Update on Migori and Resource

RNS Number : 5206F

Red Rock Resources plc

14 January 2010

 



RED ROCK RESOURCES PLC

Update on Migori and Resource Star Limited

Dated: 14 January 2010

Red Rock Resources plc ("Red Rock" or the "Company") the mining exploration and development company focussed on advancing iron ore, manganese, gold and uranium projects in Australia and East Africa, reports on exploration at its Migori gold prospect in Kenya. 

Five diamond drill holes, one at the Macalder prospect and four at the Nyanza prospect, totaling 801m and drilled but never sampled in the interrupted programme carried out by the previous operators, have been logged and samples over 498m have been prepared and sent for testing. 358m of percussion drilling in 32 holes has been completed on the mineralized Macalder tailings, and are being prepared for multi-element and metallurgical testing. 109m in four reverse circulation (RC) holes was also drilled before the end of 2009 at and near the gossan at Macalder, and samples prepared for testing.

The drill programme has now resumed with deeper RC holes planned to intersect the banded iron formation (BIF) gold targets at the Gori Maria prospect and at Nawabisawa in the eastern license. A diamond drill programme to further test BIF targets will begin shortly, and trenching on new exploration targets including targets in the eastern license will also begin in January.

Following receipt of the sampling results from the 2009 programme, a revision of the 43-101 resource estimate will be carried out which will also incorporate results from the 2006-2007 drill programme.

The Company also reports that the listing on the Australian Stock Exchange ("ASX") of the Company's 24.44 per cent. owned associated company Resource Star Ltd ("RSL") is expected to occur in early February 2010. RRR has agreed, conditional on the ASX listing of RSL, to convert A$ 490,000 of loans to Resource Star into new ordinary shares in RSL at the offer price of A$0.20 per share and to vend 90 per cent. of RRR's EPL 0264/08 tenement and 35 per cent. of RRR's EL 11/2005 tenement into RSL for the issue of 550,000 new ordinary shares in RSL.

Following the ASX listing of RSL and assuming minimum subscriptions of A$1.9 million, RRR will be interested in 12,635,295 RSL ordinary shares. This holding will represent 24.33 per cent. of RSL's issued ordinary share capital on listing.

Enquiries:

Red Rock Resources plc
Andrew Bell, Chairman	0207 402 4580/07766 474849
John Watkins	07768 512404
Nominated Adviser
Blomfield Corporate Finance Ltd
Peter Trevelyan-Clark/Ben Jeynes	020 7444 0800
Broker
Simple Investments Ltd
Nick Emerson, Renato Rufus	01483 413500
Public Relations
Lothbury Financial Limited
Ron Marshman	020 7011 9411

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

 

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