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Red Rock Resources - Update

RNS Number : 0689A
Red Rock Resources plc
25 September 2020
 

Red Rock Resources PLC

("Red Rock" or the "Company")

Update  

 

25 September 2020

Red Rock Resources Plc, the natural resource development company with interests in gold, manganese and minerals, announces an update in relation to its investments in Jupiter Mines Ltd (ASX:JMS)("Jupiter") and Red Rock Australasia Pty Ltd.

Jupiter Mines Ltd

Jupiter has announced its results for the second quarter of its financial year ending 31 August 2020, a full copy of which may be found at Jupiter's website, www.jupitermines.com

HIGHLIGHTS

·    Mining at the Tshipi open-cast manganese mine in the South Kalahari Basin behind plan, however production and exports remain on track

·    Tshipi declares HY FY2021 dividend of ZAR330 million

·    Jupiter's attributable cash balance is $76 million at end of the quarter

·    Average CIF price achieved per DMTU (dry metric ton unit)(high grade lumpy) $4.67 in Q2 compared with $4.21 in Q1

·    Jupiter's marketing entity's income $2.1m in Q2 compared with $1.2m in Q1

A conference call was held following announcement of the results, a recording of which is available on the Jupiter website.

Red Rock has a holding in Jupiter Mines valued currently at approximately AUD 4.0m (£2.21m).

Red Rock Australasia Pty Ltd

Red Rock Australasia Pty Ltd, the 50.1% Australian joint venture with applications for twelve exploration licenses in the Central Victoria Gold Fields, has appointed David Holden, BSc, MBA, MEM, as Exploration Manager.

David Holden after experience in underground and surface gold mining in Australia and Africa, and technical advisory work for the New Zealand Government, has had a career focus on project generation and regional exploration, and has been involved in the initial discoveries at Nimary/Jundee, Brocks Creek, Mt Todd (Australia), Ngaka Coal Field (Tanzania), and Big Sandy lithium (USA).

His public company directorships include Prosperity Resources Ltd (ASX), IGC Resources Inc (TSX)(President/CEO), Avonlea Minerals Ltd (ASX), Atomic Resources Ltd (ASX)(Managing Director), and Firestrike Resources Ltd (ASX)(Managing Director).

After taking early retirement to Durham Lead outside Ballarat in 2018, Mr Holden reconnected with hands on geology as a mine geologist at Liongold's Ballarat gold mine.

Red Rock Chairman Andrew Bell comments: "We and our partners in the Red Rock Australasia joint venture are pleased to welcome Dave Holden as a core member of our team. Dave has been known to some of us for several years and we were fortunate to find him now living and working in Ballarat. He has already been helping us through the geological assessment process and his knowledge, experience and energy will prove invaluable as we move forward towards a listing."

For further information, please contact:

Andrew Bell 0207 747 9990                                                          Chairman Red Rock Resources Plc

Scott Kaintz 0207 747 9990                                                           Director Red Rock Resources Plc

Roland Cornish/ Rosalind Hill Abrahams 0207 628 3396           NOMAD Beaumont Cornish Limited

Mark Treharne 0203 700 2500                                                      Broker Pello Capital Limited

 

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