed.
On completion of that and a further 60 Reverse Circulation (RC) drill hole programme, JMS will be able to estimate an inferred JORC resource over an additional 4.5 kilometre strike length of banded iron formation (BIF) mineralisation around the Central Zone, JMS added.
Red Rock confirmed last week that it will receive shares in Uranium Energy Corp (NYSE:UEC) worth around £902,000, after UEC announced a deal to acquire Toronto listed junior Cue Resources (CVE:CUE) in an all paper deal valued at nearly £6 million.
Red Rock owns 18.9 billion Cue shares, or 15.71 per cent of the company.
The group also announced last week strong fourth-quarter production figures from its El Limon gold mine in Colombia.
Red Rock is developing its business on a number of fronts focusing in particular on gold and iron ore interests. It has gold assets, including some production, in Colombia and Kenya.
Meanwhile it has an early stage iron ore project in Greenland and some uranium and rare earth interests.
