News

September 19, 2008

Andrew Bell’s Empire Remains Intact, As Red Rock Consolidates In The Yilgarn, And Regency Drills Up Nickel In PNG

By Henry Sandford

Aim-traded sister companies Regency Mines and Red Rock Resources share an executive chairman, the tireless Andrew Bell, as well as non-executive directors Ken Watson and John Watkins. Regency has a stake of over 40 per cent in Red Rock, which it spawned in 2005. Red Rock and Regency have taken different routes since then, but neither has exactly hit the big time yet; both have market capitalisations of less than £5 million and both have share prices lower than they were at listing. Not a happy state of affairs, but symptomatic of Aim’s annus horribilis. However Andrew Bell isn’t discouraged. In fact he is still hopeful that 2008, or more realistically 2009, could turn into an annus mirabilis for one, or both, companies.

The iron ore boom has been kind to Red Rock Resources, even if this isn’t apparent from the company’s share price. But the fact is that Red Rock’s land position in the Central Yilgarn iron district of Western Australia is now looking rather more useful than it did back in 2005. The company actually sold all but one of its tenements to ASX-listed Jupiter Mines in 2006, but kept back what it considers to be the most prospective, Mt. Alfred. Structures drilled by ASX-listed groups Iron Mountain...