Jupiter Mines Limited - Updat

RNS Number : 8371O
Red Rock Resources plc
13 March 2009
 

RED ROCK RESOURCES PLC

Jupiter Mines Limited: Change of Strategy and Board Changes

Dated: 13 March 2009

Red Rock Resources plc ('Red Rock' or the 'Company') the mining exploration and mineral investment company with interests in iron ore and manganese in Australia and Zambia, and uranium investments in Africa and Australia announces that Jupiter Minerals Ltd ('Jupiter'), in which Red Rock has a shareholding of 15.2 per cent following the implementation of the first phase of the proposal from Pallinghurst Resources Australia Limited ('PRAL') and Red Rock as described in the Company's announcements of 10 November 2008 and 9 March 2009, has confirmed a change in its strategy going forward and the appointment of Geoffrey Wedlock as Executive Chairman. Jupiter a junior mining exploration company listed on the Australian Stock Exchange ('ASX') (ASX: JMS).

Jupiter is committed to developing strategic mining exploration and project opportunities in iron ore and other resources going forward and the following highlights its strategy:

  • Jupiter's focus will now be on the development of its Yilgarn iron ore and Pilbara manganese assets. It is the company's intention to expand its portfolio of steel feed related commodities. The other assets of Jupiter are regarded as non-core;

  • In pursuit of this strategic focus and to enhance operating efficiency Jupiter will move its headquarters to Perth, allowing it to be closer to its asset base. Its Sydney based management team, geologists and support staff will continue in their roles and will relocate to Perth over the coming months;

  • Geoffrey Wedlock, who was appointed to the Jupiter board on 9 March 2009, has been appointed Executive Chairman and Alan Topp has resigned as a director of JupiterMr Wedlock, a former CEO of BHP Iron Ore Pty Ltd and Managing Director of Portman Ltd, has extensive resources experience in general management, project development and joint ventures. He has a demonstrated track record of successful negotiations and commercial experience with shareholders, financiers, international partners and customers, external parties and governments.

Jupiter is well funded with AUS$11m in cash and marketable securities and is in a strong position to expand its asset base and operations.

Enquiries:

Andrew Bell

0207 402 4580

or

07766 474849

Red Rock Resources plc

Chairman

 

 

 

 

John Simpson

020 4489 4500

Blomfield Corporate Finance Ltd

Nominated Adviser





Ron Marshman / John Greenhalgh

020 7628 5518

Lothbury Financial

Public Relations

 

 

 

 

Updates on the Company's activities are regularly posted on its website, www.rrrplc.com.


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
MSCGUUBWWUPBGPW
UK 100

Latest directors dealings