JMS) Acquisition of Mt Ida & Mt Hope Iron Ore Tenements
24-May-2006
Jupiter Mines Limited has entered into an agreement with Red Rock Resources plc to take an option over Red Rock's Mt Ide and Mt Hope tenements.
Listed on the Alternative Investment Market (AIM) of the London Stock Exchange, Red Rock is a mineral exploration and development company focussed on advancing iron ore, uranium and manganese projects in Australia and East Africa.
The Mt Ida deposit adjoins Jupiter's Mt Mason project, advancing the company's strong iron ore presence in the highly prospective Yirgarn district of Western Australia.
The Mt Hope iron project is located approximately 60km from Menzies and is interpreted to contain iron rich BIF trending for over 10km under cover.
Under the MOU with Sinosteel Australia Pty Limited Jupiter will be obliged to offer Sino a participating interest in these tenements at a proportional cost to Sino.
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Jupiter Mines Ltd has announced that it has entered into a Memorandum of Understanding with Wuhan Giant Economic Development Co Ltd to market its potential iron ore production from the Central Yilgarn or any other of the company’s iron ore tenements with an initial target of up to 1-3 million tonnes per annum.
Wuhan Giant Economic Development Co Ltd are a Chinese trading company with authority to procure commodities for a major Chinese Steel manufacturer, due to regulatory requirements the identity of the Chinese steel manufacturer cannot be published without official consent from the Central Chinese Government and the manufacturer.
According to the Company, both parties intend to form a Strategic alliance in the form of joint ventures and/or capital investment in sourcing iron ore resources from both Australia and overseas.
It is expected that proper consent will be obtained within 30 days of this announcement.
