REG - Red Rock Resources - Sale of Colombian Interests - Update <Origin Href="QuoteRef">RRR.L</Origin>

Red Rock ResourcesAnnouncement

06/09/2014 20:38

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RNS Number : 3642N
Red Rock Resources plc
25 July 2014 
 
Red Rock Resources Plc 
 
("Red Rock" or the "Company") 
 
Sale of Colombian Interests - Update 
 
25 July 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 18th July 2014, Red Rock has now
agreed to amend the terms of the Letter of Intent ("LOI") to extend the
initial exclusivity period by 30 days to 11th August 2014. After this period,
NMC would have the option to pay a further non-refundable fee of USD 50,000 to
initiate a second exclusivity period of 30 days to 10th September 2014 in the
event both parties agree this is required. 
 
The LOI between Red Rock and NMC remains binding, however, Red Rock has
clarified that it is able to have limited interactions with alternate buyers
who have approached it. 
 
The transaction is expected to close on or around 10th October 2014, should
the second exclusivity period be required. Further announcements will be made
as the transaction progresses. 
 
Company Chairman Andrew Bell comments: 
 
"We have recently been in daily contact with NMC to progress this transaction.
 NMC intend to send a metallurgist to the visit the plant in the next two
weeks, and following that report we should have a good idea of the remaining
timeline for completion.  Both parties remain committed to achieving this
end." 
 
For further information contact: 
 
Andrew Bell0207 747 9990 or 0776 647 4849                 Chairman Red Rock
Resources plc 
 
Colin Aaronson / David Hignell 0207 383 5100             NOMAD Grant Thornton
UK LLP 
 
Nick Emerson01483 413500                                            Broker SI
Capital Ltd 
 
Saif Janjua0207 382 8416                                                      
  Joint Broker Beaufort Securities Ltd 
 
Rupert Trefgarne0203 128 8817                                      Media
Relations MHP Communications 
 
This information is provided by RNS
The company news service from the London Stock Exchange