Option over Ngira-Migori Lice

RNS Number : 1447Y

Red Rock Resources plc

27 August 2009

 



RED ROCK RESOURCES PLC

Option over Ngira-Migori Licenses

Dated: 27 August 2009

Red Rock Resources plc ('Red Rock' or the 'Company') the mining exploration and mineral investment company with interests in mineral exploration in Australia and Africa, announces that it has under the terms of an agreement dated 13 August 2009 and approved by the local partner on 27 August 2009 (the 'Option Agreement') paid an option fee of USD 20,000 and entered into an option (the 'Option') to acquire a 70 per cent. interest in the 320 sq km Special Licenses 236 and 236 Phase 3 at Ngira-Migori in southern Kenya (the 'Ngira-Migori Properties' or the 'Properties').

Under the Option Agreement, Gold Rim Exploration Inc., a company incorporated in Canada and a subsidiary of Africa West Minerals Corporation (AFW TSX-V), and which has the right to acquire a 100% interest in the Properties, grants the Company the Option, exercisable by notice within three years subject to the Company directly or indirectly incurring costs, expenditures and charges related to exploration, administration, licensing and renewal of the Properties amounting to USD 60,000 in the first year, and USD 120,000 in the second year (including 1200m of drilling), and carrying out 2,400m of drilling in the third year. 

The Company may at any time surrender its rights and terminate the Option, and shall if it does so ensure that the Properties remain in good standing for six months after notice of surrender. 

During the Option period, the Company will be the operator on the Properties.

The Ngira-Migori Properties are located in the Migori Archean greenstone belt in southern Kenya, within 25 kilometres of the Tanzanian border. The project is adjacent to the former gold, silver and copper producing Macalder Mine, which operated between 1941 and 1963. Previous exploration work at the Ngira-Migori Properties has included reconnaissance geological mapping and soil sampling over the central portion of the Properties where current artisanal mining is taking place. The soil sampling has indicated several areas of gold in soil anomalies. Mineralization in this area is characterized by gold in quartz reefs as well as gold associated with massive to disseminated sulphides. Lithology of the area includes greywacke, tuffaceous volcanics and Banded Iron Formation. Surface grab sampling at two of the mineralized reefs returned from 30ppb to 16.7 gAu/t.

The Properties lie to the north and north-west of the Mid-Migori Mining Ltd licenses SP202 and SP122 in which the Company has the right to farm in to a 60 per cent interest  

The geological information in this announcement has been reviewed by Helen Salmon, BSc (Hons), a geologist working for the Company. Helen Salmon is a Fellow of the Geological Society and a Member of the Mineralogical Society.  

http://www.rns-pdf.londonstockexchange.com/rns/1447Y_-2009-8-27.pdf

Enquiries:

Andrew Bell	0207 402 4580 07766 474849	Red Rock Resources plc	Chairman
John Watkins	07768 512404
Peter Trevelyan-Clark/ Ben Jeynes	020 7489 4500	Blomfield Corporate Finance Ltd	Nominated Adviser
Nick Emerson	01483 413500	Simple Investments Ltd	Broker
Ron Marshman / John Greenhalgh	020 7011 9411	Lothbury Financial Limited	Public Relations
Jeffrey Ackert	[phone]	Africa West Minerals Corp. www.africawestminerals.com	VP Exploration

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

 

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