Red Rock Capital Corp. Announces Framework Agreement Between WISCO and Century Holdings

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Red Rock Capital Corp. ("Red Rock" or the "Company") (TSX VENTURE:RRD.P) is
pleased to provide the following update in connection with the Company's
proposed qualifying transaction (the "Qualifying Transaction") involving Century
Iron Ore Holdings Inc. ("Century Holdings").


Century Holdings has entered into a binding framework agreement (the "Framework
Agreement") with WISCO International Resources Development & Investment Limited
("WISCO"). The Framework Agreement sets out a strategic relationship between
Century Holdings and WISCO that will involve (i) a private placement by WISCO
into Century Holdings, (ii) joint venture agreements between Century Holdings
and WISCO for ownership of the Century Holdings subsidiaries that hold interests
in the Duncan Lake, Attikamagen and Sunny Lake properties, and (iii) iron ore
off-take agreements in favour of WISCO for each of the Century Holdings'
properties. 


Pursuant to the Framework Agreement, Century Holdings and WISCO will enter into
a subscription agreement whereby WISCO will agree to purchase common shares of
Century Holdings that will result in WISCO owning 25% of the issued and
outstanding shares of the Company upon completion of the Qualifying Transaction
(on a non-diluted basis). The price to be paid by WISCO for the shares of
Century Holdings will equal the offering price of the securities offered by
Century Holdings in its planned brokered private placement with Haywood
Securities to be completed in connection with the Qualifying Transaction, less a
discount of 10%. WISCO will agree to an 18 month lock-up with respect to its
investment in the Company and to any escrow imposed by the TSX Venture Exchange
(the "Exchange") in connection with the completion of the Qualifying
Transaction.


In addition, WISCO will enter into joint venture agreements with Century
Holdings for ownership of the Century Holdings subsidiaries that hold interests
in the Duncan Lake, Attikamagen and Sunny Lake properties. Under these joint
venture agreements, WISCO will inject new capital in exchange for a 40% equity
interest in each subsidiary based on valuations to be agreed upon by Century
Holdings and WISCO. Thereafter, Century Holdings and WISCO will contribute, in
accordance with their respective equity interests, up to 30% of each Century
Holdings subsidiaries' proportionate share of the capital expenditure required
to enable Duncan Lake, Attikamagen and Sunny Lake properties to achieve
production. WISCO will assist to procure the 70% balance of each Century
Holdings subsidiaries' proportionate share of the capital expenditure required
to achieve production by arranging for debt financing on customary terms. The
joint venture agreements will also provide WISCO with a first right to purchase
at cost from an allocation of the total production output from each property in
an amount equal to WISCO's equity interest in each subsidiary, plus an
additional 20% at fair market value upon earning a 40% interest. The structure
of the joint ventures and the form of the joint venture agreements remain to be
negotiated between Century Holdings and WISCO. 


Each of Century Holdings' and WISCO's obligations to proceed with the
transactions contemplated by the Framework Agreement are subject to the receipt
of all required government approvals, including approvals under the laws of the
People's Republic of China (the "PRC"), and to Century Holdings' receipt of the
approval of the Exchange to the WISCO share subscription. Each party has agreed
to use commercially reasonable efforts to obtain the required approvals. 


Century Holdings and WISCO have agreed to negotiate in good faith the definitive
agreements required to give effect to the strategic relationship, including the
subscription agreement and joint venture agreements. WISCO's obligation to
purchase the common shares of Century Holdings will be binding and enforceable
under the Framework Agreement notwithstanding that the joint venture agreements
may not have been concluded at such time. It is contemplated that WISCO will
complete its share subscription into Century Holdings upon receipt of PRC
approvals and that the Qualifying Transaction would complete shortly thereafter.



Certain information regarding the Company and Century Holdings, including the
completion of the Qualifying Transaction, the WISCO private placement and the
definitive joint venture agreements with WISCO, may constitute forward-looking
statements under applicable securities laws and necessarily involve known and
unknown risks and uncertainties. Certain important risk factors could cause the
Company's actual results to differ materially from those expressed or implied by
such forward-looking statements including, without limitation, approvals of the
government of China, approval of the TSX-V, changes in the world wide price of
mineral commodities and currency fluctuations, general market conditions, and
the uncertainty of future profitability and access to sufficient capital. As a
consequence, actual results may differ materially from those anticipated in the
forward-looking statements and caution should be exercised on placing undue
reliance on forward looking information.
(TSXV:RRD.P)
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