RCS - Red Rock Resources - DRC and Gold Assets Update

Red Rock ResourcesAnnouncement

05/04/2024 07:00

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RNS Number : 4108J  Red Rock Resources plc  05 April 2024

Red Rock Resources PLC

("Red Rock" or the "Company")

DRC and Gold Assets Update

 

5 April 2024

 

Red Rock Resources Plc, (AIM:RRR) ("Red Rock" or "the Company"), is a natural
resource development company with interests in gold, base metals, battery
metals, and hydrocarbons principally in Africa and Australia.

This release is an update specifically in relation to (a) the Company's
arbitration in the Democratic Republic of Congo ("DRC") with respect to the
claim the Company is pursuing in country for its interest in the VUP
copper-cobalt joint venture, and (b) certain of the Company's gold assets in
Burkina Faso.

DRC

On 5(th) February 2024 Red Rock noted that a finalisation of the arbitration
award in relation to the Company's claim for its share of the sale proceeds of
a joint venture asset awaited signature and release. Following a period where
Presidential elections and the formation of a new administration caused a
pause in this and many other matters, we looked to an early resolution, but
said that we would keep the market updated on progress, as we have done at
monthly or more frequent intervals.

Our understanding has not changed, and as we believe that there is now a
consensus in relation to our position, we expect this to now be resolved,
irrespective of any third party matters, within a short timeframe. Recent
intensive and direct discussions with the former JV partners mean that we may
be able to approach the arbitrator with an agreed position.

Burkina Faso

Further to the Company's announcements of 24 January 2024 and 27 February
2024, and the Interim Statement of 28 March 2024, we note that the Company has
stated that it will report as equipment is delivered and installed, and as
other milestones passed. Currently, and as anticipated, a team from the
Company and its technical partners is on the ground at Bilbale. The
understanding as to grade and potential to which previous work and
observations had led us has been confirmed by this expert review and we
continue on the course outlined in our announcement of 27 February 2024,
leading to early alluvial gold production initially at one location but then
at up to four locations. The first gold wash plant is expected to arrive by
air within a few days and will start operation.

Red Rock Chairman Andrew Bell comments: "The first team on site will be
preparing a report giving further detail that we will hope to be able to share
with the market as early as next week, whereupon Mr Samuel and myself will
relocate to Burkina Faso to be on site for the whole period of transition into
stable gold production and to prepare for larger scale mechanised mining.

This reflects the importance to us, and the potential scale, of this first
project at the Bilbale gold mining camp.

The presentation on the Burkina Faso project remains available on the
Company's website, broadly unchanged, with conceptual parameters reflecting
our expectation of the range of possible outcomes."

For further information, please contact:

Andrew Bell 0207 747
9990
Chairman Red Rock Resources Plc

Bob Roberts 0203
8696081
  Broker Clear Capital Corporate Broking

 

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