13 Jul 2009 07:00
REGENCY MINES PLC13 July 2009Option to acquire Nickel Sulphide Tenements in Western Australia
On 15 May 2009, Regency Mines plc ("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, announced that its subsidiary Regency Mines Australasia Pty Ltd had entered into an agreement giving it the right to acquire four tenements prospective for nickel sulphide in the Archaean Lake Johnston greenstone belt in Western Australia (the "Tenements").
Regency has now entered into a one year option (the "Option") over the Tenements, renewable on each of the first and second anniversaries of grant on payment of AUD 80,000 for a further year. The Option may be exercised at any time within the option period at a cost of AUD 320,000. The Tenements consist of 193 blocks and cover 160 km along the length of the greenstone belt with a further 20km in a possible extension of the belt. Regency will become responsible for exploration of the Tenements upon entering into the Option. The consideration for the grant of the Option was the issue of 4 million new Regency shares which were allotted on 10 July 2009. Application has been made for these shares, which rank pari passu with the Company's existing issued ordinary shares, to be admitted to trading on AIM. It is expected that admission will become effective on 16 July 2009. Following the issue of these shares the Company's total issued share capital will be 356,807,330 ordinary shares of 0.1p each.
Enquiries:
Andrew Bell, Chairman0207 402 4580 or 07766 474849
Peter Trevelyan-Clark/Ben JeynesBlomfield Corporate Finance Ltd, Nominated Adviser020 7489 4500
Nick EmersonSimple Investments Ltd, Broker01483 413500
Ron Marshman / John GreenhalghLothbury Financial, Public Relations020 7011 9411
Updates on the Company's activities are regularly posted on its website, www.regency-mines.com.
ENDS