Investment in Africa China Investment Corp (Red Rock Resources)
RNS Number : 8166Z Red Rock Resources plc 24 July 2008
RED ROCK RESOURCES PLC Investment in Africa China Mining Corporation
Dated: 24 July 2008
Red Rock Resources plc ("Red Rock" or the "Company") the mineral exploration and development company focused on advancing iron ore, uranium and manganese projects in Australia and East Africa, announces it has acquired a 20% equity stake in Africa China Mining Corporation ("ACMC"), a corporation incorporated in the Bahamas which through its subsidiaries holds manganese exploration assets and applications in Burkina Faso and Mali in West Africa.
ACMC through its subsidiary Burkina Mangane SARL holds by Decret 2008-202 dated 28 April 2008 a ten year renewable industrial mining permit to mine manganese from the Kié mine in the province of Tuy.
The executive directors of ACMC are Mr Lou Slaughter and Mr Ron Slaughter. Mr Ron Slaughter is resident in Burkina Faso.
ACMC has an application for an additional manganese resource pending in the neighbouring country, Mali, where it expects grant shortly. The management of ACMC expect to be in production at Kié in October and in Mali shortly afterwards.
Red Rock and its affiliates and associates have the right in certain circumstances to acquire an additional 20% interest in ACMC.
MDX Price at posting:
0.0¢ Sentiment: None Disclosure: Not Held
