Resource investor Red Rock (LON:RRR) has received the second tranche of proceeds - namely US$225,000 - from the sale of its Colombian gold interests, it told investors, updating on progress.
The buyer is Colombia Milling (CML) and Red Rock has also agreed to amend the royalty agreement to start receiving payments from May 1 rather than now, as although the improved mine is now operating, gold output is not yet significant.
CML had also inked letters of intent with a public company for a transaction that if implemented would give Red Rock a right to early conversion of a US$1mln promissory note executed by CML.
Red Rock today said it had had preliminary discussions about accelerating in whole or in part, the note.
Red Rock also revealed that John Arnold now holds around 7.8mln shares, or 3.25% of the share capital.
Chairman Andrew Bell said: "An improving gold price, a better manganese price, and the stabilisation of the oil price have created a more benign environment for the company's activities.
"Progress continues in Louisiana and Colombia as expected, and at the Tshipi Borwa manganese mine of Jupiter Mines Ltd (in which we hold a 1.2% interest) production is being carried out profitably at today's costs and prices. We expect the improvement to continue."
Red Rock also added today it had visited the LM20 oil well at Shoats Creek in Louisiana, where it has a 20% working Interest and a 14.4% net revenue interest, following the start of production, and expects to announce a stable production rate shortly.