Last checked at 31 Aug 2010 07:00
RED ROCK RESOURCES PLC
Jupiter Mines Ltd - Mt Ida Magnetite Project
Dated: 31 August 2010
Red Rock Resources plc ("Red Rock" or the "Company"), the gold mining and exploration company with projects in Kenya and Colombia, and interests in steel feed and uranium, reports on progress at Jupiter Mines Ltd's Mt Ida Magnetite Project. Red Rock has 83,794,165 shares in Jupiter Mines Ltd (ASX: JMS; "Jupiter").
Yesterday morning Jupiter released the following announcement to the Australian Stock Exchange:
"Mt Ida Magnetite Project - Development to be Fast Tracked
KEY POINTS
·; Mt Ida Magnetite Project is a key project in the Steel Feed Corporation Strategy
·; Mt Ida budget increased to A$3M
·; Objective to generate a maiden JORC compliant Inferred magnetite resource in December 2010
·; Initial program of 11,000 metres of RC drilling underway
·; Second drill rig added to the program
Jupiter Mines Limited (ASX:JMS) is pleased to announce that upon the successful EGM earlier this month approving the Tshipi Manganese Project transaction that transformed Jupiter, and as a result of the induction of the new "blue chip" shareholders who are fully committed to its Steel Feed Corporation (SFC) strategy, the Jupiter Board has decided to fast track the development of the Mt Ida Magnetite Project.
The immediate objective is to generate a maiden JORC compliant inferred magnetite resource by the end of the year, and to achieve this the Board approved an increase in the Mt Ida budget to A$3M to add a second drill rig to expedite the program, and to sufficiently resource requirements in order to complete the associated programs.
The current drill program at Mt Ida commenced late July, and upon completion and generating an initial inferred resource that would support progression of the project, further drilling and a Feasibility Study would then be conducted in 2011.
With fast tracking the progression of the Mt Ida Magnetite Project in Western Australia, and in conjunction with the Tshipi Manganese Project in South Africa, which will become a manganese producer in 2012, these two projects position Jupiter very well by providing two significant legs to its SFC strategy."
Red Rock also has a 1.5% gross production royalty over the Mt Ida project.
Enquiries:
| Andrew Bell | 0207 402 4580 or 07766 474849 | Red Rock Resources plc | Chairman
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| Sandra Spencer | 0207 402 4580 or 07757 660 798 | Red Rock Resources plc | Public and Investor Relations |
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| Peter Trevelyan-Clark/ Ben Jeynes | 020 7444 0800 | Religare Capital Markets | Nominated Adviser |
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| Nick Emerson | 01483 413500 | Simple Investments Ltd | Broker |
Updates on the Company's activities are regularly posted on its website, www.rrrplc.com.