Bombed-out Red Rock Resources has managed to raise £580,000 to join a bid to control Australian iron ore play Jupiter Mines.

Chaired by Andrew Bell, who holds a key shareholding through another AIM loser Regency Mines, London-based Red Rock, which floated on AIM three years ago at 2p, has succeeded in raising the money at 0.5p, with support from directors and serial investor Bruce Rowan and his company, Starvest. Red Rock is joining forces with Pallinghurst, the Australian mining investment concern headed by tycoon Brian Gilbertson (ex-boss of mining giant BHP Billiton), to seek 55 per cent of Aussie-listed Jupiter, which has potentially significant iron ore interests in Western Australia’s Yalgarn region, and the placing proceeds will support that.

The placing will leave Equity Resources (where Red Rock and Starvest director John Watkins is also on the board), Starvest and Regency with a combined 46 per cent of Red Rock (plus warrants in some cases). Together with Pallinghurst, Red Rock wants to inject other iron ore and manganese assets and £440,000 cash for the 55 per cent of Jupiter the two groups seek.

Presumably, Pallinghurst, which recently failed to gain control of manganese play Consolidated Minerals and backed a thwarted partial bid by Gemfields Resources for Tanzanite One, is confident of a better outcome this time. Red Rock shares hit 4.87p last year, but have now tumbled to 0.62p, valuing the company at £2 million.

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Red Rock Resources	AIM	£1.62m	0.40p	0.00p
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Other company articles:
Red Rock raises £0.6m			11/11/2008
Red Rock in manganese push			15/08/2006
Rowan backs Bell ventures			03/08/2006
Newcomer – Red Rock Resources			29/07/2005