Red Rock Acquires Option In Kansai Mining

RNS Number : 6436W

Red Rock Resources plc

02 February 2012

 



Red Rock Resources ACQUIRES OPTION IN KANSAI MINING CORPORATION

London, United Kingdom- February 1, 2012 - Red Rock Resources PLC ("Red Rock") announced today that it has acquired from a shareholder of Kansai Mining Corporation ("Kansai") an option over 5,923,237 common shares in Kansai at an aggregate purchase price of the greater of (i) US$0.05 per common share, and (ii) 85% of the amount of the valuation of Kansai's assets (to be undertaken by Red Rock), at any time in the next four years. The option is exercisable for $1. If the option is exercised, the common shares would represent in the aggregate approximately 4.94% of Kansai's issued and outstanding capital.

After giving effect to the transaction, Red Rock now owns and controls, or has the option to own and control, 45,552,237 common shares of Kansai representing 37.96% of the total issued and outstanding common shares of Kansai.

Red Rock acquired the common shares for investment purposes.  Depending on market and other conditions, Red Rock may, from time to time, increase or decrease its ownership, control or direction over the common shares or other securities of Kansai.

For Further Information:

Andrew Bell	[phone] or [phone]	Red Rock Resources plc	Chairman
Sandra Spencer	[phone] or [phone]	Red Rock Resources plc	Public and Investor Relations
Phil Davies/David Porter	[phone]	Religare Capital Markets	Nominated Adviser
Nick Emerson	[phone]	Simple Investments Ltd	Broker

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

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