StockMarketWire.com - Red Rock Resources said it had agreed to a settlement with the government of Kenya that it hoped would allow it to progress plans for a new gold mine.

A consent being filed with the court had been signed on behalf of Kenya's attorney general and the company.

Under the terms of the consent, the parties had agreed that the case be marked as withdrawn with no order as to costs.

The applicants would now be at liberty to apply for licenses and previous decisions would not be prejudicial to such applications.

Red Rock said it welcomed the settlement and had made the appropriate applications.

'We spent many millions exploring these licenses and producing an initial 1.2m oz Mineral Resource under the JORC Code at the beginning of the decade,' chairman Andrew Bell said.

'Our activity on the ground in gold exploration was second to none in its commitment, speed, and extent, and went so far as applying for a mining license on one area.'

'It was a disappointment and we believed an injustice to us that external factors then created obstacles in the way of following up this progress.'

'This settlement we hope will open the way to renewed progress towards our aim, which is to have a producing gold mine.'

'Our desire, and that of the authorities and local communities, is to see work towards this recommence without delay.'

'We shall make further announcements as the applications progress.'


At 8:34am: [LON:RRR] Red Rock Resources PLC share price was +0.01p at 0.63p



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