www.rrrplc.com
Red Rock Resources plc is a minerals company focussed on the discovery and development of gold, iron ore and other minerals. The principal operational focus of the Company is gold and base metal exploration in Kenya, gold production in Colombia and early stage iron ore exploration in Greenland. The Company’s iron ore interests are also held through its strategic holding in Jupiter Mines Limited (ASX:JMS) and its royalty interest in an iron ore project. Red Rock adds value to its projects through various strategies and realises value through strategies which can include production, sale, joint venture, retention of royalty and spin offs.
Red Rock Resources - Jupiter Mines to fast-track Mount Ida Magnetite Project in Western Australia.
Red Rock Resources (LON:RRR) said Jupiter Mines is to fast-track its Mount Ida Magnetite Project in Western Australia.
AIM-listed Red Rock is a 5.23% shareholder in Jupiter, which has a tie-up with Brian Gilbertson’s Pallinghurst Resources and Korean giant Posco.
The immediate objective of fast tracking Mount Ida is to generate a maiden JORC compliant inferred magnetite resource by the end of the year.
To do this, the company is pouring an extra A$3 million into the project to hire a second drilling rig.
An 11,000 metre drill programme began in July, which will help generate the initial inferred resource. It is hoped a feasibility study will begin in 2011.
Separately, Jupiter’s Tshipi Manganese Project in South Africa is expected to go into production in 2012.
It is the second leg of a plan to turn Jupiter into a major steel feed company.
Red Rock’s stake in the Aussie firm was diluted back from almost 23% when Jupiter bought a 49.9% slug of the giant Tshipi manganese project.
But it is a smaller stake in a much larger company - one that is likely to attract a much wider following than it currently does.
Already Jupiter has caught the attention of Gina Reinhardt, Australia’s richest woman and daughter of mining magnate Lang Hancock.
And there is a belief among the analysts down under that Gilbertson has thrown in the Tshipi stake at a knock-down price.
This may act as an incentive to Singaporean sovereign wealth fund Temasek, which has made little secret of its desire to get involved in Tshipi in some form.
