Jupiter Mines Limited

RNS Number : 5568L

Red Rock Resources plc

05 September 2012

 



Red Rock Resources Plc

("Red Rock" or the "Company")

Jupiter Mines Limited

5 September 2012

Red Rock Resources plc, the mining and exploration company with an iron ore project in Greenland, a producing gold mine in Colombia, advanced gold and copper exploration in Kenya, and interests in steel feed, uranium and rare earths, reports that its investee company Jupiter Mines Limited ("Jupiter") has announced a revised Mineral Resource Estimate at the Mt Ida Magnetite Project ("Mt Ida"), where the Company has a royalty interest.

Jupiter announced on 5 September 2012 that the iron ore Mineral Resource Estimate under the JORC Code for Mt Ida has increased 132% to 1.23bn tons, of which 86% is in the Indicated category, in the central section of Mt Ida. There is potential for further increase once the drill results for the northern and southern sections of Mt Ida have been assessed. The ore grade of the Mineral Resource Estimate is 29.79%, with a concentrate grade of 66.65%.

The feasibility study is expected to be completed in the second quarter of 2013.

Jupiter also announced that following the recent entitlement issue, which raised AUD 36m, the cash resources of Jupiter are AUD 123m.

Further details may be found in the full announcement by Jupiter at the Australian Stock Exchange website: http://www.asx.com.au/asxpdf/20120905/pdf/428hwxmn402x6w.pdf.

Red Rock owns 74,200,832 Jupiter shares representing a 3.61% interest in Jupiter and holds a 1.5% gross production royalty over Mt Ida, of which it has sold or agreed to sell  a 0.75% gross production royalty to Anglo-Pacific Group plc as announced on 6 February 2012.

Andrew Bell, Red Rock's Chairman, commented:

"Once again a Resource estimate at Mt Ida has come in well ahead of expectations, with the quality of the expected sale product again confirmed. Once again the strong institutional backing for Jupiter has been shown. We look forward to continued progress at Mt Ida."

Enquiries:

Andrew Bell	020 7402 4580 or 07766 474849	Red Rock Resources plc	Chairman
Sandra Spencer	020 7402 4580 or 07757 660 798	Red Rock Resources plc	Press Relations
Gerry Beaney /        Daniela Amihood	020 7383 5100	Grant Thornton Corporate Finance	Nominated Adviser
Nick Emerson	01483 413500	Simple Investments Ltd	Broker

 

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