Update on holding in Jupiter

RNS Number : 4498G

Red Rock Resources plc

22 October 2008

 



RED ROCK RESOURCES PLC

Update on holding in Jupiter Mines Limited

Dated: 22 October 2008

Red Rock Resources plc ('Red Rock' or the 'Company') the mineral exploration and development company focused on advancing iron ore, uranium and manganese projects in Australia and East Africa, announces that Jupiter Mines Limited ('Jupiter'), a company listed on the Australian Stock Exchange ('ASX') (ASX: JMS) released the following announcement to the ASX today.

'The Directors of Jupiter Mines Limited (ASX: JMS - 'Jupiter') announce that the Company has received a proposal from Pallinghurst Resources Australia Limited and Red Rock Resources PLC seeking to vend certain assets into the Company.

The consideration for this would be an issue of shares which would be likely to lead to a change in control of the Company. The Board notes that such a proposal would require an approval of shareholders at a general meeting and prescribed information would need to be presented to shareholders at that time.

The Board is currently giving the proposal careful consideration and further releases will be made in due course.'

Red Rock, who are acting in concert with Pallinghurst Resources Australia Ltd, are together the largest shareholders in Jupiter, and have a combined disclosed shareholding of 33,619,403 shares in Jupiter amounting to 19.9% of the outstanding share capital..Of the combined holding Red Rock have 14,904,403 shares, or 8.8% of the outstanding share capital and Pallinghurst have 18,715,000 or 11.1%. 

Enquiries:

Andrew Bell	0207 402 4580 07766 474849	Red Rock Resources plc	Chairman
John Simpson / Ben Jeynes	020 7489 4500	Blomfield Corporate Finance Ltd	Nominated Adviser
Ron Marshman / John Greenhalgh	020 7011 9411	Lothbury Financial Limited	Public Relations

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

 

END

 

 

MSCMTBTTMMJTBAP