Last checked at 21 May 2008 12:04
Red Rock Resources plc
21 May 2008
Increased Holding in Jupiter Mines Limited
Red Rock Resources plc ('Red Rock' or the 'Company') the mineral exploration and development company focused on advancing iron ore, uranium and manganese projects in Australia and East Africa, announces that it has exercised its options to acquire an additional 3,500,000 ordinary shares in Jupiter Mines Limited ('Jupiter') at a cash cost of AUD 700,000 which, together with a further purchase of 57,275 shares on 28 April 2008 at a cost of AUD 11,181, will bring its total holding to 14,904,453 ordinary shares in Jupiter amounting to approximately 10.12% of the outstanding share capital of Jupiter.
In addition, Pallinghurst Resources Australia Ltd ("PR"), a private investment company with whom Red Rock is deemed to be acting in concert for the purposes of section 15(1) of the Corporations Act 2001 (Australia), is interested in a further 2,228,339 ordinary shares in Jupiter, bringing the combined Red Rock and PR holdings to 17,132,791 ordinary shares, or 11.63% of the outstanding share capital of Jupiter. PR also holds 5,300,000 options exercisable into Jupiter ordinary shares at 20c per Jupiter ordinary share.
Jupiter is a mineral exploration company listed on the Australian Stock Exchange with stock code JMS. The Company first became a Jupiter shareholder when on 29th May 2007 it announced that Jupiter had exercised an option to buy two of Red Rock's iron ore tenements in Western Australia for a consideration of AUD 250,000, a 1.5% production royalty, and 4,617,178 new Jupiter shares. In its year ended 30 June 2007 Jupiter made a loss of AUD 6.898 million. At 31 December 2007 it had net assets of AUD 17.322 million including cash and cash equivalents of AUD 5.828 million. Andrew Bell, chairman of Red Rock, was appointed a non-executive director of Jupiter on 19 May 2008.
Red Rock continues to pursue a strategy of working with partners to promote the consolidation of iron ore interests in the Central Yilgarn. The Company believes that in increasing its holding in Jupiter at this time and seeking board representation it will be able to enhance the future assets and capabilities of the Company, and maximize the future value of its shares.
Enquiries:
Andrew Bell
Chairman, Red Rock Resources plc
0207 402 4580 or 07766 474849
Alan MacKenzie/John Simpson/Peter Trevelyan-Clark
Blomfield Corporate Finance Ltd, Nominated Adviser
020 7489 4500
Ron Marshman / John Greenhalgh
City of London PR Limited, Public Relations
020 7628 5518
Updates on the Company's activities are regularly posted on its website,www.rrrplc.com.
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