Last checked at 1 Mar 2010 07:41
RED ROCK RESOURCES PLC
Re: Jupiter Mines Limited and Resource Star
Dated: 1 March 2010
Further to the announcement made on 25 February 2010, Red Rock Resources plc ("Red Rock") announces that its 25.1% associate Jupiter Mines Limited ("Jupiter" ASX: JMS) has today announced that it is in the advanced stages of negotiating binding agreements that will accelerate Jupiter's steel feed strategy with the proposed acquisition of 49.9% of the Tshipi Kalahari Manganese Project ("Tshipi Project") in South Africa, from a group of investors including Pallinghurst Resources Limited (the "Pallinghurt Co-Investors") (the "Tschipi Transaction"). The Tschipi Transaction, which is subject to certain conditions precedent, is expected to transform Jupiter into a significant manganese and iron ore explorer and developer.
Under the terms of the proposed Tschipi Transaction, Jupiter will issue 1,160,363,867 new shares to the Pallinghurst Co-Investors at a price of A$0.2110 per share, implying a value of approximately A$490 million for the Tschipi Project. Jupiter's proposed acquisition of 49.9% of the Tschipi Project has an implied valuation of A$245 million. Along with this sizeable project, this transaction also delivers onto Jupiter's register a number of international strategic shareholders who endorse Jupiter's Steel Feed Corporation strategy and have the necessary financial resources to back up that strategy. Upon completion of the transaction, Pallinghurst Resources founder and chairman Brian Gilbertson will join Jupiter's board as a Non-Executive director.
The text of the relevant announcement together with an investor briefing on the landmark Tschipi acquisition and a Jupiter company overview may be accessed via: http://www.asx.com.au/asx/research/companyInfo.do?by=asxCode&asxCode=JMS
Red Rock is also pleased to announce that it's 24.83 per cent associate Resource Star Limited was reinstated to Official Quotation on the ASX as from the commencement of trading today, Monday 1 March 2010
Enquiries:
| Red Rock Resources plc |
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| Andrew Bell, Chairman | 0207 402 4580/07766 474849 |
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| John Watkins | 07768 512404 |
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| Nominated Adviser |
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| Blomfield Corporate Finance Ltd |
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| Peter Trevelyan-Clark/Ben Jeynes | 020 7444 0800 |
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| Broker |
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| Simple Investments Ltd |
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| Nick Emerson, Renato Rufus | 01483 413500 |
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| Public Relations |
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| Lothbury Financial Limited |
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| Ron Marshman | 020 7011 9411 |
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Updates on the Company's activities are regularly posted on its website, www.rrrplc.com.