Business
Kenya update
Kenya update.
About this update from Red Rock Resources Plc
[{"type":"text","content":"\n \nRNS Number : 9058G Red Rock Resources plc 12 June 2013 \n \n\nRed Rock Resources plc\n(\"Red Rock\" or the \"Company\")\n \nPit Optimisation Study for the Mikei Gold Project, Migori, SW Kenya\n \nDate: 12th June 2013\n \nRed Rock Resources plc (AIM:RRR), the mining and exploration company with an iron ore project in Greenland, a producing gold mine in Colombia and interests in steel feed, uranium and rare earths is pleased to announce the results of a Pit Optimisation Study (\"The Study\") on its Migori Gold Project, in which it has a combined direct and indirect investment of approximately 47%. Based on the technical and economic parameters the Company considers that these results demonstrate economic potential and support project advancement to Scoping Study level. The pit optimisation work has been undertaken by SRK Consulting (UK) Limited (\"SRK\").\n \nPit Optimisation Results\n \nHighlights\n \n· Conceptual results from Pit Optimisation Study completed on the Mikei Gold Project (\"MGP\") supports on-going development to Scoping Study stage;\n \n· Nyanza (\"NZ\") prospect followed by the MK prospect show the best potential as starter pits due to lower metal price sensitivity and favourable conversion from Mineral Resources to diluted pit shell metal inventories (NZ ~77%);\n \n· 6.5 Mt diluted mineral inventory at 2.0 g/t Au for 419 koz Au at a stripping ratio of 4.3 (twaste:tore) contained within a 1,300 US$/oz pit shell, representative of the potential open pit mining inventory;\n \n· Identification of potential high grade starter pits at the NZ and MK prospects with a combined diluted mineral inventory of 1.8 Mt at 3.9 g/t Au for 221 koz Au and relatively low optimised pit shell Cash Cost of 476 US$/oz Au;\n \n· 11.4 Mt undiluted mineral inventory at 1.9 g/t Au for 689 koz Au contained within a 1,700 US$/oz pit shell, representative of the Mineral Resources limited by open pit potential; and\n \n· The results of the pit optimisation will be used to guide further Resource development including drilling, metallurgy and a more detailed scoping level study ahead of feasibility.\n \nA more detailed discussion of the...