Resource Star Ltd Update

RNS Number : 3523N

Red Rock Resources plc

05 September 2013

 

Red Rock Resources plc

("Red Rock" or the "Company")

Resource Star Ltd - Update

5 September 2013

Resource Star Ltd (ASX:RSL) ("RSL"), a 39% owned associate of the Company, issued two announcements to the Australian Stock Exchange today.

Further to Red Rock's announcement of 2^nd August 2013, relating to a binding term sheet with Searex Petroleum (BVI) Limited ("Searex") for the acquisition of an oil project in Abilene, Texas, U.S.A., RSL has issued an update on due diligence and has also released a Presentation on the Texas project.

Further details of these announcements can be accessed on the ASX website:

http://www.asx.com.au/asxpdf/20130905/pdf/42j5vbv9d1v86g.pdf

http://www.asx.com.au/asxpdf/20130905/pdf/42j5vvctf0c08w.pdf

Red Rock holds 46,908,584 shares in RSL, representing 38.6% of the total issued shares. Additionally, Red Rock is entitled to be issued a further 8,000,000 RSL shares on the exercise of AUD 100,000 Convertible Notes which have now been issued to Red Rock by RSL (including the 4,803,357 share entitlement referred to in the announcement of 2^nd August 2013).  

Red Rock Resources Plc is a mining and exploration company with an iron ore project in Greenland, a producing gold mine in Colombia, and advanced gold and copper exploration in Kenya.

Red Rock Chairman Andrew Bell comments: "As stated by RSL, due diligence is going well so far and the due diligence team is on the ground in Texas. The opportunity is a most promising one that has the potential to transform RSL, and this first presentation, though necessarily partial at this stage, conveys some sense of that."

Enquiries:

Andrew Bell	020 747 9990 or 07766 474849	Red Rock Resources plc	Chairman
Sandra Spencer	020 747 9990 or 07757 660 798	Red Rock Resources plc	Press Relations
Colin Aaronson	020 7383 5100	Grant Thornton UK LLP	Nominated Adviser
Nick Emerson	01483 413500	SI Capital Limited	Broker

 

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