31st Jan 2011 11:12
RED ROCK RESOURCES PLC
("Red Rock" or the "Company")
Announcement re Jupiter Mines Limited
Dated: 31 January 2011
Red Rock notes the announcement made by its 5.2% owned associate Jupiter Mines Limited (ASX:JMS) ("JMS") today, in which JMS announced an A$150m fundraising to advance its steel feed corporation strategy. A$100m will be used to develop Jupiter's 49.9% owned Tshipi Borwa ("Tshipi") project which is located in the Kalahari Manganese Field in South Africa and A$40m to fast-track the 100% owned Mt. Ida Manganese Magnetite Project ("Mt. Ida"), and the associated small Mt. Mason DSO Iron Project, located in the Central Yilgarn Region of Western Australia. The capital raised also provides some A$10m for JMS working capital purposes. Red Rock maintains a 1.5% gross production royalty in Mt. Ida. As a result of the fundraising, which is conditional in part upon the approval of JMS shareholders, Red Rock's interest in 83,734,165 JMS shares will be diluted to approximately 4.6% JMS's enlarged issued share capital.
The full text of the JMS announcement together with JMS's Quarterly Activities and Cash Flow reports, can be accessed via http://www.asx.com.au/asx/research/companyInfo.do?by=asxCode&asxCode=JMS.
Enquiries:
Andrew Bell | 0207 402 4580 or 07766 474849 | Red Rock Resources plc | Chairman
|
Sandra Spencer | 0207 402 4580 or 07757 660 798 | Red Rock Resources plc | Public and Investor Relations |
Peter Trevelyan-Clark/ Ben Jeynes | 020 7444 0800 | Religare Capital Markets | Nominated Adviser |
Nick Emerson | 01483 413500 | Simple Investments Ltd | Broker |
Related Shares:
Red Rock Resources