Business
Jupiter Mines Ltd - Mt Ida Ma
Jupiter Mines Ltd - Mt Ida Ma.
About this update from Red Rock Resources Plc
[{"type":"text","content":"\n RNS Number : 8129R Red Rock Resources plc 31 August 2010 \n \n\nRED ROCK RESOURCES PLC\nJupiter Mines Ltd - Mt Ida Magnetite Project\nDated: 31 August 2010\n \nRed Rock Resources plc (\"Red Rock\" or the \"Company\"), the gold mining and exploration company with projects in Kenya and Colombia, and interests in steel feed and uranium, reports on progress at Jupiter Mines Ltd's Mt Ida Magnetite Project. Red Rock has 83,794,165 shares in Jupiter Mines Ltd (ASX: JMS; \"Jupiter\").\n \nYesterday morning Jupiter released the following announcement to the Australian Stock Exchange: \n \n\"Mt Ida Magnetite Project - Development to be Fast Tracked \n \n \nKEY POINTS\n \n· Mt Ida Magnetite Project is a key project in the Steel Feed Corporation Strategy\n· Mt Ida budget increased to A$3M\n· Objective to generate a maiden JORC compliant Inferred magnetite resource in December 2010\n· Initial program of 11,000 metres of RC drilling underway \n· Second drill rig added to the program\n \nJupiter Mines Limited (ASX:JMS) is pleased to announce that upon the successful EGM earlier this month approving the Tshipi Manganese Project transaction that transformed Jupiter, and as a result of the induction of the new \"blue chip\" shareholders who are fully committed to its Steel Feed Corporation (SFC) strategy, the Jupiter Board has decided to fast track the development of the Mt Ida Magnetite Project.\n \nThe immediate objective is to generate a maiden JORC compliant inferred magnetite resource by the end of the year, and to achieve this the Board approved an increase in the Mt Ida budget to A$3M to add a second drill rig to expedite the program, and to sufficiently resource requirements in order to complete the associated programs.\n \nThe current drill program at Mt Ida commenced late July, and upon completion and generating an initial inferred resource that would support progression of the project, further drilling and a Feasibility Study would then be conducted in 2011.\n \nWith fast tracking the progression of the Mt Ida Magnetite Project in Western Australia, and in conjunction with the Tshipi Manganese Project in South Africa, which will become a manganese producer in 2012, these two projects position Jupiter very well by providing two significan...