REG - Red Rock Resources - Extension of Exclusivity - Update <Origin Href="QuoteRef">RRR.L</Origin>

Red Rock ResourcesAnnouncement

29/10/2014 11:10

RNS Number : 4297R
Red Rock Resources plc
11 September 2014
Red Rock Resources Plc
("Red Rock" or the "Company")
Extension of Exclusivity - Update
11th September 2014
Red Rock Resources plc, the mining and exploration company with gold interests in Colombia, Kenya, and Ivory Coast, announces an update in relation to the proposed sale of its Colombian interests to Nicaragua Milling Company Limited ("NMC"). 
Further to the Company's announcement on 12th August 2014, Red Rock has now executed an amendment to the terms of the Letter of Intent ("LOI") to extend the outside date for exclusivity to 10th October 2014. 
The outside date for closing is 10th November 2014. Further announcements will be made as the transaction progresses.
Company ChairmanAndrew Bell comments:
"NMC have committed time and resources to due diligence on the Four Points Mining assets and are now working on draft agreements with minority shareholders for a complete sale of the mine. We have been working closely with NMC during this time and have agreed a further extension of the exclusivity period to allow these additional matters to be concluded. This is a reasonable request and does not reflect a lack of assiduity in pursuing the transaction on either their part or ours; NMC has earlier made significant payments for exclusivity and both parties remain committed to the earliest possible conclusion to the sale process." 
For further information, please contact:
Andrew Bell0207 747 9990 or 0776 647 4849  Chairman Red Rock Resources Plc
Roland Cornish/ Rosalind Hill Abrahams 0207383 5100 NOMAD Beaumont Cornish Limited
Jason Robertson 01293 517744Broker Dowgate Capital Stockbrokers Ltd. 
Rupert Trefgarne 02031288817  Media Relations MHP Communications

This information is provided by RNS
The company news service from the London Stock Exchange
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