21 May 2014 11:36
REGENCY MINES PLC
("Regency" or the "Company")
Ram Resources adds to tenement position in Fraser Range; Company Update
21 May 2014
Ram Resources
Regency Mines Plc ("Regency" or the "Company"), the mining exploration and mineral investment company with interests in nickel and other minerals in Australia, Papua New Guinea and Sudan, reports that its associate company Ram Resources Ltd (ASX:RMR)("Ram") has announced that it has acquired options on three tenements totalling 400 sq km in the southern area of the Fraser Range nickel-copper belt. The new tenements lie 2 km west of the Crux anomaly currently being drilled by Sirius Resources Ltd, and are considered highly prospective by Ram management.
A full text of the announcement is available at:
http://www.asx.com.au/asxpdf/20140519/pdf/42ppmw7t3p416c.pdf
Andrew Bell, Chairman, comments: "With this third group of tenements in the Fraser Range Ram is increasing its footprint and establishing its status as a significant and well-backed player in this exploration area. Sirius' current focus near the new tenement boundary makes Ram a potential beneficiary of any exploration success Sirius may have there."
Nickel
The Company, in the light of an improving nickel price and increased interest in the potential of its nickel assets, is reviewing its plans for Papua New Guinea, and will be pro-active in engaging with potential investment partners.
Sudan
Technical assessments are being carried out on the Sudan Agromineral Project in preparation for further exploration. Building on recommendations made after the exploration trip to the Jebel Abyad phosphate prospect area at the end of 2013, a remote sensing target generation study is currently in progress. Project consultants HME Partnership are conducting a multispectral analysis of ASTER data across the Jebel Abyad area, with the objective of identifying potential phosphate anomalies at surface. Results are expected in the next six weeks, which will help prioritise and refine the Areas of Interest to be ground tested during the next field trip.
Also at Jebel Abyad, a petrographic and dating study has been initiated with the Natural History Museum in order to investigate the nature of the phosphate in samples collected last November. Work is to include petrographic assessment, X Ray Diffraction (XRD) analysis and microfossil age dating. Results are expected during July 2014.
The RGM technical team have recently received more comprehensive information from the historic Dungunub-1 petroleum well, drilled in 1962 by AGIP Mineraria Ltd, directly south of the Red Sea potash prospect (as reported on 5 August 2013). Historic records indicate the well penetrated potassium-rich salts at multiple horizons between depths of 700m and 1,010m. Although, due to its age, some of the historical data received does not meet current industry standards, the down-hole geophysical signatures support the up-dip potash exploration potential in the targeted evaporite sequence. Further interpretation and data processing is required by specialist petroleum geophysical experts to improve confidence and assist with projecting where the targets may come close to surface.
For further information contact:
Andrew Bell0207 747 9960 or 0776 647 4849 Chairman Regency Mines Plc
Colin Aaronson / David Hignell 0207 383 5100 NOMAD Grant Thornton UK LLP
Nick Emerson 01483 413500 Broker SI Capital Ltd.
Saif Janjua 0207 382 8416 Joint Broker Beaufort Securities Ltd
Rupert Trefgarne 0203 128 8817 Media Relations MHP Communications