Judgement for Damages Obtained in DRC

RNS Number : 8801Y

Red Rock Resources plc

19 January 2022

 

Red Rock Resources PLC

("Red Rock" or the "Company")

Judgment for Damages Obtained in DRC

19 January 2022

Red Rock Resources Plc, the natural resource development company focussed on gold, but with developing interests in copper, cobalt, and other minerals, announces an update on the Red Rock VUP Project (the "Joint Venture"), further to its announcement of 6^th January 2022.  

On 14^th January 2022 the Commercial Court of Lubumbashi issued an executory judgment ordering VUP SA, the Company's partner in the Joint Venture, to pay $2,000,000 as damages, with costs.

This follows the earlier judgment for payment of a principal amount of $2,505,000, representing 50.1% of the payment already made by a third party to VUP SA.

Red Rock Chairman Andrew Bell comments : "These awards in our favour of $4,505,000 plus costs are steps in a process, and do not put this money into our account, nor do they represent the totality of our potential claims.

We now begin to move to the enforcement and extra-judicial phases of proceedings.

The Company expects to announce drilling results from another project in the DRC, Luanshimba, within the next days."

Any material developments will be reported as they occur.  

This announcement contains inside information for the purposes of Article 7 of Regulation 2014/596/EU which is part of domestic UK law pursuant to the Market Abuse (Amendment) (EU Exit) regulations (SI 2019/310).

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

Jason Robertson 0207 374 2212    Broker First Equity Limited     

 

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