Bermuda based Pallinghurst Resources Ltd has announced that the shareholders of Jupiter Mines Ltd have voted overwhelmingly to approve a deal to form a significant manganese and iron ore explorer and developer at Jupiter's general meeting at Perth in Australia this month.

The directors of Pallinghurst in their release to the Bermuda Stock Exchange said that once the standard conditions precedent have been met, Pallinghurst will exchange its indirect interest in Tshipi é Ntle Manganese Mining (Pty) Ltd (Tshipi) for new shares in Jupiter. The terms of the Jupiter/Tshipi Transaction were announced by Pallinghurst on March 1st 2010.

Mr Geoff Wedlock Jupiter's former chairman died in a plane crash in June and its board has invited Pallinghurst's chairman Brian Gilbertson to join as non executive chairman.

The completion of the transaction will enable renewed focus on the mine development at Tshipi, as well as further exploration at Jupiter's Mount Ida iron ore project in the Yilgarn and the Oakover manganese tenements in the Pilbara.

Pallinghurst has agreed with Jupiter to exchange its shareholder loans in Tshipi for additional shares in Jupiter as well as to subscribe for further shares in Jupiter, in the form of an issue of shares for cash.

Mr Arne Frandsen CEO of Pallinghurst said that "This is a transformational transaction for Jupiter, and a key step in fulfilling our Steel Feed Corporation strategy. The gain of USD 21.6 million for the Pallinghurst shareholders represents the first value uplift of this transaction."

(Sourced from www.royalgazette.com)