RE Jupiter Mines Limited and

RNS Number : 8249H

Red Rock Resources plc

01 March 2010

 



RED ROCK RESOURCES PLC

Re: Jupiter Mines Limited and Resource Star

Dated: 1 March 2010

Further to the announcement made on 25 February 2010, Red Rock Resources plc ("Red Rock") announces that its 25.1% associate Jupiter Mines Limited ("Jupiter" ASX: JMS) has today announced that it is in the advanced stages of negotiating binding agreements that will accelerate Jupiter's steel feed strategy with the proposed acquisition of 49.9% of the Tshipi Kalahari Manganese Project ("Tshipi Project") in South Africa, from a group of investors including Pallinghurst Resources Limited (the "Pallinghurt Co-Investors") (the "Tschipi Transaction"). The Tschipi Transaction, which is subject to certain conditions precedent, is expected to transform Jupiter into a significant manganese and iron ore explorer and developer.

Under the terms of the proposed Tschipi Transaction, Jupiter will issue 1,160,363,867 new shares to the Pallinghurst Co-Investors at a price of A$0.2110 per share, implying a value of approximately A$490 million for the Tschipi Project.  Jupiter's proposed acquisition of 49.9% of the Tschipi Project has an implied valuation of A$245 million.  Along with this sizeable project, this transaction also delivers onto Jupiter's register a number of international strategic shareholders who endorse Jupiter's Steel Feed Corporation strategy and have the necessary financial resources to back up that strategy.  Upon completion of the transaction, Pallinghurst Resources founder and chairman Brian Gilbertson will join Jupiter's board as a Non-Executive director.

The text of the relevant announcement together with an investor briefing on the landmark Tschipi acquisition and a Jupiter company overview may be accessed via: http://www.asx.com.au/asx/research/companyInfo.do?by=asxCode&asxCode=JMS

Red Rock is also pleased to announce that it's 24.83 per cent associate Resource Star Limited was reinstated to Official Quotation on the ASX as from the commencement of trading today, Monday 1 March 2010

Enquiries:

Red Rock Resources plc
Andrew Bell, Chairman	0207 402 4580/07766 474849
John Watkins	07768 512404
Nominated Adviser
Blomfield Corporate Finance Ltd
Peter Trevelyan-Clark/Ben Jeynes	020 7444 0800
Broker
Simple Investments Ltd
Nick Emerson, Renato Rufus	01483 413500
Public Relations
Lothbury Financial Limited
Ron Marshman	020 7011 9411

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

 

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