Business
Updates re Colombia and Jupit
Updates re Colombia and Jupit.
About this update from Red Rock Resources Plc
[{"type":"text","content":"\n RNS Number : 8821V Red Rock Resources plc 09 November 2010 \n \n\nRED ROCK RESOURCES PLC\nUpdate on Colombia - Additional loan facility\nUpdate re Jupiter Mines - Tshipi completion and additional resource\nDated: 9 November 2010\n \nUpdate on Colombia\n \nRed Rock Resources plc (\"RRR\", \"Red Rock\" or the \"Company\"), the gold mining and exploration company with projects in Kenya and Colombia, and interests in steel feed, uranium and rare earths, reports on scheduled progress of its Colombian operations, following a further visit to the site by Red Rock directors.\n \nProgress as reported on 30 September 2010 and 19 October 2010 remains on schedule at El Limon and ahead of schedule at the Machuca mine. The target date for operation of all stages of the El Limon mine and plant remains 30 November. The earlier stages, the conveyors and crushing plant, are being commissioned ahead of schedule with the first 170 tonne (pre-crushing) ore bin already being filled, while the second 600 tonne (post-crushing) ore bin will start being filled next week. \n \nFull gold production is expected to proceed as planned by the end of December 2010.\n \nThe Machuca mine is expected to be brought into production early, increasing the ore available for processing at the El Limon plant. Initial processing of ore will utilize remnant and stockpiled ore from upper levels of the El Limon mine and from current underground exploration. It is anticipated that head grades into the plant in the first month of operation will therefore be lower than the long-term average.\n \nThe Company has remitted Mineras Four Points SA (\"MFP\") an additional sum of USD 250,000 above the USD 2,000,000 initially budgeted. It has also offered further conditional facilities of up to USD 750,000. This short-term funding will (a) enable the second mine, Machuca, to be brought into production at the same time as El Limon, (b) finance other additional works including underground exploration and advance stockpiling of ore, and (c) provide for cost overruns including unbudgeted working capital requirements for personnel costs and other contingencies. \n \nThe plan had previously been to leave Machuca development until a later date, when it could be developed with cash flow from El Limon, in order that the requirement for simultaneous d...