driver
- 11 Nov 2010 15:39
- 886 of 934
Red Rock Resources (RRR)
Still looks cheap at 9.9p this will take off when production starts at the end of Dec
Proactive investors
Tuesday, November 09, 2010
Red Rock Resources gets massive boost after corporate update
Red Rock Resources (LON:RRR) shares rocketed in afternoon trade after the group announced plans to fast-track a second gold mine in Colombia, and highlighted a substantial resource upgrade at Jupiters newly acquired Tshipi manganese project in South Africa.
The shares were trading up 43 percent in late afternoon deals at around 8.90 pence, off intraday rises of more than 50 percent.
Red Rock also confirmed that associate Jupiter Mines (ASX:JMS) has now completed the deal to acquire a 49.9 percent stake in the massive Tshipi Kalahari manganese project in South Africa. Simultaneously it reported a substantial increase to Tshipis JORC resource.
In Colombia, Red Rock and its associate, Mineras Four Points SA (MFP), have decided to fast-track the development of the Machuca min, bringing gold production online alongside the El Limon mine at the end of December.
Initially Machuca was scheduled for development at a later date, supported by cash-flow from El Limon, but now the companies believe that a simultaneous development would be more efficient.
Red Rock and MFP have arranged a second loan agreement to fund the Machuca development.
It will provide up to 1 million in new financing - with 500,000 in loans and a separate additional draw-down facility.
Red Rock has options over 51 percent of MFPs equity, via the terms of the initial financing deal agreed in June.
Jupiter upgraded the Tshipi resource, with an additional 145 million tonnes at 31.75 percent manganese. The latest resource adds to the existing 163 million tonnes at 37.1% Manganese.
Back in March Jupiter agreed a deal with Pallinghurst Resources (JSE: PGL) to acquire the massive manganese project (163.23m tonnes grading 37.1%), in a A$490m share-based transaction,
Jupiter will issue around 1.1bn new shares to the Pallinghurst co-investors at a price of A$0.2110 per share.
Red Rock now owns a 5.23 percent stake in Jupiter - down from 22 percent - now that the transformational merger is completed.
moneyplus
- 15 Nov 2010 11:55
- 888 of 934
I hold RRR and have high hopes! also CNR, XEL, AGQ and DXR are doing well for me.
even PXS is perking up. after last year-I hope to make up some losses.
driver
- 21 Dec 2010 14:24
- 889 of 934
Time to let the world know if you already dont, MeDaVinci (Orogen Gold) MVC check the thread.
(Deli Jovan Gold Project) the cheapest Gold play out there get in while you can.
http://www.moneyam.com/InvestorsRoom/posts.php?tid=15489
moneyplus
- 24 Dec 2010 10:48
- 897 of 934
All the best to you as well---ATUK is mine. mvc as well though.
moneyplus
- 24 Dec 2010 11:08
- 898 of 934
Driver it is worth you looking at CNR and AGQ for next year as silver is rising rapidly and should bring the same rewards as backing gold according to the sprott fund who are experts in precious metals. The rise is only just beginning -I hope so I'm in.
aldwickk
- 26 Dec 2010 09:02
- 902 of 934
" I too like AGQ and recently upped my stake "
Steady on Juzz , next you will be investing in a gold mine.