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22 Sep 2008 15:37
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REGENCY MINES PLC
IncreasedΒ Shareholding
Β
Dated:Β 22Β SeptemberΒ 2008
Regency Mines plc ("Regency"Β orΒ the "Company"),Β the mining exploration and mineral investment company with interests in copper and nickel in Western Australia, Queensland, and Papua New Guinea, hasΒ increased its shareholding inΒ the Mambare nickel-cobalt project in Papua New GuineaΒ from 75% to 100%.
Regency has purchasedΒ the outstandingΒ 25% ofΒ the sharesΒ in its locally incorporated subsidiary, Canopus No. 83 Ltd, the owner of the Mambare project,Β fromΒ aΒ localΒ vendorΒ for a consideration ofΒ KinaΒ 350,000Β (approximatelyΒ Β£75,000)Β payable in two tranches,Β andΒ the cancellation of a debt ofΒ Β£115,365.45Β in outstanding debt owed by theΒ vendor.
DrillingΒ continuesΒ at MambareΒ with sevenΒ rigsΒ now in operation.
Enquiries:
Regency Mines plc
Andrew Bell, Chairman 0207 402 4580 orΒ 07766 474849
Blomfield Corporate Finance Ltd, Nominated Adviser
John SimpsonΒ / Ben Jeynes 020 7489 4500
Lothbury Financial Limited, Public Relations
Ron MarshmanΒ / John GreenhalghΒ 020 7011 9411
Updates on the Company's activities are regularly posted on its website,Β www.regency-mines.com.
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