LONDON (Alliance News) - Regency Mines PLC Wednesday said that its associate company Ram Resources Ltd, has added to its permits in the Fraser Range nickel-copper belt in Western Australia, by acquiring options on three tenements totalling 400 square kilometres in the southern area of the Fraser Range.
Regency Mines is a mining exploration and mineral investment company with interests in nickel and other minerals in Australia, Papua New Guinea and Sudan.
Recency Mines said that the new tenements lie two kilometres west of the Crux, currently being drilled by Sirius Resources Ltd, and are considered highly prospective.
"Ram is increasing its footprint and establishing its status as a significant and well-backed player in this exploration area. Sirius' current focus near the new tenement boundary makes Ram a potential beneficiary of any exploration success Sirius may have there," said Regency Mines Chairman Andrew Bell in a statement.
In the same statement, Regency Mines said that in light of improving nickel prices and increased interest in the potential of its nickel assets, it is reviewing its plans for Papua New Guinea, and will be pro-active in engaging with potential investment partners.
The group also said technical assessments are being carried out on the Sudan Agromineral Project, in preparation for further exploration.
Shares in Regency Mines were trading 2.0% lower at 0.240 pence Wednesday afternoon.
By Rowena Harris-Doughty; rowenaharrisdoughty@alliancenews.com; @rharrisdoughty
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