ducks being lined up

Red Rock announces joint venture with Pallinghurst in Jupiter Mines terminated

4.2.2010

"Commenting today, Red Rock chairman Mr Andrew Bell said:

"We have enjoyed a successful working relationship with Pallinhurst by which we have together nurtured Jupiter from a small explorer into a company with strong foundations based on meaningful iron ore and manganese assets. This relationship will we trust continue as we share the common objective of seeing Jupiter become a significant player in the steel feed sector.

"The continuation of agreements designed for the period where we were establishing control and direction of Jupiter had become an anomaly and served no useful purpose. Both parties realised that there was no longer any benefit to offset the loss of flexibility. We now have freedom to vote and freedom to dispose of shares, and whilst we have no immediate plans to sell any Jupiter shares, that option is available should we need funds. This is another step in our strategic plan, giving us a liquid investment asset."

link: http://www.mineweb.net/mineweb/view/mineweb/en/page674?oid=97337&sn=Detail&pid=1


My thoughts are that RRR want the flexibility to have liquidity should the need arise, perhaps in the light of RSL relisting there might be some strategic positioning going on. I also wonder if CUE is part of that strategic planning. Ideally a farm-in to RSL would be a mighty achievement.

What I need to do is find out how much RRR will be allowed to hold under the creep provisions (3% pa) based on the current shareholdings -v- over the next few months.

http://www.resourcestar.com.au/reports/Announcement%20on%20Debt%20to%20Equity%20for%20RRR.pdf

"The re-listing of Resource Star Limited on the ASX will be confirmed shortly as the share offer is fully subscribed and closes on 5th February. Red Rock currently owns 24.4% of Resource Star which will fall to 20% (12.9 million
shares) after the raising of A$4.4 million. Resource Star is a Uranium explorer with seven granted tenements covering a total of 790.4 square Kilometres in the Northern Territory of Australia. The company?s leading project has four drilling targets and further exploration work is planned at the remaining sites. Resource Star entered into a joint-venture with the ASX listed Globe Metals & Mining on 25 November 2009, with the partners set to co-operate
in the exploration of Resource Star?s Machinga Niobium, Uranium and Rare Earth Element projects in Malawi."

link: http://www.minesite.com/fileadmin/content/pdfs/Brokers_Notes_Jan_10/rrr%2028.01.pdf

Total shares on issue at present: 64,425,654

as per 3b issued 7th January, 2010

Creep provision 3% = 1.3 million. That figure would include shares purchased in last 12 months. Balance?



Cheers,
Tangrams