* Globe Metals & Mining Making Staged Payments To Earn Equity Interest

* Holding Will Reach 80% On Sole Funding To Completion Of BFS

* Malawi Deposit Carries High-Value Rare Earths Including High Ratio Of Dysprosium

Red Rock Resources, the AIM-listed mineral exploration and development company, announces that its 24.4% owned Australian associate Resource Star Limited (ASX: RSL) has entered into joint venture with Globe Metals and Mining Ltd (ASX: GBE) to explore Resource Star’s Machinga niobium-tantalum-rare earths-uranium project in Malawi.

The agreement also provides Resource Star with a right of first refusal over an exploration JV on Globe’s promising Livingstonia sandstone-hosted redox uranium project, also in Malawi, with an agreement to be discussed on completion of a technical review.

Under the terms of the agreement, Globe can sole fund exploration at Machinga to completion of a bankable feasibility study (BFS) to earn staged equity interest in the project. It will earn an initial 20% interest by contributing A$250,000 of exploration expenditure, rising to 51% by spending a further A$2.25m.

Once a JORC-compliant resources has been established, Globe’s stake will rise to 70% and it will increase to 80% after funding and completing the BFS.

Preliminary rock chip sampling at Machinga indicates that the deposit carries some of the high-value rare earth oxides, including a very high ratio of dysprosium. Niobium and tantalum grades are also high, up to 29,900ppm and 1,673ppm respectively.