Red Rock Resources Share Discussion Threads

[seagullsslimjim] 26/12/2019 17:29

At least the Company can fall back on 'The Lemon' for royalty income - They're guaranteed for life - literally!!!

[noirua] 26/12/2019 17:16

Welcome to Red Rock's Musonoi thread.

[noirua] 26/12/2019 17:13

Underway, apologies for disruptions.

Off out to an event. Back much later . Good luck and good cheer.

[torp] 26/12/2019 16:37

I wonder if the larger investors will start 2020 with fresh minds and realise that
if they don't get rid of the original BOD here, their investments are going nowhere?

Maybe they would like to do so but have been unable to. Perhaps Bell has
bested them?

Who knows!

[torp] 26/12/2019 16:32

Hard to believe this is still going TBH

The gravy train has been rumbling along here for 15 years and still the
company hasn't reached any state where it has lots of regular income from
successful projects to generate sound profits.

Just a long track record of failed ventures, ridiculous director salaries and
expenses and more latterly an arrogant refusal by the BOD to issue RNSs for
key loans and transactions.

It transpired that Bell had loaned a further £1.1m to the failing Steelmin
venture WITHOUT RNSing that to markets and shareholders. Appalling
behaviour imho.

Steelmin subsequently went into Administration in Feb 2019 and so that
money was lost.

Roll on to today and the Full Year Report just issued states that:

Total Current Liabilities are £2.8m

Cash in the bank just £64K

Admin Expenses were approx £600,000


They failed to repay the £1m outstanding Convertible Loan Notes on 19th Dec
and istead rolled them on for a third year. The conversion price was lowered to
give the holder more chance of actually converting them (it will never happen imho)
and the interest rate was raised from 10% to 12%.

What a nonsense !
That's 3 years of interest accrued on these CLNs, taking more valuable cash out of
the company.

There's nothing positive here that I can see. The VERY few remaining crony
rampers are struggling immensely to come up with anything. All they can muster
is the age old "jam tomorrow" rhetoric about Migori and the like.

The company is obviously cashless and any monies that appear from say Jupiter
dividends are going to director salaries and expenses. How many more years is
that situation going to be permitted? Why haven't the large holders ousted this
useless greedy BOD?

There can be no trust here whatsoever imho. If the BOD are now refusing to RNS
key loans and transactions then you'd be investing blind imho. What other loans
have been made that we are not aware of?

I mean FFS they still haven't even RNS'd Steelmin going into Administration back
in Feb though it's had a mention in the Full Year Report now. Just appalling.

The Moduc Operandi here has always relied imho on the endless ramping of "jam tomorrow"
rhetoric to make naive mugpunters by the constant stream of confetti placing
shares at silly premium prices.

By all accounts the punters seem to have learned their lesson and have long
since fled this share as can be seen by the lack of volume. So too have most of
the shameless rampers who clearly see there is no point trying to pump this POS.

Except of course for old Noirua who will continue till his last dying breath
bless him !

Given the many 100s of shares in AIM, and the absolute appalling history here
of failed ventures, director salaries, expenses and losses I can't imagine why
anyone would stop by. It is for me just a dead horse.

Each to their own of course

Always DYOR

[noirua] 26/12/2019 16:20

Musonoi Area 1 is in Arbitration in Luanshimba, DRC after the tenement was sold by Red Rock's partner without their knowledge. The company is seeking part of the sum obtained from the sale of this tenement plus costs and a replacement tenement.



MUSONOI AREA 1 PE4962 - KAMUKONGO PE663 - KASOMBO SOUTH PE2360 - in Democratic Republic of the Congo
RED ROCK RESOURCES PLC RRR own 51% of rights to the above tenements/


Cobalt -

MUSONOI AREA 1 - PE4962, Democratic Republic of the Congo.
5 February 2019: Further to the announcement of 30 January 2019, the Company has concluded the first phase of work on the Musonoi license (Permis d'Exploitation no. 4962) that forms one of the assets of its Copper/Cobalt Joint Venture.
Historic data including 83 old drillholes and nine cross sections on the property have been obtained from Gécamines and digitised, enabling the Company to recreate the historic orebody and open pit outline. 3-D models were then created, and the old high grade upper orebody and lower orebody modelled, mineralisation calculated, and depletion from historic mining calculated. Models and tables for in situ mineralisation, both at the original Gécamines 2.5% copper cut-off grade and at a 1% cut-off grade, were then derived.

The information and calculations will now be given to external resource consultants to assess, with results from any core that the Company is able to identify and re-test. The consultants will then advise on any further work required for them to calculate a Resource compliant with the Joint Ore Reserve Committee (JORC) 2012 Code for calculating Mineral Resources and Reserves.

-- First phase of work at Musonoi Cu/Co mine at Kolwezi, DRC, concluded
-- Data from 83 old drill holes, 9 cross sections, and open pit shell digitised
-- Recreated and modelled historic orebody at 2.5% Cu and 1% Cu cut offs
-- Seeking old core to resample
-- Consultants to advise on bringing mineralisation to JORC Resource category


MUSONOI Mining Cores April 2019 - Kolwezi, DRC: core tray from Musonoi 2 hétéroginite (mixed cobalt and copper) is the blackish material
Kolwezi, DRC: core tray from Musonoi -
Kolwezi, DRC: drill core from Musonoi (1970s?40s?30s?) in the drill shed
Kolwezi, DRC: one of the three core storage sheds - like Cathedrals of 'carotte'
Kolwezi, DRC. With our team (soon to double) going through the Gécamines drillsheds finding our Musonoi Global core trays -

PRESENTATION, note page 15, 16 and 17, drill core positions:

MUSONOI AREA 1 PE4962 - KAMUKONGO PE663 - KASOMBO SOUTH PE2360 - in Democratic Republic of the Congo



The Congo is the prime location for high grade deposits of both metals, and our neighbours in our targeted areas would be blue chip companies such as Glencore, China Railways and China Hydro, Jinchuan, and Gécamines.
Minex Consulting are presently doing work for Red Rock Resources PLC on their 51% owned Musonoi Area 1 interest:

Red Rock has continued to work to confirm the status of its licenses in Kenya during 2019. In the Democratic Republic of Congo exploration continued at Luanshimba copper-cobalt license, identifying "significant" anomalies. The company said it expects to carry out further work at Luanshimba early in 2020.




--------------------------
DRC Investigation

Red Rock Resources (AIM:RRR) Update on JV Agreement to develop tailings
Abm August 30, 2018
Pursuant to the Agreement Red Rock made the initial payment of $50,000, and conducted due diligence, including drilling and testwork.


Red Rock Resources proceeding to completion for cobalt and copper assets joint venture in the Democratic Republic of Congo
Last updated: 13:40 22 Nov 2018 GMT, First published: 12:34 22 Nov 2018 GMT


The AIM-listed natural resource development company, with interests in gold, manganese and oil production will acquire 50.1% on completion of the joint venture with Bring Minerals SAU, its counterparty, and local partner Vumilia Pendeza SA.

Red Rock said it has made an initial cash payment of US$250,000 under the JV agreement, with further payments due of another US$250,000 in cash, and of £490,000 payable in Red Rock shares at 0.7p each with attached 1-for-1 three-year warrants to subscribe for new shares at 1p.

It added that further payments will be made in accordance with its announcement of 30 August 2018, being US$200,000 upon the earliest of (a) confirmation of economic mineralisation to the satisfaction of the parties (b) definition of a compliant Resource at Indicated or above status or of a Reserve (c) decision to mine and US$1m as a post-completion obligation if and when commercial production begins.

03/06/2019 Rock Resources has created a joint venture to produce copper and cobalt in the DRC
Red Rock Resources announced the signing of a charter for a joint venture VUP Musonoi Mining SA, which will operate in the copper and cobalt sector in the Democratic Republic of the Congo. Red Rock's share in the joint venture will be 50.1%; its partners are local Vumilia Pendeza S.A. and Bring Minerals S.A.U.
The companies intend to conduct geological exploration in the DRC provinces of Hout-Katanga and Lualaba.


Vumilia Pendeza Musonoi Mining SA. ( VUP SA )
November 22, 2018 -
March 6, 2019
RRRC, VUP and B.Min also executed a "Joint Venture Contract relating to the exploitation of PEs no. 4962 (2 carrés), no. 2360 (4 carrés) and no. 663 (6 carrés) in the Provinces of Haut-Katanga and Lualaba", which formalises the relationship of the parties. With the execution, notarisation, and registration of these documents, the joint venture becomes fully effective.

❖ The Joint Venture is structured as follows:
❖ Red Rock Resources AIM listed PLC 50.1%
❖ Bring Minerals SAU 24.9%
❖ Vumilia Pendeza SA 25%


2019-03-11
Red Rock Resources has created a joint venture to produce copper and cobalt in the DRC
Red Rock Resources announced that it has signed a charter for a joint venture, VUP Musonoi Mining SA, which will operate in the copper and cobalt sector in the Democratic Republic of the Congo.
Red Rock's share in the joint venture will be 50.1%; its partners are local Vumilia Pendeza S.A. and Bring Minerals S.A.U.

December 24, 2019 - Red Rock Final Results

In the Democratic Republic of Congo successful exploration at the Company's Luanshimba copper/cobalt license took place, identifying significant 2km by 500m and 1400m by 300m anomalies.
The focus then switched to the Company's main joint venture in the Congo, where the joint venture agreement was formally signed in March 2019.
The formation of the joint venture operating company, which Red Rock considers desirable as it more closely defines rights and responsibilities, has been slow to proceed but is pending.
The Company was able to carry out some preliminary studies of the historic data at the Musonoi copper-cobalt license including some access to the old core in the Gécamines drill sheds at Likasi.
These studies of old drilling and the pit shell, when mining ceased, indicated the existence of a significant and definable body of unmined mineralised material that at current economic grades and with current technologies would have been mined.
A geological model of this mineral potential, which is expandable with drilling, has been produced but requires raising to the standard of the JORC 2012 Code before it can be publicly released.
This requires some further access to data, or further drilling, and has been and remains a priority.

-------Below by AKA Dead Duck Resources
Last annual report RRR confessed only 2 of 3 partners signed the statutes of the JV.
They instructed a lawyer to chase VUP for a correct officer to sign theirs but they
never did, only penned an informal JV 'letter of intent' agreement not the statutes.

Then in the brief arbitration RRR was unable to make VUP sign anything there either;
an Arbitration was ordered on 28 June 2022...There is a draft award but our partners
VUP have not attended a meeting where they would sign the Minutes of the Arbitration


The arbitration finished its hearings in July 2022 but we still await signed Minutes

----

Debt Collection Agency -

----

La Générale des Carrières et des Mines - Gécamine
Musonoi (MRDS #10107362) CU

United States Geological Survey (.gov)
› mrds › show-mrds
Gecamines. Type, Owner. Owner, La Generale Des Carrieres Et Mines Du Zaire (State Owned) (Gecamines). Reserves and resources. Type, In-situ. Estimate year, 2011.



December 7, 2023:

[torp] 26/12/2019 16:14

Desperate as ever Noirua

So let's recap on the reality here and the salient points from the Full Year Report:

Total Current Liabilities : £2.8m !!!!

Cash in bank : Just £64K


The available monies appear to still go to director salaries and preposterous amounts on expenses.

Admin Expenses were approx £600,000
Business Development £302K
Other Project Costs £158K

That pretty much swallows up all the Jupiter dividends

Obviously they don't have 2 coins to rub together otherwise they would have
paid down the £1m CLNs that were due for repayment 19th Dec instead of kicking
them down the road for a 3rd year, now with the increased interest rate of 12%!!!

That's 2 year's interest at 10% that has been incurred and now a third year at
12%. Valuable cash that doesn't deliver any shareholder value imho.

With £2.8m liabilities and naff all cash in the bank what possible investment
proposition is there here? The Jupiter divi's rather than provide value will just
get soaked up by salaries and expenses. How will they pay down those liabilities?
Liabilities were £2.7m at the start of 2019 and now they are £2.8m.

They will surely look to dilute and raise cash just to pay down debts.

Where in such a scenario is any cash to develop any project??

It's an empty cup for me

But believe what you will and always DYOR

.

[noirua] 26/12/2019 16:06

Red Rock Resources’ resilience pays off in Kenya
23 December 2019


"We are entering the last stage of what has been a lengthy process and we look forward to the confirmation of the granting of these licences, and to renewing progress towards our aim, which is to have a producing gold mine, he concludes.

[noirua] 26/12/2019 15:58

Red Rock Resources PLC website:
-----

The Canadian-based Kansai Mining Corporation undertook exploration for gold in Kenya and reported encouraging results from its drilling at the Migori gold project in 2008.

This project covers 310.5 km2 of the Migori Greenstone belt within the Migori district, Nyanza region in southwestern Kenya, on the eastern shores of Lake Victoria. The project is situated 290 km west of Nairobi parallel to the Tanzanian border and Migori is eight hours drive from Kenya’s capital, Nairobi.

Kansai’s Migori concessions cover a greenstone belt of 68 km in length, which is one of ten in the area. Eight of the other greenstone belts are south of the border in Tanzania, which has seen dramatic growth in gold exploration and exploitation in recent years. Historically the area has seen various mining operations.

On 22 February 2021, the Company announced the completion of a mineral resource and reported it as a Mineral Resource. The total Mineral Resource, for both Inferred and Indicated categories at a 0.5 g/t Au cut-off, is estimated at: 15.13 Mt @ 1.49 g/t Au with a contained metal content of 723 Koz Au. Macalder Tailings measured - • 68koz Au @ 1.7g/t.

----------

HIGHLIGHTS:

22 March 2022 Drilling Results:
Migori Gold:

o A total of 20 drill holes totalling 2093 meters were completed in the phase 1 RC Drilling Programme at the KKM Prospect and sampling and logging were done at 1 metre intervals by our in-house geological team prior to being sent to SGS Limited in Mwanza, Tanzania for accredited laboratory assay.

o Results are of the second batch of 1,365 samples from the last 11 out of the 20 holes drilled in the programme. Results of the first batch of 9 drill holes (950 samples) were announced on the 7(th) January 2022.

o Intercepts encountered in this second batch of results include (complete collar and assay tables are given at the bottom of this release):

o KKRC095: 37m @ 0.73 g/t Au from 120m to 157m (including 5m @ 2.05 g/t Au from 135m, 1m @ 1.59g/t Au from 145m, 2m @ 2.18g/t Au from 150m)

o KKRC087: 19m @ 0.54 g/t Au from 81m to 100m (including 3m @ 1.07 g/t Au from 90m, 1m @ 2.55g/t Au from 95m)

o KKRC091: 12m @ 0.65 g/t Au from 79m to 91m (including 1m @ 1.2 g/t Au from 81m, 3m @ 1.24g/t Au from 83m)

o KKRC103: 10m @ 1.5g/t Au from 61m to 71m (including 3m @ 1.02 g/t Au from 61m, 5m @ 2.23 g/t Au from 67m)

o KKRC089: 8m @ 1.23g/t Au from 87m to 95 m (including 4m @ 1.81 g/t Au from 87m, 2m @ 1.07 g/t Au from 92m)

Other intercepts already reported in the first 9 holes of:

o KKRC102: 17m @ 1.02 g/t Au from 116m to 133m (including 1m @ 3.15 g/t Au)

o KKRC082: 6 m @ 1.17 g/t Au from 8m to 13m (including 1m @ 3.75 g/t Au)

o KKRC101: 4m @ 1.37 g/t Au from 83m to 87m (including 1m @ 2.7 g/t Au)

----------

-- KKM is the Mid Prospect of the five main MGP Prospects and has an Indicated and Inferred (JORC 2012) Resource of 371.3 Koz Au. Gold mineralization at KKM is both structurally and chemically controlled through a regional NW-SE trending shear zone and its rich quartz porphyry intrusions and graphitic shale envelopes respectively.

Migori Gold Project on Twitter:

MIGORI GOLD PROJECT -



A Government Minister's Approval is awaited on the mining license. However, exploration may now continue into 2023.

----------

MIGORI GOLD PROJECT IN KENYA
Feb 12, 2008

This project covers 310.5 km2 of the Migori greenstone belt within the Migori district, Nyanza region in south-western Kenya, on the eastern shores of Lake Victoria. The project is situated 290 km west of Nairobi parallel to the Tanzanian border and Migori is eight hours drive from Kenya’s capital, Nairobi.

Red Rock Resources completes acquisition of Mid-Migori Mining stake with final tranche of shares
30 Mar 2010


PROGRESS REPORT - African Exploration Assets 15 June 2018
Red Rock also announces, further to its announcement of 26 June 2015, that a revision to its agreement with Kansai Mining Corporation ("Kansai") of 20 June 2015 ("2015 Agreement") was executed on 11 June 2018 ("2018 Agreement").

Completion of Purchase
Conditional Issue of Shares and Warrants
1 March 2021

The Company has paid US$1,000,000 of the US$2,500,000 payment obligation by paying US$1,000,000 in cash and Kansai has elected to receive the balance of $1,500,000 in the form of an issue of 101,550,000 new Ordinary Shares of 0.01p in the Company ("Shares" and "Share Payment") at a price of 1.05 pence per Share to Kansai.

Red Rock paid Kansai USD50,000 payment, leaving Red Rock with 100% interest. In the event of renewal or reissue of licenses covering the Assets, and paid USD2.5m in cash and shares in Red Rock, (2) a USD1m promissory note payable 15 months after issue, and (3) GBP500,000 of warrants into Red Rock shares at a price 20% above their average closing price on the three trading days prior to issue.
100% OWNED MID MIGORI LIMITED TENEMENTS. *100% is paid for including an agreement linked to Red Rock's holding of Elephant Oil Corporation shares.

!YOUTUBEVIDEO:sNj98ytr8hs:

INFORMATION TEMPORARILY PARKED HERE FOR RED ROCK RESOURCES PLC.

REGISTERED OFFICES OF ALL OF RED ROCK RESOURCES PLC SUBSIDIARIES:

01. - 1).AFRICAN LITHIUM RESOURCES LIMITED Registered office address -
------ Aldwych House 71-91 Aldwych, London, England, WC2B 4HN
------
01. - 1). African Lithium Resources PVT Ltd registered office is at 3 Hex Road, Queensdale,
------ Harare, Zimbabwe.
02. - 2). and B). Red Rock Resources Congo S.A.U. the registered office is Boulevard Du 30 Juin et
------ Avenue Batetela, Immeuble Crown Tower, 5 Eme Niveau, Local 504, Gombe, Kinshasa.
03. - 5). Faso Minerals Ltd's 2 Wandon Road, London, United Kingdom, SW6 2JF - 08990 - Other
------ Mining and quarrying not elsewhere classified.
------
03. - 5). Faso Greenstone Resources SARL registered office is Secteur 54, Quartier Ouaga 2000,
------ Lot 28, Parcelle 18, Section 280, 01 BP 5602 Ouagadougou 01, Burkina Faso.
04. - 6). New Ballarat Gold Corporation Plc's registered office is 201 Temple Chambers,
------ 3-7 Temple Avenue, London EC4Y 0DT. 64209 - Activities of other holding companies not elsewhere classified.
------
04. - 6). Red Rock Australasia Pty Ltd's registered office is c/o Paragon Consultants PTY Ltd,
------ PO Box 903, Claremont WA, 6910, Australia. -
------
05. - A). Red Rock Galaxy SA office is 1320 Av Meteo 2 Q/Meteo C/Lumbumbashi, DRC
06. - C). Lac Minerals Ltd's registered office is 2 Wandon Road, London, United Kingdom, SW6 2JF.
------
06. - C). Lacgold Resources SARLU registered office is Yamoussoukro Morofe Lot 420B Ilot 32,
------ BP 1364 Yamoussoukro, Ivory Coast.
07. - E). RedRock Kenya Ltd and RRR Kenya Ltd registered office is PO Box 9306 - 003000,
------ Nairobi, Kenya.
08. - F). Jimano Ltd registered office Strovolou, 77 Strovolos Center, 4th Floor Office 401,
------ Nicosia, Cyprus.
------
09. - G). Red Rock Resources (HK) Ltd registered office is Suites 1601-1603, Kinwick Centre,
------ 32 Hollywood Road, Central, Hong Kong.
10. - H). RRR Coal Ltd's registered office is 2 Wandon Road, London, United Kingdom, SW6 2JF.
------
11. - J). Tripler Royalties Limited, Aldwych House 71-91 Aldwych, London, England, WC2B 4HN
------ Https://find-and-update.company-information.service.gov.uk/company/14174288

E). - Jimano Limited, Cyprus - Holding is 50%.
JIMANO LTD was registered in Cyprus on November 13, 2019, as a Limited Company.
The Registration Number for this Cyprus Limited Company as held by the Official Government
of the Cyprus Registrar Of Companies is ΗΕ404030. The Organisation Status is Active.
There are 2 Officials currently on file.
The address of the company is Στροβόλου ( Strovolou ), 77, STROVOLOS CENTER, Floor 4,
Flat 401, Λευκωσία, Κύπρος ( Lefkosia, Nicosia, Cyprus ).
Map:
As for the officials as seen by the Official Cyprus Registrar at the point in time when the data
were collected, FIDESTA MANAGEMENT LTD ( Cyprus Company registered in the British
Virgin Islands ) holds the position of Director, ΕΥΡΙΠΙΔΗΣ ΠΑΥΛΟΥ (EVRIPIDIS PAVLOU)
holds the position of Secretary.
Fidesta Management Limited -
CYPRUS CORPORATE REGISTRY:


F). Red Rock Resources (HK) Ltd ( 中文517;稱: 無 ) registered office is Suites 1601-1603,
Kinwick Centre, 32 Hollywood Road, Central, Hong Kong. The founding year of Hong Kong
company Red Rock Resources (HK) Limited is July 25, 2018.


G). RRR Coal Ltd's - Open cast coal working ,



H).Tripler Royalties Limited - Activities of open-ended investment companies.
Royalties held within the holding company Tripler Royalties Ltd for the gold interests in
Burkina Faso and Ivory Coast and also lithium in Zimbabwe are left unvalued (TBD) for the
moment until we know more about their resource and production profile potential.
Other royalty assets will be added to Tripler Royalties Ltd in the future.


NON-ASSET REQUIRING EXPENDITURE.

J). GREENLAND REPARATION COSTS.
Red Rock holds all Drilling Information for Iron Ore. The Company [Red Rock Resources PLC]
has retained ownership of the intellectual property and data associated with its exploration
activities in Greenland. For the exclusion of any doubt, the above information concerning
Greenland as obtained whilst RRR owned 60% of Melville Bay is correct. Please ignore
any information otherwise which is false and misleading.
From 2018 Annual Accounts of 23 November 2018.
The costs for the year ending June 30, 2023, was £159,000.

NBGC - The Consideration for the Purchase is the payment of £1,500,000 in fixed and
contingent
payments subject to the terms and conditions set out in this HoT and as described
in the Payment schedule.

3(b) shareholder approval by shareholders of Red Rock of the issue of the Initial Share
Consideration ("ISC"),

(e) Red Rock confirming by the close of Due Diligence that it has access to funding
required for the settlement of all amounts due on Completion and for the ongoing
financing of NBGC and RRAL; and...

Should all conditions precedent not be satisfied or agreed in writing by the parties
to be waived within 13 weeks of the date of this HoT, the HoT shall be terminated.

Completion shall be effected within five days of the satisfaction of the Conditions
Precedent (or, in the case of condition (b), its waiver by POW) by:

4(a) POW delivering its shares in NBGC to Red Rock with a signed transfer;

4(b) Red Rock delivering the Convertible Loan Notes ("CLNs") to POW;

5(a) Upon Completion, Red Rock will pay POW the CLN consideration, namely
£250,000 to be settled by the issue of 250 Convertible Loan Notes of £1,000
which will be convertible to Shares at the price of any placement of new Shares
to raise proceeds of over £200,000 gross to be carried out in the six months after
their issue ("Placement"), and in the event no Placement occurs to be redeemed
by a cash payment on a date six months after Completion;

(b) Upon the approval by shareholders of Red Rock of the ISC, the payment by
Red Rock to POW of £250,000 to be settled by the issue of 166,666,667 new
Ordinary Shares of Red Rock ("Shares") at a price of 0.15 pence per Share, or
cash (at Red Rock's election) and 166,666,667 warrants each exercisable into
one Share at a price of 0.25p per Share and exercisable during a period expiring
3 years after the date of their issue;

(c) On the date two months after Completion, the payment by Red Rock to POW
of £250,000 in cash;

d) The payment on each of the three following occasions by Red Rock to POW
of £250,000 in cash or, at Red Rock's election, Shares in Red Rock to that
value calculated by reference to the last 10 trading days' VWAP
(volume-weighted average price)...

5(1) £250,000 on the date nine months after Completion;

5(2) £250,000 on the confirmation by an announcement by a regulatory news
service or a declaration by a Qualified or Competent person (as those terms
are defined in the AIM Rules) of a 20,000 oz gold or gold equivalent JORC
Resource...

5(3) £250,000 on the confirmation by an announcement by a regulatory news
service or a declaration by a Qualified or Competent person (as those terms
are defined in the AIM Rules) of a 200,000 oz gold or gold equivalent JORC
Resource

6b(5). (5) Should Red Rock dispose of any of the interests currently held by
NBGC / RRAL within 12 months 15% of disposal proceeds after agreed costs
will be payable to POW, or 5% in months 13-24.

[noirua] 26/12/2019 15:40

Get ready for changes. Especially trolls and detractors.

Migori Project information is on its way to the new great Migori Gold Project Thread.

A very exciting journey ahead for Red Rock into 2020. Join us on the two new threads to join Red Rock. Great times ahead. Trolls and detractors are very welcome even though I have them well filtered.

[torp] 26/12/2019 12:47

Looks that way Kemche

[kemche] 26/12/2019 11:56

So fcucked then. A long winded way of saying it but why not.

[noirua] 26/12/2019 11:22

30. Assets Pledged as Collateral
On 11 April 2019, RRR Coal Limited, a company 100% owned by Red Rock Resources plc, agreed to a standby Loan Facility of up to US$1,000,000. The maximum amount drawn down under this facility has been US$200,000.
As security for any funds drawn down, RRR Coal Limited has agreed to maintaining a value of shares in Jupiter Mines Ltd equal to three times the amount outstanding on the loan facility as calculated by the value weighted average price for the proceeding five days prior.
At the time of completion 5,500,000 shares of Jupiter Mines were pledged to the noteholders and a Corporate Guarantee was also executed.

[noirua] 26/12/2019 11:16

Non-current related party receivables of GBP3,887,434 (2018: GBP3,599,439) are recoverable from Mid Migori Mining Company Limited under the terms of the joint venture, purchase and sale agreement entered into in August 2009 as detailed in note 29. The amount is unsecured and has no fixed repayment date. Interest is charged at 8% per annum, and it was accrued in the reporting year the amount of GBP287,995 (2018: GBP359,539).
Management have considered the recoverability of this debt and have considered the recent announcement regarding approval for the grant of licenses by the Mining Rights Board (MRB) of Kenya on the mining cadastre website.
Upon receipt of official confirmation of the intended grant, the Company will be invited to fulfil fee payment and registration requirements.
The grant of the licences then remains subject to the approval of the Cabinet. More details are given in note 1.5, Significant accounting judgements, estimates and assumptions.

1.5 The Company owns 15% of the issued share capital of Mid Migori Mining Company Limited ("MMM").
Andrew Bell is a member of the board of MMM. In accordance with IAS 28, the Directors of the Company consider this, and the input of resource by the Company in respect of drilling and analytical activities, to provide the Group with significant influence as defined by the standard.
As such, MMM has been recognised as an associate for the years ended 30 June 2019 and 30 June 2018.
The effect of recognising MMM as an FVTOCI financial asset would be to decrease the profit by GBP511 (2018: increase the profit by GBP23).

The MFP sale proceeds represent the fair value of the deferred consideration receivable for the sale of MFP.
The fair value was estimated based on the consideration offered by the buyer adjusted to its present value based on the timing for which the consideration is expected to be received.
The most significant inputs are the offer price per tranches, discount rate and estimated royalty stream. The estimated royalty stream takes into account current production levels, estimates of future production levels and gold price forecasts.

Note 29, Commitments: As at 30 June 2018, the Company had entered into the following commitments:

-- Exploration commitments: no ongoing exploration expenditure is required to maintain title to the Group mineral exploration permits in Kenya pending regrant/renewal.
No provision has been made in the financial statements for these amounts as the expenditure is expected to be fulfilled in the normal course of operations of the Group.

-- On 26 June 2015 the Company announced an agreement with Kansai Mining Corporation Ltd pursuant to which Red Rock's farm in agreement was replaced by agreements under which any interest in the Migori Gold Project or the other assets of Mid Migori Mines that may be retained or granted to Mid Migori Mines or Red Rock would be shared 75% to Red Rock and 25% to Kansai. Kansai's interest was to be carried up the point of an Indicated Mineral Resource of 2m oz of gold.

Red Rock was to have full management rights of the operations and of the conduct of legal proceedings on behalf of both Mid Migori Mines and itself.
On 15 June 2018 Red Rock announced a revision to this agreement. The effect of the revision is that Kansai exchanged its 25% carried interest under the 2015 agreement for a US$50,000 payment, leaving Red Rock with a 100% interest. In the event of a renewal or reissue of licenses covering the relevant assets the Company will within three months make further payments, subject to such renewal or resissue not being on unduly onerous terms, as follows: (1) US$2.5m payable in cash, (2) a US$1m promissory note payable 15 months after issue, and (3) GBP500,000 of warrants into Red Rock shares at a price 20% above their average closing price on the three trading days prior to issue.

-- On 21 September 2019 the Company entered into a new lease agreement for office space with WeWork Aldwych House.
The initial lease runs from 1 October 2019 through 30 October 2019. The lease can be terminated by giving one full calendar month's notice. More details are disclosed in note 25.
-----

The Company, at 30 June 2019 and at 30 June 2018, had significant influence by virtue other than shareholding over 20% over Mid Migori Mining Company Limited. During the year ended 30 June 2018 the Group acquired the remaining 25% of interest in net assets of Mid Migori and from 15 June 2018 it has 100% interest in Mid Migori's net assets.





[ Please note however that RRR only own 15% of the issued share capital actual in Mid Migori Mining Company Limited whilst holding 100% interest in the assets ie Mid Migori project. Red Rock is owed GBP£3,887,434 + £287,995 acrued interest by Mid Migori Mining Limited.
Should Red Rock eventually complete the 25% purchase of Mid Migori Project, thus now owning 100%, on a mining license being awarded and not on onerous terms, RRR would be required to pay US$2,500,000, issue a USD1,000,000 promissory note and GBP500,000 in warrants to Kansai Mining.Corporation]

Red Rock Resources ups stake in Kansai Mining Corp to 35.2pct
www.proactiveinvestors.com.au/companies/news/22182/red-rock-resources-ups-stake-in-kansai-mining-corp-to-352pct-26453.html

The company has exercised the option over 29.6 million shares in Kansai A WEEK AGO at a cost of C$10. The shares were held by RAB Special Situations (Master) Fund and amount to a pre-dilution interest of 28.9 percent of Kansai.
Following a further transaction, Red Rock now owns a total 45,552,237 Kansai shares, representing 37.96 per cent of the total issued and outstanding capital.

Migoro gold resource tops a million ounces
Vancouver An independent resource estimate pegs the contained gold resource at Arizona-based Kansai Mining's (KAN-V) Migoro gold project at 1.24 million oz., a 65% increase over the previous estimate.Kansai's Migoro project covers 310 sq. km. along the Migori greenstone belt...

Kansai Mining Corporation -





Still not complete yet - please be patient, thanks - prepare for something new...

[torp] 24/12/2019 15:15

~ ~ ~ . . . ~ ~ ~ . . . ~ ~ ~ . . . ~ ~ ~ . . . ~ ~ ~

Twas the night before Christmas, as old Ettie sighed
"Where are the mugpunters, they've all gone!", he cried
I used to make millions again and again
Running this lark as a pure gravy train

But now they are wiser and won't play my game
The share has been trashed and they give me the blame
They won't buy the shares and sit idle and petty
Just like my machine that prints out confetti

The silence was pierced by a knock on the door
Carolers perchance come to sing for the poor?
Alas twas investors all grim in dark coats
Shouting "when will you pay these useless loan notes?!"

"Begone! hapless fools, for the cupboards are bare
Come back in a year for I have not a care
The pennies were lost on a venture in steel
Which fizzled to nought and was far from ideal"

And so by the fire Ettie sat all alone
Nursing his port like a dog with a bone
Lost in his dreams of silver and gold
And fanciful notions of riches untold

Then came once again a rap on the door
Which brought the old fool to his senses once more
And swinging the portal wide open he beamed
For his old chums from Cornhill had come back it seemed

Fear not said the brokers for tidings we bring
Let's raise up our glasses together and sing
For a new year approaches for your gravy train
You can fleece the mugpunters all over again

Thus bolstered and feeling a fervor anew
He dreamed of new punters who had not a clue
Who knew not the history of failures and woe,
And would buy the confetti to make his pot grow

"Oh Santa just bring me my salary please
Expenses galore and plenty of fees!"
And so with a smile and a slightly dulled head
Ettie hung up his stocking and tottered to bed

~ ~ ~ . . . ~ ~ ~ . . . ~ ~ ~ . . . ~ ~ ~ . . . ~ ~ ~

[noirua] 24/12/2019 15:06

70 minutes of Xmas songs for all:

[kemche] 24/12/2019 12:22

Amulet was particularly interesting!

[kemche] 24/12/2019 12:21

Hernando - exactly!

[hernando2] 24/12/2019 12:17

I wonder who got all the money he gave away on those 'business opportunities"

[kemche] 24/12/2019 11:59

Noirua - end the year as you began it - with utter twaddle.

Well done!

[noirua] 24/12/2019 11:56

Taking everything into account the Annual Report though very negative in many ways does show RRR are getting a bit of a handle on the cash situation. The value of Mid Migori and the three DRC tenements far outweighs this negativity. A buying opportunity with all its risks out there

[torp] 24/12/2019 10:59

Oh and of course important to note that

Total Current Liabilities have gone up since end Dec from £2.7m to £2.8m

So no dent made in those liabilities.

£2.8m liabilities

Cash in bank £64k

Nuff said imho

DYOR

[torp] 24/12/2019 10:57

lol at the Final Results.

Cash in bank just £64K as at end June.


Small wonder they couldn't repay the CLNs and rolled them over for a 3rd year.

Can't imagine what the large investors were thinking here. They are surely just watching their holdings lose value. Ousting the existing BOD was imho a priority and they have failed to do so.

Now as I have been predicting for weeks, the share price is dropping into the 0.3p zone.

Same old

DYOR