REG - Red Rock Resources - Ivory Coast - Update

Red Rock ResourcesAnnouncement

16/09/2024 07:00

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RNS Number : 2298E  Red Rock Resources plc  16 September 2024

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 24(th) 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.

 

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