Jupiter Mines Limited - Updat

RNS Number : 8371O

Red Rock Resources plc

13 March 2009

 

RED ROCK RESOURCES PLC

Jupiter Mines Limited: Change of Strategy and Board Changes

Dated: 13 March 2009

Red Rock Resources plc ('Red Rock' or the 'Company') the mining exploration and mineral investment company with interests in iron ore and manganese in Australia and Zambia, and uranium investments in Africa and Australia announces that Jupiter Minerals Ltd ('Jupiter'), in which Red Rock has a shareholding of 15.2 per cent following the implementation of the first phase of the proposal from Pallinghurst Resources Australia Limited ('PRAL') and Red Rock as described in the Company's announcements of 10 November 2008 and 9 March 2009, has confirmed a change in its strategy going forward and the appointment of Geoffrey Wedlock as Executive Chairman. Jupiter a junior mining exploration company listed on the Australian Stock Exchange ('ASX') (ASX: JMS).

Jupiter is committed to developing strategic mining exploration and project opportunities in iron ore and other resources going forward and the following highlights its strategy:

• Jupiter's focus will now be on the development of its Yilgarn iron ore and Pilbara manganese assets. It is the company's intention to expand its portfolio of steel feed related commodities. The other assets of Jupiter are regarded as non-core;

• In pursuit of this strategic focus and to enhance operating efficiency Jupiter will move its headquarters to Perth, allowing it to be closer to its asset base. Its Sydney based management team, geologists and support staff will continue in their roles and will relocate to Perth over the coming months;

• Geoffrey Wedlock, who was appointed to the Jupiter board on 9 March 2009, has been appointed Executive Chairman and Alan Topp has resigned as a director of Jupiter. Mr Wedlock, a former CEO of BHP Iron Ore Pty Ltd and Managing Director of Portman Ltd, has extensive resources experience in general management, project development and joint ventures. He has a demonstrated track record of successful negotiations and commercial experience with shareholders, financiers, international partners and customers, external parties and governments.

Jupiter is well funded with AUS$11m in cash and marketable securities and is in a strong position to expand its asset base and operations.

Enquiries:

Andrew Bell	0207 402 4580 or 07766 474849	Red Rock Resources plc	Chairman
John Simpson	020 4489 4500	Blomfield Corporate Finance Ltd	Nominated Adviser
Ron Marshman / John Greenhalgh	020 7628 5518	Lothbury Financial	Public Relations

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

 

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