Update on Ascot and Colombia

RNS Number : 1865X

Red Rock Resources plc

01 December 2010

 



RED ROCK RESOURCES PLC

Update on Ascot Mining and Colombia

Dated: 1 December 2010

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, notes this morning's announcement by Red Rock investee company Ascot Mining plc ("Ascot"; PLUS: ASMP) in which Ascot announced the pouring of 40.1 ounces of gold dore from its newly expanded mill, one day after Ascot fully paid for the Chassoul Gold concession and obtained clear title to the mine.  Overall development of the mine was reported as being on schedule, with the intention for production to reach an average mill throughput grade of 0.305 oz/ ton during December and for production to be accelerated to the initial targeted 1,200 ounces per month in Q1 2011.

The full text of the announcement made by Ascot can be viewed at:

http://www.plusmarketsgroup.com/PLUS_news_story.shtml?NewsID=3943131&ISIN=GB00B2QH7M99/GBX/PLUS-exn

Colombia

The first 170 tonne (pre-crushing) ore bin has been filled, and the second 600 tonne (post-crushing) ore bin is being filled. Further processing will follow the switching on of the ball mill. This is expected to occur and all stages of the plant to become operational by mid-month.  

Full gold production is expected to proceed as planned by the end of December 2010.

Kenya

Drilling continues and a progress report will be issued shortly.

Enquiries:

Andrew Bell	0207 402 4580 or 07766 474849	Red Rock Resources plc	Chairman
Sandra Spencer	0207 402 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

Notes:

Red Rock's interest in Ascot is held by way of 10% convertible loan notes 2015, convertible at any time at Red Rock's discretion into new Ascot ordinary shares at 20 pence per share. In addition Red Rock holds 740,000 Ascot ordinary shares and has warrants to subscribe for a further 10,300,000 additional new Ascot ordinary shares at an exercise price of 20 pence per new Ascot ordinary share, valid for 5 years. Ascot is quoted on the PLUS-quoted market, an exchange regulated market operated in London by PLUS Markets plc, where it trades under the stock code ASMP, and is traded on XETRA and PLUS.

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

 

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