Red Rock Resources Regulatory News (RRR)

RED ROCK RESOURCES PLC

Uranium Energy Corp to acquire Cue Resources Ltd.

Dated: 24 January 2012

Red Rock Resources plc ("Red Rock" or the "Company"), the gold mining and exploration company with projects in Greenland, Colombia and Kenya, and interests in steel feed, uranium, and rare earths, notes the joint announcement made yesterday by Uranium Energy Corp. (NYSE-AMEX: UEC) and Cue Resources Ltd. (TSX-V: CUE) in which they announced that they had entered into an Arrangement Agreement under which UEC is to acquire all of the outstanding common shares of CUE by way of a plan of arrangement (the "Arrangement"). Upon completion of the Arrangement (which is currently expected to occur around the end of March 2012), UEC will acquire CUE and its wholly-owned subsidiary holding an undivided 100% legal and beneficial interest in and to certain concession contracts covering a 230,650-hectare uranium exploration property located in southeastern Paraguay and known as the Yuty Project.

Red Rock holds 18,900,066 shares of CUE common stock, acquired at a cost of £1,041,902 with a book value at 30 June 2011 of £727,509. Under the terms of the Arrangement Agreement, CUE's shareholders will receive 0.0195 of one share of UEC common stock for every one share of CUE common stock. With 119,808,067 shares of CUE common stock outstanding, it is anticipated that approximately 2,336,260 shares of UEC common stock will be issued to the former CUE shareholders upon completion of the Arrangement, representing approximately 3.1% of the issued and outstanding common stock of UEC. It is anticipated that Red Rock will be issued 368,551 shares of UEC common stock which at yesterday's closing price of US$3.82 per share would be valued at approximately £0.902 million.

UEC expects to apply to list its shares issuable under the proposed Arrangement on the NYSE Amex equities exchange on closing. It is anticipated that the shares of CUE will be delisted from the TSX Venture Exchange following completion of the Arrangement.

About Uranium Energy Corp.:

Uranium Energy Corp. is a U.S.-based uranium production, development and exploration company operating North America's newest emerging uranium mine. UEC's fully licensed and permitted Hobson processing facility is central to all of its projects in South Texas, including the Palangana in-situ recovery project, which is ramping up initial production, and the Goliad in-situ recovery project, which has been granted its Mine Permit and is in the initial stages of mine construction.

UEC's operations are managed by professionals with a recognized profile for excellence in their industry, a profile based on many decades of hands-on experience in the key facets of uranium exploration, development and mining. For detailed information visit UEC's web site at:

www.uraniumenergy.com.

About Cue Resources Ltd.:

Cue Resources Ltd. is focused on its Yuty Uranium Project located in southeastern Paraguay. This property was extensively explored in the late 1970's and early 1980's, leading to the discovery of significant uranium mineralization in a roll-front environment. Activities then ceased with the global fall in uranium prices. Worldwide, projects of this nature are commonly recoverable through the use of in situ recovery technology (ISR). Four major drilling campaigns have now been completed by CUE. For detailed information visit CUE's web site at:

www.cue-resources.com.

The full text of the joint announcement may be read at:

http://uraniumenergy.com/news_media/news_releases/index.php?&content_id=440.

Enquiries:

Updates on the Company's activities are regularly posted on its website, www.rrrplc.com.