Red Rock Resources plc Jupiter Mines - strategic review of iron ore (0651U)
27 March 2019 - 1:06AM
UK Regulatory
TIDMRRR
RNS Number : 0651U
Red Rock Resources plc
26 March 2019
Red Rock Resources plc
("Red Rock " or the "Company")
Jupiter Mines - Strategic Review of Iron Ore Assets
26 March 2019
Red Rock Resources Plc, the natural resource development company
with interests in gold and steel feed materials, announces that
Jupiter Mines Limited ("Jupiter", ASX:JMS), an Australian public
company in which Red Rock holds 18,524,914 shares (0.95%), has
released an update announcing an intention to review its iron ore
projects in the Yilgarn district of Western Australia with a view
to realising value.
Jupiter notes the current strength in the iron ore market and
the drive towards higher grade iron ore feed in China, as well as
potential available rail and port capacity in the vicinity of the
projects. Hartleys Limited have been appointed as corporate adviser
for the process.
Further details are available in the announcement on the Jupiter
website, www.jupitermines.com.
The Jupiter shares closed at AUD 0.34 on 25(th) March 2019.
Jupiter has recently announced a final dividend of AUD 0.025 for
the year ending February 2019, payable on 21 May 2019, making a
dividend total of AUD 0.075 for the year.
Jupiter's iron ore projects consist of the Mount Mason DSO
Haematite Project (5.75m tons initial Inferred Mineral Resource at
59.9% Fe(2) O(3) )(1) and the Mt Ida Magnetite Project (1.23bn tons
of JORC Mineral Resource (1.06bn tons Indicated, 170m tons
Inferred) at 29.79% Fe(3) O(4) producing a concentrate of 66.7%)(2)
.
Red Rock holds a 0.75% Gross Revenue Iron Ore Royalty (GRR) over
Mt Ida, and a further 0.45% GRR over Mt Ida which transfers in two
tranches to Anglo Pacific Group plc for a consideration of USD
8,000,000 upon the reaching of certain development milestones(3)
.
Notes:
(1) Jupiter Mines announcement of 27(th) June 2011
(2) Jupiter Mines announcement of 4(th) September 2012
(3) Red Rock announcement of 2(nd) May 2012
For further information, please contact:
Andrew Bell 0207 747 9990 Chairman Red Rock Resources Plc
Scott Kaintz 0207 747 9990 Director Red Rock Resources Plc
Roland Cornish/ Rosalind Hill Abrahams 0207 628 3396 NOMAD Beaumont Cornish Limited
Jason Robertson 0207 374 2212 Broker First Equity Limited
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END
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