Red Rock receives another payment from Colombia Milling

Red Rock Resources updated the market on Monday on the sale announced in 2016 of a number of assets, including the company's wholly-owned subsidiary American Gold Mines, the 50.1% shareholder of the El Limon gold mine, Colombia, to Colombia Milling Limited.

The AIM-traded firm confirmed CML had paid $50,000 of interest due on the $1m promissory note held by Red Rock, as well as $5,148.34 in respect of gold royalties due for the quarter ended 31 March.

CML had also paid $225,000 and was remitting $25,000 as partial repayment of the note.

Red Rock confirmed the balance of the note remained payable on 1 April 2018.

“The receipt of $305,148.34 in further payments for the sale and operations of El Limon, and the interim distribution of $300,000 by Jupiter that we expect to receive in September, continue the pattern of improving cash flows seen since last year,” said chairman Andrew Bell.

“An update on the most significant pending event, the sale or IPO of Jupiter's Tshipi manganese mine, is expected within weeks.”