RE Jupiter Mines

RNS Number : 3567A

Red Rock Resources plc

31 January 2011

 



RED ROCK RESOURCES PLC

("Red Rock" or the "Company")

Announcement re Jupiter Mines Limited

Dated: 31 January 2011

Red Rock notes the announcement made by its 5.2% owned associate Jupiter Mines Limited (ASX:JMS) ("JMS") today, in which JMS announced an A$150m fundraising to advance its steel feed corporation strategy.  A$100m will be used to develop Jupiter's 49.9% owned Tshipi Borwa ("Tshipi") project which is located in the Kalahari Manganese Field in South Africa and A$40m to fast-track the 100% owned Mt. Ida Manganese Magnetite Project ("Mt. Ida"), and the associated small Mt. Mason DSO Iron Project, located in the Central Yilgarn Region of Western Australia. The capital raised also provides some A$10m for JMS working capital purposes.  Red Rock maintains a 1.5% gross production royalty in Mt. Ida. As a result of the fundraising, which is conditional in part upon the approval of JMS shareholders, Red Rock's interest in 83,734,165 JMS shares will be diluted to approximately 4.6% JMS's enlarged issued share capital.

The full text of the JMS announcement together with JMS's Quarterly Activities and Cash Flow reports, can be accessed via http://www.asx.com.au/asx/research/companyInfo.do?by=asxCode&asxCode=JMS.

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

 

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