Red Rock Resources Plc, the natural resource development company with interests in gold, manganese and base metals, announces an update in respect of Red Rock Australasia Pty Ltd (“RRAL”) a joint venture company with gold exploration interests near the historic mining centre of Ballarat in the Gold Fields of Victoria.
Red Rock owns 50.1% of RRAL, with 49.9% being owned by Power Metal Resources plc (AIM:POW).
Key points
· RRAL has been notified that a further seven of its license applications have been accepted and have been given highest ranking, following the notification in respect of the first three applications received in early July.
· RRAL will now advertise the seven applications in newspapers with statewide and local circulation, and after a three week exposure period, the Department of Jobs, Precincts and Regions of the State of Victoria will begin the application assessment process.
· Applications EL007282, EL007294, EL007301, EL007327, EL007328, EL007329, and EL007385 RRAL are those now being advertised.
Red Rock Chairman Andrew Bell commented :
“We continue to monitor closely the process of grant and are pleased to see steady progress as the authorities tackle the backlog of work that has built up.
This second batch comprises the largest part of our applications. One of Red Rock’s key principles is the cultivation of good relationships with local stakeholders, and the JV has already put in place a team on the ground that will be actively communicating our plans and activities to those living and working in the license areas.”
FURTHER INFORMATION
Joint Venture Company – RRAL
RRAL is a joint venture company 50.1% owned by Red Rock and 49.9% owned by Power Metal Resources plc (“POW”). Paul Johnson, CEO of POW and Andrew Bell are directors of RRAL.
Applications
RRAL has lodged applications for sixteen new gold exploration license areas covering approximately 2,336 km2 in the Victoria Goldfields of Australia as follows:
# Balmaine Gold Pty Ltd, Mercator Gold Australia Pty Ltd, and Loddon Gold Pty Ltd have put in competing applications the same day as RRAL for the ground covered by EL007540. The application considered to have greatest merit will eventually be given priority.
For further information, please contact:
Andrew Bell 0207 747 9990 Chairman Red Rock Resources Plc
