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4 May 2011 12:18
Regency Mines PLC
Conditional disposal of interest in Cue Resources Limited
4 May 2011
Regency Mines ("Regency" or the "Company"), the mining exploration and mineral investment company with interests in copper and nickel in Western Australia, Queensland, and Papua New Guinea, announces that it has agreed to dispose of its entire holding of 4,506,385 common shares in Cue Resources Ltd (TSXV: CUE, "Cue") to Resource Star Limited (ASX: RSL, "RSL") for an aggregate consideration of C$444,000. The Company's 20.96 per cent. owned associate Red Rock Resources plc is interested in 24.9 per cent. of RSL's issued ordinary share capital and has also agreed to dispose of its interests in Cue.
The transaction is subject to approval by shareholders of RSL, other than Red Rock, at an RSL EGM expected to be held in June. The consideration payable to Regency will be paid in two instalments, 40% on completion with the balance six months later.
Further details on the transaction and on Cue are available in the RSL announcement which may be accessed via http://www.asx.com.au/asx/research/companyInfo.do?by=asxCode&asxCode=RSL.
Enquiries:
Andrew Bell 0207 402 4580 or Regency Mines plc Chairman
07766 474849
Sandra Spencer 0207 402 4580 or Regency Mines plc Public and Investor
07757 660 798 Relations
Peter Trevelyan-Clark/ 020 7444 0800 Religare Capital Markets Nominated Adviser
Ben Jeynes
Nick Emerson 01483 413500 Simple Investments Ltd Broker
Updates on the Company's activities are regularly posted on its website, www.regency-mines.com.
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