Red Rock Resources
Plc
("Red
Rock" or the "Company")
Ivory Coast -
Update
16th September 2024
Red Rock Resources Plc, the natural
resource exploration and Development Company with interests in
gold, copper, cobalt, lithium and other minerals, announces an
update to the announcement of 24th January 2024 in
relation to the Company's operations in Côte d'Ivoire.
Key
points:
·
Red Rock holds
two licences and two applications totalling 1,404.86 sq km in an
area around the capital, Yamoussoukro
·
Granted licences
now total 725.44 sq km of prospective gold ground
·
Three more
licence applications in the north of the country totalling about
1,122.88 sq km had been made ("Northern Licences") but these have
had to be abandoned before grant due to a regulatory change
limiting the number of licences per applicant to four in
total
·
Each licence or
application is located on a known regional shear zone where gold
mines are operating
·
Each licence or
application has significant artisanal mining occurring within and
around it
·
Red Rock has
entered into an agreement with Guardian Metals PLC ("GMP" or
"Guardian") to assist GMP in licence applications and licence
management
Red Rock Chairman Andrew Bell
comments: "There was little warning
of the gazetting of new regulations which limited us and other
applicants to four licences.
We
have now signed an agreement with Guardian Metals PLC under which
we will manage the process of licence application for them in Côte
d'Ivoire and assist in the development and management of
exploration programmes.
We
will be paid fees of up to £10,000 plus small additional amounts in
respect of our services and will have an option over 25% of any
licence granted.
This response to the regulatory change is a positive
development, giving us cost-effective exposure to a wider range of
projects, and opening the prospect of Further discussions with
Guardian.
Red Rock will provide an update across the spectrum of its
activities in the coming week.
Further information:
GMP is an unrelated third party to
Red Rock. Under the Terms Sheet signed today Red Rock is to provide
satisfactory records of work already done and progress achieved in
relation to licence applications. Red Rock will then be contracted
to establish a local subsidiary of GMP and apply for up to three
licences. GMP will provide funding for the applications and
associated costs and pay a mobilisation fee of £10,000 in two
instalments.
Red Rock will assist GMP in
developing an exploration programme for any granted applications,
as well as provide exploration and management personnel at a fair
and agreed market rate.
Red Rock will have a 0.5% Net Profit
Interest based on the net operating profit of granted licences, and
will have the option to buy into 25% of any licence at an amount
equal to 25% of any accumulated Costs and Fees, as those terms are
defined, for a period of three years.
For
further information, please contact:
Andrew Bell 0207 747
9990
Chairman Red Rock Resources
Plc
Roland Cornish/ Rosalind Hill Abrahams
0207 628
3396
NOMAD Beaumont Cornish
Limited
Bob
Roberts 0203
8696081
Joint Broker Clear Capital
Corporate Broking
This announcement contains
inside information for the purposes of Article 7 of Regulation
2014/596/EU, which is part of domestic UK law pursuant to the
Market Abuse (Amendment) (EU Exit) regulations (SI
2019/310) and is disclosed in
accordance with the Company's obligations under Article
17.
Beaumont Cornish Limited ("Beaumont Cornish") is the Company's
Nominated Adviser and is authorised and regulated by the FCA.
Beaumont Cornish's responsibilities as the Company's Nominated
Adviser, including a responsibility to advise and guide the Company
on its responsibilities under the AIM Rules for Companies and AIM
Rules for Nominated Advisers, are owed solely to the London Stock
Exchange. Beaumont Cornish is not acting for and will not be
responsible to any other persons for providing protections afforded
to customers of Beaumont Cornish nor for advising them in relation
to the proposed arrangements described in this announcement or any
matter referred to in it.
