29 Jun 2011 07:30
REGENCY MINES PLC
Update on Mambare joint venture
Dealings by Directors; exercise of options
29 June 2011
Mambare joint venture
Regency Mines ("Regency Mines" or the "Company"), the mining exploration and mineral investment company with interests in nickel and other minerals in Western Australia, Queensland, Papua New Guinea and Pakistan, reports on the Joint Venture between Direct Nickel Pty Ltd ("DNi") and Regency (the "JV").
Exploration proceeds at Mambare, the JV property in Papua New Guinea, despite a short delay to drilling as previously announced. Good work has progressed on site however, with the ground penetrating radar (GPR) survey moving ahead, infill line cutting and compensation completed, and site security maintained during the recent civil unrest in Oro Province arising from riots in Popondetta which resulted in temporary road blocks between Popondetta and Kokoda. These disturbances did not result in any damage to company employees or assets.
Dealings by directors
The Company has been informed that Andrew Bell, Chairman, has on 27 and 28 June sold a total 800,000 ordinary shares of 0.1p each in the capital of the Company ("Ordinary Shares") at a price of 3.1 pence per share. Following the sale, Mr Bell remains directly interested in 1,800,002 Ordinary Shares and indirectly in a further 39,994,280 Ordinary Shares, respectively representing approximately 0.29 per cent. and 6.54 per cent. of the Company's issued ordinary share capital as enlarged by the option exercise referred to below.
Option exercise
The Company further announces that options have been exercised to subscribe for 475,000 ordinary shares of 0.1p each in the capital of the Company ("Ordinary Shares") at a price of 1.25 pence per share.
Application has been made for the new Ordinary Shares, which rank pari passu with the Company's existing issued ordinary share capital, to be admitted to trading on AIM and it is expected that the admission will occur on 4 July 2011.
Following the issue and allotment of the new Ordinary Shares, the Company will have 611,951,585 ordinary shares in issue.
Enquiries:
Andrew Bell | 0207 402 4580 or 07766 474849
| Regency Mines plc | Chairman |
Sandra Spencer | 020 7402 4580 or 07757 660 798
| Regency Mines plc | Public and Investor Relations |
Peter Trevelyan-Clark / Ben Jeynes
| 020 7489 4500 | Religare Capital Markets
| Nominated Adviser |
Nick Emerson | 01483 413500 | Simple Investments Ltd
| Broker |
Updates on the Company's activities are regularly posted on its website, www.regency-mines.com.