Re Jupiter Mines

RNS Number : 2832Q

Red Rock Resources plc

17 October 2011

 



RED ROCK RESOURCES PLC

Re Jupiter Mines

Dated: 17 October 2011

Red Rock Resources plc ("Red Rock" or the "Company"), the gold mining and exploration company with projects in Greenland and Colombia, exploration in Kenya, and interests in steel feed, uranium, and rare earths, notes the announcement made today by its 4.07 per cent. investee company Jupiter Mines Limited (ASX: JMS) ("Jupiter") in respect of an intended share buy-back programme.

In its announcement to the ASX today, Jupiter stated its decision to return up to A$12 million to shareholders via an on-market share buy-back of up to 10 per cent of the lowest number of shares on issue at any time in the past 12 months, stemming in part from the belief that Jupiter's current share price does not fully reflect Jupiter's underlying asset value.

Red Rock holds 74,200,832 shares in Jupiter, representing approximately 4.07 per cent. of its existing issued share capital.  In addition, the Company is entitled to a 1.5 per cent. gross production royalty on Jupiter's Mt Ida iron ore tenement interests in Western Australia. Red Rock does not intend to reduce its shareholding in Jupiter and believes that the buy-back programme will underpin the value of its investment.

The full text of Jupiter's announcement may be accessed via http://www.asx.com.au/asx/research/companyInfo.do?by=asxCode&asxCode=JMS.

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	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

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

 

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