Below is a copy of an email sent to Red Rock shareholders...

Below is a copy of an email sent to Red Rock shareholders today.

I cant see Red Rock selling any more Jupiter shares. They have stated they have no intention of selling more.
The only reason they sold down any was for cash requirement.

Now they are pretty well cashed up for all their requirements, having raised �1.8m in the last two weeks. Also last week they announced a rather extraordinary deal to sell their shareholding in Kansai Mining for �6.7m which they paid just over �450k for 14 months ago.

I think they will sit tight now and let the price rise.

http://www.investegate.co.uk/Article.aspx?id=201010011512187343T

Dear Shareholders and Colleagues,

Yesterday the price of our associated company, Jupiter Mines Ltd, in which we have 83.8 million shares, rose from its recent level of 27.5c to 33c, and it has risen further to 34c today.

The value of Red Rock�s holding has therefore risen from $23m to $28.5m, and on a diluted basis Jupiter has become a A$530m company.

To express it simply, every 1c rise in the Jupiter price is worth �500,000 to Red Rock.

Jupiter had four announcements yesterday. The most important is perhaps the new Powerpoint presentation, a copy of which we enclose. Priyank Thapliyal and I hosted two phone-ins yesterday, one for Australian and one for European investors, in which he ran through the presentation, but it is probably still true to say that the message is not yet �out there�, and Jupiter despite its growing size remains practically unknown.

http://miningmaven.com/blog/51-blog/190-jupiter-mines-tele-conference-14th-october

I summarise some of Priyank�s points:

- The Mt Ida magnetite was the best our late Chairman had ever seen in Australia in a lifetime in the iron ore industry
- The Mt Ida project is a high priority and an �excellent� project
- Mt Ida is as important to Jupiter as its world-class Tshipi manganese deposit in S Africa
- Jupiter thus has two main projects, in Tshipi (Mn) and Mt Ida (Fe), with Oakover (Mn, Australia) showing promise
- Jupiter, currently $0.5bn, expects to be a $1bn company within months
- Tshipi is likely to be in production by late 2011, at an initial 2.4m tpa, of which half will be Jupiter�s share
- Tshipi costs will be $4 per DMTU, with sale price between $6 and $7 per DMTU
- Conservatively Tshipi will spin off $75m pa cash flow to Jupiter from 2011
- The Jupiter shareholders have an open cheque book for Jupiter in pursuing its strategy and Jupiter will not be cash-constrained
- We intend that Mt Ida will have a 400m t JORC Resource by December and it may be in production by 2014
- Jupiter thus intends to have 2m+ tpa Mn production and 10-15m tpa Fe production within a short period
- Jupiter may make further acquisitions in the coal and iron ore areas
- Priyank has acquired a shareholding that is personally significant to him and may acquire more shares

The point that comes out most clearly for Red Rock shareholders is the great confidence shown by Jupiter in the viability of the Mt Ida project and Jupiter�s determination to push forward with it as quickly as possible. Red Rock�s 1.5% gross production royalty on this asset gives us a strong interest in a successful outcome.

This is encouraging news.

Andrew