Update on Greenland and Jupiter

RNS Number : 0744V

Red Rock Resources plc

08 January 2013

 



Red Rock Resources plc

Update on Proposed Sale of Interest in NAMA Greenland Limited

and

Resource announcement by Jupiter Mines Limited

8 January 2013

Red Rock Resources Plc ("Red Rock" or the "Company"), the mining and exploration company with an iron ore project in Greenland, a producing gold mine in Colombia, advanced gold and copper exploration in Kenya and interests in steel feed, uranium and rare earths, announces developments in relation to the NAMA Greenland Limited sale transaction and in relation to Jupiter Mines Limited's Mt Ida Magnetite Project.

NAMA Greenland Limited

Further to the Company's announcement of 28 November 2012 of the proposed sale of a 51% interest in NAMA Greenland Limited ("Sale" and "NGL"), the date for closing has been extended by a month from 10 January 2013 to 10 February 2013.

NGL holds direct ownership of the Melville Bugt Iron Ore project ("the Project") in Greenland. Following the announcement of a JORC Mineral Resource Estimate on the Project on 19^th December 2012, Red Rock has now satisfied the terms of its farm-in and expects to be issued shortly a further 35% shares in NGL to bring its total shareholding to 60%.

Red Rock expects to hear shortly whether other shareholders of NGL wish to participate in the Sale and will make a further announcement accordingly.

Jupiter Mines Limited

Jupiter Mines Limited (ASX:JMS)("JMS") has announced an increased JORC-compliant Mineral Resource Estimate at its Mt Ida Magnetite Project in Western Australia ("Project"). The Northern and Southern Zones add a further 615 million tons at 28.86% Fe to the 1.23 billion tons at 29.97% Fe in the Central Zone for a total Resource increased 50% to 1.86 billion tons at 29.48% Fe.

On 8 November 2012 JMS announced a freeze on expenditure on the Project, reflecting the increased cost environment and weak iron ore prices. JMS is evaluating the work done to date to optimise both project capital and operational expenditure strategies.

A copy of the full announcement may be accessed at:

http://www.asx.com.au/asxpdf/20130108/pdf/42cb94dqb6bgng.pdf

Red Rock owns 60,200,832 JMS shares (approximately 2.6% of the JMS issued share capital) and has a net 0.75% gross royalty interest in the Project.

Enquiries:

Andrew Bell	020 7402 4580 or 07766 474849	Red Rock Resources plc	Chairman
Sandra Spencer	020 7402 4580 or 07757 660 798	Red Rock Resources plc	Press Relations
Gerry Beaney / Daniela Amihood	020 7383 5100	Grant Thornton Corporate Finance	Nominated Adviser
Nick Emerson	01483 413500	Simple Investments Ltd	Broker

 

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