Voluntary Administrators of Red River Resources Limited
Cor Cordis appointed as Voluntary Administrators of Red River Resources Limited
HILLGROVE MINES PTY LTD (ADMINISTRATORS APPOINTED)
ACN 102 660 506
HEBRIDES RESOURCES PTY LTD (ADMINISTRATORS APPOINTED)
ACN 601 993 695
FORTH RESOURCES PTY LTD (ADMINISTRATORS APPOINTED)
ACN 169 014 797
(collectively “the RVR Subsidiaries”)
Jeremy Nipps, Barry Wight and Thomas Birch of Cor Cordis were appointed as Voluntary Administrators of Red River and its wholly owned subsidiaries Hillgrove Mines Pty Ltd (owner and operator of the Hillgrove Gold Mine), Forth Resources Pty Ltd and Hebrides Resources Pty Ltd on 29 November 2022
The current owners acquired the mine in July 2019 with the intention to operate it as a going concern, with sampling undertaken in 2020/21 to restart the project. In Sept 2022, the board decided to put the mine in care and maintenance while it looked at other options to kickstart the mine operation.
Cor Cordis will continue to maintain Hillgrove Mines on a care and maintenance program, while it assesses viable options with a view to recapitalise and/or restructure RVR and/or its subsidiaries though a sale of the assets of the RVR/subsidiaries (or any part thereof), including via a deed of company arrangement. This review process may take up to approx. five months to complete and to determine the outcome of the future of the mining operation and the group.
“There won’t be any changes to the operations of the mine, but we will be assessing opportunities to determine how best to restructure the current operations as well as the overall group. We will also determine the value in the Hillgrove Gold Mine and how that may play in a broader restructure of the group or Hillgrove Mines,” said Jeremy Nipps from Cor Cordis.
For further information in relation to the external administrations of Red River, the RVR Subsidiaries, or the information set out above, the contact details of the Administrators are set below:
Cor Cordis, Mezzanine Level, 28 The Esplanade, Perth WA 6000