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08/07/2011

Red Rock Resources Chairman says fundamentals in no way justify the drop in share price

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Additional Information
Market: AIM
Sector: General Mining - Gold
EPIC: RRR
Latest Price: 1.93p  (-17.52% Descending)
52-week High: 9.25p
52-week Low: 1.75p
Market Cap: 17.06M
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Red Rock Resources
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.

Full Red Rock Resources profile here
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Red Rock Resources commits to RSL rights issue

2nd Feb 2012, 3:42 pm by Giles Gwinnett RSL is offering existing shareholders one new share at a price of 2 Australian cents

Red Rock Resources (LON:RRR) is set to increase its stake in 24.57 per cent owned associate firm Resource Star Limited (ASX:RSL) at a 'historically low' price.

The Australia-based firm is carrying out a rights issue to raise gross proceeds of around A$1.14 million.

RSL is offering existing shareholders one new share at a price of 2 Australian cents.

Red Rock said it will participate fully and in addition underwrite up to A$500,000 of the rights issue for a fee of 2.5 per cent of any underwriting called upon.

The rights issue will close, unless extended, on March 6 this year.

RSL is mainly focused on uranium and specialty metals exploration assets in Malawi, the Northern Territory in Australia, and Western Australia.

As announced at the end of last month, Red Rock has agreed to dispose of its interest in Cue Resources, which has uranium interests in Paraguay, to US-based Uranium Energy Corp.

As part of the rationalisation of its uranium investment interests, where negative sentiment towards the uranium sector was inhibiting the actions of both Cue and RSL, Red Rock expects to re-invest a proportion of the proceeds of the disposal of Cue into RSL, it said today.

"This will create a stronger company able to explore its portfolio of assets and potentially to look at other opportunities within the mining sector. 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," it said.

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