LATEST: Rap mogul Russell Simmons has hinted his troubled marriage to his wife-of-seven-years Kimora Lee Simmons can still be saved. The couple, who have two daughters together, announced their separation last Friday (31MAR06) after speculation the 48-year-old co-founder of Def Jam records had been dating 23-year-old rap video starlet Denise Vasi. But Simmons reveals there is still a "possibility" they will stay together. He tells the New York Daily News, "We're making a space and taking some time, but we're best friends. "We're still going to have our media interests and our fashion interests. I am producing her reality show, and we're raising our children together. From what the public sees, there's absolutely no change." He also hit out at press reports he cheated on his model and fashion designer spouse, maintaining he has always been open about his relationship with Vasi. He said, "That made it look like we were unfaithful to each other. That's not true. We know each other very well." However, he concedes he has met up with the Dominican beauty on several occasions: "Yes, I'd been out with this girl. She's very sweet." Russell and Kimora met in November 1992 during New York City's Fashion Week when she was 17, and still in high school, and he was 35 years old. The pair were married on the Caribbean island St Bart's in December 1998.