Update and Issue of Equity

RNS Number : 9308I

Red Rock Resources plc

22 June 2011

 



RED ROCK RESOURCES PLC

Update - Greenland Exploration; Resource Star Limited; Option Exercise

Dated: 22 June 2011

Red Rock Resources plc ("Red Rock" or the "Company"), the mining and exploration company with gold projects in Kenya and Colombia, and interests in steel feed, uranium, and rare earths reports developments on its earn in and exploration of iron ore deposits in North-West Greenland and on Resource Star Limited.

Greenland

Licence Area:

·    Increase of NAMA Greenland Ltd concession area to 1,013km²

Exploration Schedule:

·    March to June 2011, desktop study/field planning

-     Remote sensing study using ASTER imagery

·    July 2011, regional airborne geophysics

-     13,170 line km magnetic and radiometric surveys to be flown beginning July 2011

·    June to September 2011, field validation of geophysical and geological targets

-     Geological mapping, traversing, with possible test drilling

-     5 geologists, 5 field assistants

·    Summer 2012, infill with higher resolution geophysics and drilling

The concessions held by NAMA Greenland Ltd have increased in area from 644 sq km to 1,013 sq km, and further areas are being applied for. The areas have been mapped by the Geological Survey of Denmark and Greenland as Archaean greenstone with banded iron formations, magnetite, and haematite. They are undrilled and virtually unexplored. The licenses may also have gold and base metal potential.  

The area lies to the North-East of Baffin Island, which contains the Mary River iron ore deposit recently acquired by a consortium led by Mittal.

On 17 June the Company began mobilisation to Greenland to explore its joint venture farm-in exploration properties at Thule. The initial exploration programme, which will be carried out by three teams and will involve ten geological staff with support, will focus on traversing, mapping, and sampling the iron ore province within the license area.

camp location map

http://www.rns-pdf.londonstockexchange.com/rns/9308I_-2011-6-22.pdf

Previous mapping in the area relied in part on distant observation of geological features. Interpretation of the recently acquired ASTER satellite imagery has led to reinterpretation of parts of the mapped area and the identification of new high priority targets.   

prospect names

http://www.rns-pdf.londonstockexchange.com/rns/9308I_1-2011-6-22.pdf

An airborne magnetic and radiometrics survey will be carried out in early July, operating 24 hours a day, and will cover the whole area including (on a broad line spacing) some areas under ice, as well as (on a close line spacing) the primary target areas.

Resource Star Limited

The Company is also pleased to announce that its 24.7 per cent. associate Resource Star Limited (ASX: RSL), the ASX listed uranium and specialty metals exploration company, has today announced a 30 per cent. increase in the Livingstonia Uranium resource. The full text of the RSL announcement may be accessed via:

 http://www.asx.com.au/asx/research/companyInfo.do?by=asxCode&asxCode=RSL

Options Exercise

Red Rock has been notified by option holders of the exercise of 475,000 options to subscribe for Ordinary Shares at a price of 1.25 pence per share.

Application will be made for the new Ordinary Shares, which rank pari passu with the Company's existing issued ordinary share capital, to be admitted to trading on AIM. It is expected that the admission of the new Ordinary Shares to trading on AIM will occur on 28 June 2011.

Following the issue and allotment of the new Ordinary Shares, the Company will have 707,316,617  Ordinary Shares in issue.

Enquiries:

Andrew Bell	020 7402 4580 or 07766 474849	Red Rock Resources plc	Chairman
Sandra Spencer	020 7402 4580 or 07757 660 798	Red Rock Resources plc	Public and Investor Relations
Peter Trevelyan-Clark/ Ben Jeynes	020 7444 0800	Religare Capital Markets	Nominated Adviser
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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