RGM.L Share News (RGM)

Regency Mines saw its share price fall almost 10% after it gave an update on its performance. The group's versatile time-domain electro-magnetic survey is finishing at the two copper-gold prospective tenements in Bundarra, central Queensland, in which the company has a 100% interest. The results of the survey, which comprised around 1,081 line kilometres on-line spacings of 100 metres and 200 metres, will be available shortly, the firm said. Regency also reported that it expects that it will, in due course, be offered shares equivalent to approximately 7% of the issued capital of Wintech Group. As previously announced, the firm suffered work permit issuance delays in Papua New Guinea and subsequent visa and processing delays in the Philippines have affected driller operations and resulted in disappointing drilling progress. Samples from all holes have been delivered to Intertek Laboratories for analysis. Preliminary analysis on site has indicated grades up to levels significantly in excess of those previously encountered drilling on this limited sample base.Drilling in the immediate future will focus on generating additional core bulk density samples to generate a sufficient dataset of density data and enable the past drilling results to be incorporated into a JORC compliant resource calculation. The planned drill total is for 220 holes to be completed by March, which might be curtailed in the event of delays due to heavy rainfall.NR