Last checked at 3 Feb 2010 07:00
RED ROCK RESOURCES PLC
Joint Venture Agreement with Pallinghurst
Dated: 3 February 2010
Red Rock Resources PLC ("Red Rock" or the "Company") announces that all voting, sale, and co-operation arrangements and understandings with Pallinghurst Resources Australia Limited (together with Pallinghurst Steel Feed (Dutch) BV, "Pallinghurst") in relation to the shareholdings of Red Rock and Pallinghurst in Jupiter Mines Ltd (ASX: JMS)("Jupiter") have been terminated.
On 21 May 2008 Red Rock announced that it was acting in concert with Pallinghurst to acquire shares in Jupiter Mines Ltd (ASX: JMS)("Jupiter"). Subsequently the concert parties made a proposal to Jupiter whereby they would jointly vend in certain assets in Western Australia in two tranches in exchange for the issue of new Jupiter shares. This proposal was approved by Jupiter shareholders on 9 March 2009, and the second tranche of shares was issued following approval of the disposal of the Oakover tenements by Red Rock shareholders on 24 August 2009. Subsequently Jupiter independent shareholders approved on 21 September 2009 an investment by POSCO, a party acting in concert with Pallinghurst and therefore with the Company, in Jupiter.
Red Rock and Pallinghurst consider that the objectives of their co-operation have been achieved, and that Jupiter is now well-placed to progress in the steel feed market. Therefore the agreements for co-operation and pre-emption that were put in place between Pallinghurst and Red Rock in the last two years serve no further purpose and may unduly inhibit the independent judgement of the parties. The parties have however at all times worked together harmoniously, and since they share the same strategic vision for the development of Jupiter, they know of no reason why this would not continue.
Enquiries:
| Andrew Bell | 0207 402 4580 or 07766 474849 | Regency Mines plc | Chairman |
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| Peter Trevelyan-Clark / Ben Jeynes
| 020 7444 0800 | Blomfield Corporate Finance Ltd
| Nominated Adviser |
| Nick Emerson | 01483 413500 | Simple Investments Ltd
| Broker |
| Ron Marshman
| 020 7011 9411 | Lothbury Financial Limited | Public Relations |
Updates on the Company's activities are regularly posted on its website, www.rrrplc.com.