1 Mar 2013 13:06
REGENCY MINES PLC
("Regency" or the "Company")
Operational Update
1 March 2013
Regency Mines plc announces an update on operations.
Sudan
Pursuant to the Agrominerals Option as announced on 4 July 2012 and amended on 16 August 2012, Regency has identified certain additional areas prospective for agrominerals and requested its farm-in partner International Mineral Resources (Agrominerals Sudan) to apply for the inclusion of such areas within the concession agreement.
Further announcements will be made in due course.
Australia
Munglinup Graphite: the Company has planned and will shortly commence trenching and an air-core and diamond drill programme of up to 2,500m on identified targets for graphite mineralisation in its Western Australian license E74/458.
The principal objective of the programme is to identify extensions within the license of the adjacent Halberts high grade large flake graphite mine. This follows the identification through fieldwork of three magnesite-rich trends to the north-east of Halberts.
Additional testing of other targets within the license will be carried out and the current schedule is for work to start mid-March.
Fraser West: Further to the announcements dated 26 October 2012 and 30 November 2012, announcing the conditional sale of the Fraser Range tenements held by Regency Mines Australasia Pty Ltd to RAM Resources Ltd (ASX:RMR)("RAM"), Regency has carried out discussions in Australia with RAM personnel, shareholders, and potential investors in order to expedite the next stages of the transaction. Regency currently holds 155,000,000 shares in RAM (representing 11.42% of the issued share capital of RAM), whose share price closed last night in Australia at 0.2 cents per share.
Further announcements will be made.
Andrew Bell, Chairman of Regency, comments:
"The opportunity to use the rigs of a competent driller already nearby and to have the assistance of a geologist familiar with the area has enabled us to accelerate our activities at Munglinup graphite and to plan for a drill campaign more cost-effective than we could have anticipated. We are excited by the prospectivity of the new targets".
For further information contact:
Andrew Bell020 7402 4580 or 07766 474849 Chairman Regency Mines plc
Sandra Spencer 020 7402 4580 or 07757 660 798 Investor Relations Regency Mines plc
Gerry Beaney / Daniela Amihood 020 7383 5100 NOMAD Grant Thornton Corp Finance
Nick Emerson 01483 413500 Broker Simple Investments Ltd