4th Apr 2014 16:56
LONDON (Alliance News) - Red Rock Resources PLC said Friday that it had applied for three exploration licenses in the southeast Ivory Coast, West Africa.
The company said that the exploration licenses are in the proximity of the Ghanian border, and along trend from Newmont Mining Corporation's 17 Million ounces Ahafo Gold Mine in Ghana.
Red Rock has also taken a technical advisory role for local affiliate Basse Terre sarl, which has applied for four exploration licences in central Ivory Coast.
In Kenya, Red Rock said it continues to work with the Government, the office of the Provincial Governor, and local stakeholders to get new personnel in place ahead of the new mining bill.
In Red Rock's Colombia operations production continues at a satisfactory level, Red Rock said. It has received preliminary proposals from new buyers for a purchase of its interest, and it expects to meet with this group next week.
At its Iron Ore operations in Greenland, the company is continuing discussions with alternative investors, as it has not seen any progress on the current proposed transaction for its interest. It said that, in the absence of a transaction, it does not plan an active exploration programme in Greenland in 2014.
The company said that if it receives a new or restated offer for its interest in Greenland it will announce it, but it believes that the Eastern European investors who were pursuing the opportunity will be cautious, given geopolitical factors.
"The path of prudence is to assume the negative for now," said Chairman Andrew Bell in a statement Friday.
Shares in Red Rock closed up 10.5% at 0.370 pence Friday.
By Hana Stewart-Smith; [email protected]; @hanassallnews
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