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 all
