30th Jan 2015 10:16
LONDON (Alliance News) - Red Rock Resources PLC Friday said it is focused on its operations in the Ivory Coast and is finalising the sale of its Colombian assets.
"Our immediate focus is on the Ivory Coast exploration where exploration results from some of our more prospective areas will soon be available," said Chairman Andrew Bell.
At the Alepe license, the company has completed soil geochemical sampling in the eastern region, and 238 samples are to be sent to a laboratory in Burkino Faso for assay analysis shortly. Sampling in the western portion of the license is underway and sampling of the central area will be carried out at a lter date, it said.
Red Rock said it is progressing with its additional licence applications in the country, which are pending with the Ivory Coast minister. The company said in-house studies have shown a "significant zone of anomalous gold soil geochemistry" adjacent to licenses that Red Rock has applied for.
"The abundance of opportunities in what we believe is a very strong exploration portfolio means that we must direct cost-effective efforts to making discoveries this year if we are to keep our early mover advantage. We have made a good start in that," said Bell.
In addition, the company said it is preparing to execute the sale of its Colombian assets after agreeing draft agreements with Nicaragua Milling.
Red Rock agreed a deal in May with Nicaragua Milling Company Ltd to sell its stake in American Gold Mines Ltd for USD5 million. American Gold Mines owns a 50.002% stake in Four Points Mining SAS, the owner of the El Limon mine in Colombia.
Red Rock shares were up 4.4% to 0.115 pence per share on Friday.
By Joshua Warner; [email protected]; @JoshAlliance
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