Update re Jupiter Mines

RNS Number : 3788U

Red Rock Resources plc

14 October 2010

 



RED ROCK RESOURCES PLC

Update re Jupiter Mines

Dated: 14 October 2010

Red Rock Resources plc ("Red Rock" or the "Company"), the gold mining and exploration company with projects in Kenya and Colombia, and interests in steel feed and uranium, reports on progress at Jupiter Mines Ltd's Tshipi Kalahari Manganese Project ("Tshipi") and on Jupiter's Mt Ida Project. Red Rock has 83,794,165 shares in Jupiter Mines Ltd (ASX: JMS; "Jupiter"), a 22.64 per cent shareholding which will reduce to 5.23 per cent on completion of Jupiter's acquisition of a 49.9 per cent interest in Tshipi.

Jupiter today released an update on its Tshipi acquisition and announced an exploration update on its Mt Ida project.

Closing of the Tshipi acquisition is imminent with the approval of the transfer of the Tshipi Bokone prospecting permit now approved by the Department of Mineral Resources. A Tshipi manager has also been appointed.  On completion of the acquisition of its 49.9 per cent stake in Tshipi, Jupiter will have 1,602,150,501 shares in issue, capitalising Jupiter at approximately A$528 million at its closing price today of A$0.33 per share.

At Mt Ida, Jupiter announced:

·    Structural mapping completed over the Mt Ida Banded Iron Formation

·    The 11,000 metre RC drill program is approximately 70% complete

·    Davis Tube Recovery Testwork on the first seven drill holes have been completed

·    Concentrate weight recoveries of up to 52% and grades of 69% FE being achieved

·    Targeting 400Mtonnes of JORC compliant inferred resource by year end.

The full text of the announcements, together with a presentation on Jupiter's steel feed corporation, may 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

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

 

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