Jupiter Mines - strategic review of iron ore

RNS Number : 0651U

Red Rock Resources plc

26 March 2019

 

Red Rock Resources plc

("Red Rock " or the "Company")

Jupiter Mines - Strategic Review of Iron Ore Assets

26 March 2019

Red Rock Resources Plc, the natural resource development company with interests in gold and steel feed materials, announces that Jupiter Mines Limited ("Jupiter", ASX:JMS), an Australian public company in which Red Rock holds 18,524,914 shares (0.95%), has released an update announcing an intention to review its iron ore projects in the Yilgarn district of Western Australia with a view to realising value.

Jupiter notes the current strength in the iron ore market and the drive towards higher grade iron ore feed in China, as well as potential available rail and port capacity in the vicinity of the projects. Hartleys Limited have been appointed as corporate adviser for the process.

Further details are available in the announcement on the Jupiter website, www.jupitermines.com.

The Jupiter shares closed at AUD 0.34 on 25^th March 2019. Jupiter has recently announced a final dividend of AUD 0.025 for the year ending February 2019, payable on 21 May 2019, making a dividend total of AUD 0.075 for the year.

Jupiter's iron ore projects consist of the Mount Mason DSO Haematite Project (5.75m tons initial Inferred Mineral Resource at 59.9% Fe₂O₃)¹ and the Mt Ida Magnetite Project (1.23bn tons of JORC Mineral Resource (1.06bn tons Indicated, 170m tons Inferred) at 29.79% Fe₃O₄ producing a concentrate of 66.7%)².

Red Rock holds a 0.75% Gross Revenue Iron Ore Royalty (GRR) over Mt Ida, and a further 0.45% GRR over Mt Ida which transfers in two tranches to Anglo Pacific Group plc for a consideration of USD 8,000,000 upon the reaching of certain development milestones³.

Notes:

¹ Jupiter Mines announcement of 27^th June 2011

² Jupiter Mines announcement of 4^th September 2012

³ Red Rock announcement of 2^nd May 2012

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

Jason Robertson 0207 374 2212                                               Broker First Equity Limited

 

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