20 Sep 2011 11:45
Regency Mines PLC
('Regency' or the 'Company')
Update
20 September 2011
Regency Mines, 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 key activities.
Mambare Joint Venture, Papua New Guinea
Drilling continues at Mambare, the Joint Venture nickel-cobalt project between Direct Nickel Pty Ltd ("DNi") and Regency (the "JV") in Papua New Guinea. Visa delays have until recently significantly restricted the scale of operations. Further announcements on the progress of drilling, and on the results of the ground penetrating radar work, will be made in due course.
Direct Nickel Pty Ltd
Wintech Group Ltd (ASX:WTG), a company suspended from the Australian Stock Exchange, issued a Notice of Meeting for a general meeting to be held on 2 September, at which proposals for the acquisition of at least 80% of DNi and a change of name to Direct Nickel Ltd were to be proposed. The meeting has been adjourned at the request of the Deed Administrator of Wintech Group Ltd to a date between 2 and 5 weeks from 9th September 2011. Upon passage of the resolutions, Regency expects that it would in due course be offered shares equivalent to approximately 7% of the issued capital of Wintech Group Ltd.
Bundarra tenements, Queensland
A Versatile Time-Domain Electro-Magnetic survey (VTEM survey) is being flown starting this week at the two copper-gold prospective tenements in central Queensland in which the Company has a 100% interest at Bundarra. The Bundarra properties cover the whole of a granodiorite pluton and its margins, formerly in the years up to 1910 a well-known mining camp with a copper mine and smelter at Mt Orange in the south-west and numerous mineral occurrences and workings around Mt Flora in the north-east.
The eight to ten day survey will be carried out by helicopter by Geotech Pty Ltd, and comprises 1,054 line kilometres on line spacings of 100m and 200m.
The area has not received systematic modern exploration and is considered prospective, with none of the old mines around the margin of the pluton being deep, and no significant exploration of the two main areas of historic exploitation or of the depth potential.
Following research into and a fundamental reassessment of the historic literature, an assessment of available geophysics, and a site visit, the VTEM Survey is intended to increase understanding of structure and to refine and confirm the parameters of a planned programme of initial exploration, including drilling of the known mineralised targets.
For further information contact:
Regency Mines PLC Andrew Bell, Chairman 0207 402 4580
Sandra Spencer, Public and
Investor Relations 0207 402 4580
Nominated Adviser
Religare Capital Markets Peter Trevelyan-Clark/Ben Jeynes 020 7444 0800
Broker
Simple Investments Ltd Nick Emerson 01483 413500
Updates on the Company's activities are regularly posted on its website www.regency-mines.com.
Note: DNi is a private company incorporated in Australia. Itis currently demonstrating a potentially revolutionary process with attractive economics for treating laterite nickel ores (the "Direct Nickel Process" or the "Process").
The Direct Nickel Process is a hydrometallurgical process for treating nickel laterites with unprecedented efficiency and environmental benefits. It is designed to operate with tank leaching at atmospheric pressure, and is the first to treat both limonite and saprolite ores with a single flowsheet. The Process recycles its novel reagents, offers high cobalt and nickel recoveries with short residence time, produces mixed hydroxide precipitates ("MHP") or sulphide concentrate, has substantially lower capital and operating costs than competing processes and is fully scalable.