Sale of Shares in Jupiter Mines

RNS Number : 9498O

Red Rock Resources plc

17 October 2012

 

Red Rock Resources

Sale of Shares

17th October 2012

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, reports that it has sold a part of its holding in Jupiter Mines Ltd (ASX:JMS)("JMS").

14,000,000 shares were sold for gross proceeds of AUD 1,540,000. The sale shares amounted to 18.8% of Red Rock's holding of 74,200,832 JMS shares before making the sale, so that Red Rock retains 81.2% of its holding, and has no present expectation of making  further sales. The last sale of JMS stock by the Company was in early March 2011. Following the sale, Red Rock holds 2.64% of the issued capital of JMS as enlarged by recent issues.

The Company intends to apply the funds raised to rebalance the company's assets and liabilities, increasing the liquidity of its balance sheet and reducing risk.

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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