Jupiter Mines Ltd - Mt Ida Ma

RNS Number : 8129R

Red Rock Resources plc

31 August 2010

 



RED ROCK RESOURCES PLC

Jupiter Mines Ltd - Mt Ida Magnetite Project

Dated: 31 August 2010

Red Rock Resources plc ("Red Rock" or the "Company"), the gold mining and exploration company with projects in Kenya and Colombia, and interests in steel feed  and uranium, reports on progress at Jupiter Mines Ltd's Mt Ida Magnetite Project. Red Rock has 83,794,165 shares in Jupiter Mines Ltd (ASX: JMS; "Jupiter").

Yesterday morning Jupiter released the following announcement to the Australian Stock Exchange:

"Mt Ida Magnetite Project - Development to be Fast Tracked

KEY POINTS

·  Mt Ida Magnetite Project is a key project in the Steel Feed Corporation Strategy

·  Mt Ida budget increased to A$3M

·  Objective to generate a maiden JORC compliant Inferred magnetite resource in December 2010

·  Initial program of 11,000 metres of RC drilling underway

·  Second drill rig added to the program

Jupiter Mines Limited (ASX:JMS) is pleased to announce that upon the successful EGM earlier this month approving the Tshipi Manganese Project transaction that transformed Jupiter, and as a result of the induction of the new "blue chip" shareholders who are fully committed to its Steel Feed Corporation (SFC) strategy, the Jupiter Board has decided to fast track the development of the Mt Ida Magnetite Project.

The immediate objective is to generate a maiden JORC compliant inferred magnetite resource by the end of the year, and to achieve this the Board approved an increase in the Mt Ida budget to A$3M to add a second drill rig to expedite the program, and to sufficiently resource requirements in order to complete the associated programs.

The current drill program at Mt Ida commenced late July, and upon completion and generating an initial inferred resource that would support progression of the project, further drilling and a Feasibility Study would then be conducted in 2011.

With fast tracking the progression of the Mt Ida Magnetite Project in Western Australia, and in conjunction with the Tshipi Manganese Project in South Africa, which will become a manganese producer in 2012, these two projects position Jupiter very well by providing two significant legs to its SFC strategy."

Red Rock also has a 1.5% gross production royalty over the Mt Ida project.

Enquiries:

Andrew Bell	0207 402 4580 or 07766 474849	Red Rock Resources plc	Chairman
Sandra Spencer	0207 402 4580 or 07757 660 798	Red Rock Resources plc	Public and Investor Relations
Peter Trevelyan-Clark/ Ben Jeynes	020 7444 0800	Religare Capital Markets	Nominated Adviser
Nick Emerson	01483 413500	Simple Investments Ltd	Broker

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

 

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