Update on Jupiter Mines Iron Ore Projects

RNS Number : 4346S

Red Rock Resources plc

08 July 2020

 

Red Rock Resources PLC

("Red Rock" or the "Company")

Update on Jupiter Mines Iron Ore Projects

8 July 2020

Red Rock Resources Plc, the natural resource development company with interests in gold, manganese and minerals, announces an update on the impact of COVID-19, in relation to its investment in Jupiter Mines Ltd (ASX:JMS).

Jupiter Mines has released today the following statement:

"UPDATE ON JUPITER IRON ORE PROJECTS

Jupiter Mines Limited ("Jupiter") (ASX.JMS) announces that the strategic review of the Central Yilgarn Iron Ore Project ("CYIP") has identified an Initial Public Offering ("IPO") of the CYIP assets as a potential value crystallisation option.

The Board of Jupiter, after due consideration, has unanimously approved a detailed investigation of an IPO as a priority.

Jupiter will continue to update the market as part of its continuous disclosure policy."

Red Rock Chairman Andrew Bell comments : "Recent higher iron ore prices have created an opening, provided prices hold, for a successful sale or flotation of Jupiter's iron ore assets. Red Rock is the holder both of Jupiter shares and of a royalty over the large Mt Ida iron ore deposit.

Red Rock welcomes this announcement, and will report any further progress". 

Further Information

The Central Yilgarn Iron Ore Project consists of (a) the Mt Ida magnetite deposit, where a 1.23 bn ton JORC compliant Indicated Resource of 29.79% Fe in its Central Zone, capable of beneficiation to a 66.65% concentrate, and a JORC compliant Inferred Resource of 615m tons at 28.86% in the Northern and Southern Zones, was announced by Jupiter on 8 January 2013, and (b) the Mt Mason DSO haematite deposit, where JMS announced a 5.9m ton Measured and Indicated Resource  of 60.1% ore on 30 January 2012. 

Red Rock has a holding in Jupiter Mines valued currently at approximately AUD 4.35m (£2.41m). The Company also has a 1.3% gross revenue royalty over the Mt Ida iron ore project. Anglo-Pacific Group plc has an obligation to purchase 0.45% of this royalty interest from Red Rock for $8m upon the achievement by Jupiter of certain milestones, namely (a) a definitive feasibility study and decision to proceed, and (b) commercial production.

For further information, please contact:

Andrew Bell 0207 747 9990                                                          Chairman Red Rock Resources Plc

Scott Kaintz 0207 747 9990                                                         Director Red Rock Resources Plc

Roland Cornish/ Rosalind Hill Abrahams 0207 628 3396 NOMAD Beaumont Cornish Limited

Mark Treharnel 0203 700 2500   Broker Pello Capital Limited

 

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