Red Rock Resources Regulatory News (RRR)

29 May 2007 07:01

Red Rock Resources plc29 May 2007 Red Rock Resources plc Exercise of option over mining tenements Dated: 29 May 2007 Red Rock Resources plc ("Red Rock" or the "Company"), a mineral exploration anddevelopment company focused on advancing iron ore, uranium and manganeseprojects in Australia and East Africa, announces that Jupiter Mines Limited("Jupiter"), a company listed on the Australian Stock Exchange ("ASX"), hasexercised an option agreement on 28 May 2007 to acquire 100% ownership of bothits Mt Ida and Mt Hope iron ore licenses in the southern Yilgarn region ofWestern Australia. The consideration for the exercise of the options was the payment of AUS$250,000in cash and AUS$1,000,000 in new Jupiter shares to the Company. TheAUS$1,000,000 of new Jupiter shares is being satisfied by the issue of 4,617,178new shares in Jupiter (calculated using the volume weighted average price ofJupiter shares for the 10 days preceding 23 May 2007). Red Rock will in additionbe entitled to a 1.5% royalty on production. The original consideration for the options (originally granted on 22 May 2006)was the payment of AUS$40,000 to the Company. The option over Mt Hope was for aperiod of 12 months from the date of the Option Agreement, and that over Mt Idawas for a period of 12 months from the date of final grant of the license.During the option periods Jupiter was committed to spend a minimum ofAUS$250,000 on exploration. The Company retains its nearby Mt Alfred license, but Jupiter will for 30 months(from the date of grant of the original options), should the Company decide tosell, have the right to match the sale price. Enquiries:Andrew Bell 07766 474849 Red Rock Resources plc Chairman John Simpson 020 7512 0191 ARM Corporate Finance Ltd Nominated Adviser Ron Marshman /John Greenhalgh 020 7628 5518 City of London PR Limited Public Relations This information is provided by RNS The company news service from the London Stock Exchange