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Red Rock Resources shares advance as it ups stake in Jupiter Mines

Last updated: 22:42 15 Jan 2014 AEDT, First published: 23:42 15 Jan 2014 AEDT

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Shares in Red Rock Resources (LON:RRR) advanced after the AIM miner revealed it now holds 1.2% of Jupiter Mines after buying shares in the company.

As previously reported, Red Rock had planned to increase its stake to 1.21% from 0.86% by buying 8mln shares at A$0.056 (at a cost of £261,000) and raised cash through a subscription of shares last year.

In an update, Red Rock said it had received 7.65mln Jupiter shares, rather than the 8mln at A$0.056 per Jupiter share at a total cost of A$ 428,400 (around £232,978).

The company retains a 0.75% gross revenue royalty over Jupiter’s Mount Ida project in Australia and non-manganese mineral rights over another Jupiter asset.

Red Rock shares are up 12.15% to stand at 0.60p.


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