Jupiter fields bid from Pallinghurst

Sydney-based Jupiter Mines Ltd, which holds several exploration tenements in Western Australia, says it has received a proposal from the Brian Gilbertson-led Pallinghurst Resources Ltd, which is looking to take control of the company.

Jupiter said the proposal from Pallinghurst, together with London-listed Red Rock Resources PLC, was seeking to vend certain assets into the company.

"The consideration for this would be an issue of shares which would be likely to lead to a change in control of the Company," Jupiter said.

"The Board notes that such a proposal would require an approval of shareholders at a general meeting and prescribed information would need to be presented to shareholders at that time.

"The Board is currently giving the proposal careful consideration and further releases will be made in due course."

Red Rock holds an iron ore tenement in the state's Yilgarn region, in the same area as Jupiter's iron ore project.