RNS Number:6911B
Red Rock Resources plc
07 August 2007


                             RED ROCK RESOURCES PLC

                          Completion of Sale of Orion


Dated: 7 August 2007


Red Rock Resources plc ("Red Rock" or the "Company") the mineral exploration and
development company focused on advancing iron ore, uranium and manganese
projects in Australia and East/Southern Africa, announced on 9 May the proposed
acquisition of Orion Exploration Pty Ltd ("Orion") its wholly owned uranium
exploration subsidiary and certain other uranium tenements by Retail Star
Limited ("RSL") (the "Acquisition").

It was announced that RSL (ASX:RSL) a company listed on the Australian
Securities Exchange had agreed Heads of Terms to acquire 100% of Orion, owner of
Red Rock's Australian uranium assets, and certain other uranium tenements.

The Extraordinary General Meeting of RSL took place in Perth, Western Australia
on Monday 6 August 2007 and approved all the resolutions required to implement
the agreement between the Company and RSL. The acquisition by RSL of Orion and
interests in the other uranium interests has now been completed.

The consideration for the Acquisition was AUS$1.5 million in cash. The cash
consideration was funded through Red Rock subscribing for 80 million fully paid
ordinary shares in RSL at AUS$0.015per share, 20 million options (with an
exercise price of 2.5 cents each and an expiry date of 30 June 2008) at AUS$0.01
per option and 20 million A Performance Shares in RSL which will convert into
ordinary shares when the Celia tenement application in the Rum Jungle Mineral
Field in the Northern Territory of Australia (ELA 24414) is transferred to RSL's
nominee, issued at a subscription price of AUS$0.005 per A Performance Share.
The Company also received, 30 million C Performance Shares in RSL which will
convert into ordinary shares when the legal and beneficial interest in the
Chintheche uranium exploration license in Malawi is transferred to RSL's
nominee, issued for no consideration, and 30 million B Performance Shares in RSL
which will convert into ordinary shares when a further mineral application in
Malawi is granted and is transferred to RSL's nominee, issued for no
consideration.

The 80 million ordinary shares of RSL currently held by the Company represent
circa 15.6% of the issued ordinary share capital of RSL as enlarged by the
Acquisition and are subject to a voluntary restriction for twelve months from
the date of issue.

Following a simultaneous placing of 37,500,000 new shares at AUS$0.015 by RSL,
RSL currently holds approximately A$2.1 million in cash, part of which will be
used to fund the further development of the tenements through a proposed
exploration budget of AUS$225,000 in year one.

At the close of trading on the Australian Stock Exchange on 7 August 2007 the
RSL shares were trading at AUS$0.027 per share.

The Company's Chairman, Andrew Bell, has been elected as Chairman and Director
of RSL, and Manoli Yannaghas has been appointed a Director of RSL.

Further information on RSL may be obtained from the Australian Stock Exchange
website at:

http://www.asx.com.au/asx/research/CompanyInfoSearchResults.jsp?searchBy=asxCode
&allinfo=&asxCode=rsl&companyName=&principalActivity=&industryGroup=NO


Enquiries:

Andrew Bell                      07766 474849    Red Rock Resources plc                Chairman
John Simpson                     020 7512 0191   ARM Corporate Finance Ltd    Nominated Adviser
Ron Marshman / John Greenhalgh   020 7628 5518   City of London PR Limited     Public Relations


Updates on the Company's activities are regularly posted on Red Rock's website,
www.rrrplc.com.




                      This information is provided by RNS
            The company news service from the London Stock Exchange
END

DISUBRNRBKRWRAR
Red Rock Resources (LSE:RRR)
Historical Stock Chart
From Mar 2024 to Apr 2024 Click Here for more Red Rock Resources Charts.
Red Rock Resources (LSE:RRR)
Historical Stock Chart
From Apr 2023 to Apr 2024 Click Here for more Red Rock Resources Charts.