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PALLINGHURST PRESS RELEASE
HAMILTON, Bermuda - 21 September, 2009 - Pallinghurst Resources Limited (Ticker: PALLRES.BH) has informed the Bermuda Stock Exchange (BSX) that further to the announcement made to the Australian Stock Exchange by Jupiter Mines Limited ("Jupiter") on 21 September 2009, the shareholders of Jupiter voted in favour of a placement of 48,000,000 new equity shares to POSCO Australia Pty Ltd ("Posco") at 16.266 Australian cents per share for AUD7.81 million, at an EGM held on 21 September 2009.
As detailed in the Company's announcement of 1 July 2009 entitled "Posco joins Pallinghurst as Co-Investor in Jupiter Mines Limited" Posco's investment was subject to approval by Jupiter shareholders which has now been granted. Posco will act in concert with the Company to pursue similar strategic and investment objectives, whilst maintaining legal title and influence over its investment.
Following the issue of shares, Posco will own 12.99% of Jupiter, and the Company's interest has been diluted to 25.15%. The Company also acts in concert with Red Rock Resources plc ("RRR") in pursuit of the Australian steel feed strategy. RRR's revised interest in Jupiter is 25.21%. The Company, Posco and RRR therefore now jointly control 63.35% of Jupiter. Pallinghurst CEO Arne H. Frandsen commented:
"We are delighted that POSCO's investment has obtained the required approvals, and now look forward to actively driving this exciting investment up the value curve".
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