28 Nov 2018 07:00
Regency Mines Plc
("Regency" or "the Company")
MET Coal Update
28 November 2018
Regency Mines Plc, the natural resource exploration and development company with interests in hydrocarbons and battery metals, provides an update on progress at its 47% owned associate Mining Equity Trust LLC ("MET").
October sales of coal amounted to 43,530 tons for revenues of $2,015,816. This compares with 44,020 tons of coal in September for total revenues of $1,959,036.
One of the two highwall miners has been relocated and reassembled this month at a new location, Kilgore, that is closer to the main customer and where it can operate for up to 20 months and has the capability to work two shifts. This was a planned move that should increase both production levels and profitability.
The other highwall miner is currently operating on a single shift as it completes mining of the reserve base at the Mudlick location. Once the current reserves have been exhausted at Mudlick, which is anticipated to occur in late 2018 or early 2019, the machine will be moved to one of two available sites.
Following these moves, production tonnages are expected to increase significantly.
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.
For further information contact:
Andrew Bell 0207 747 9960 Chairman Regency Mines Plc
Scott Kaintz 0207 747 9960 Executive Director Regency Mines Plc
Roland Cornish/Rosalind Hill Abrahams 0207 628 3396 NOMAD Beaumont Cornish Limited
Jason Robertson 020 7374 2212 Broker First Equity Limited