Conditional disposal

RNS Number : 9157F

Red Rock Resources plc

04 May 2011

 



RED ROCK RESOURCES PLC

Conditional disposal of interests in Cue Resources Limited

4 May 2011

Red Rock Resources plc ("Red Rock" or the "Company"), the gold mining and exploration company with projects in Kenya and Colombia, and interests in steel feed, uranium, and rare earths, announces that it has agreed to dispose of its entire holding of 15,798,000 common shares in Cue Resources Ltd (TSXV: CUE, "Cue") to its 24.9 per cent. owned associate company Resource Star Limited (ASX: RSL, "RSL") for C$1,556,000. A C$200,000 loan from Red Rock to Cue is also being transferred at face value together with warrants to subscribe in aggregate for 15,798,000 common shares in Cue at prices of between C$0.12 and C$0.15.

The transaction is subject to approval by shareholders of RSL, other than Red Rock, at an RSL EGM expected to be held in June.  The consideration payable to Red Rock will be paid in two instalments, 40% on completion with the balance six months later.

Further details on the transaction and on Cue are available in the RSL announcement which may be accessed via http://www.asx.com.au/asx/research/companyInfo.do?by=asxCode&asxCode=RSL.

Enquiries:

Andrew Bell                         0207 402 4580 or           Red Rock Resources plc        Chairman

                                                  07766 474849

Sandra Spencer                  0207 402 4580 or            Red Rock Resources plc       Public and Investor

                                                  07757 660 798                                                                        Relations

Peter Trevelyan-Clark/   020 7444 0800                 Religare Capital Markets      Nominated Adviser

Ben Jeynes

Nick Emerson                      01483 413500                  Simple Investments Ltd       Broker

Updates on the Company's activities are regularly posted on its website,www.rrrplc.com.

 

END

 

 

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