directors holdings, page-76

DYOR


Red Rock Resources plc, the AIM-quoted mineral exploration and development company, says it has completed the previously announced sale of Orion Exploration Pty Ltd, its wholly-owned uranium exploration subsidiary, to Australian-listed Retail Star Ltd.

The EGM of Retail Star, held on August 6, approved all the resolutions required to implement the agreement for the company to acquire Orion, owner of Red Rock's uranium assets, together with certain other uranium tenements.

The transaction gives Red Rock an initial interest in Retail Star of 80m ordinary shares (15.6p.c.) which is subject to a voluntary restriction for 12 months from the date of issue of the shares. However, the company has previously indicated that it expects its holding to increase to 27p.c. as a result of share conversions and exercise of options that form part of the transaction. Red Rock believes the transaction will increase the value of its uranium assets which are currently under-exploited.

Red Rock chairman, Mr Andrew Bell, and his colleague Manoli Yannaghas, have been appointed directors of Retail Star, and Mr Bell has been elected chairman of the company. Last month, Red Rock announced that it had recruited Ian Scott, former chief geologist/geology manager of the Olympic Dam copper-uranium mine in South Australia, and indicated that he would be joining the Retail Star Board as an executive director.

Retail Star currently has cash resources of approximately A$2.1m, part of which will be used to fund a A$225,000 budget for exploration of the uranium tenements in year one. –