30 Nov 2012 15:09
REGENCY MINES PLC
("Regency" or "the Company")
Update
30 November 2012
Regency Mines plc announces an update on operations.
Sudan
Regency has notified International Mineral Resources (Agrominerals Sudan) ("IMRAS") of its exercise of the Agromineral Option as announced on 4 July 2012 and on 16 August 2012.
The Company will pay $100,000 in the form of Regency stock to IMRAS, and will, as previously stated in the announcement of 16 August 2012, make a further payment upon signature of agreements reasonably satisfactory to Regency between IMRAS and the Government of Sudan stating the terms on which the licenses would be able to progress to mining licenses.
Further announcements will be made in due course.
Australia
Further to the announcement dated 26 October 2012 announcing the conditional sale of the Fraser Range tenements held by Regency Mines Australasia Pty Ltd to RAM Resources Ltd (ASX:RMR)("RAM"), RAM has approved, at its annual shareholder meeting, the issuance of the 115,000,000 new RAM shares due to be issued to Regency. Upon issue, Regency will hold 155,000,000 shares in RAM, whose share price closed last night in Australia at 0.3 cents per share, and in consideration for such shares, Regency will grant RAM a 10% interest in the Fraser Range tenements. This indicates the completion of Tranche B, as per the announcement on 26 October 2012.
Further announcements will be made in order to update on the status of the other stages of the transaction as set out in that previous announcement.
Direct Nickel Ltd ("DNi")
DNi, in which the Company holds a 7.5% interest, and which is its partner in the Mambare Joint Venture in Papua New Guinea, has announced that it has made some significant steps forward with the commissioning activities of the Stage 1 flowsheet at its Pilot plant in Perth, WA.
The first ore charge, consisting of ore from the Philippines, has been fed into the plant, and the first slurry passed through the belt filter. Hot commissioning of ore from Indonesia, which obtained an export permit on 23 November 2012, will begin on arrival of the ore, and will be a three month process. By the time of its completion DNi expects the Stage 2 portion of the flowsheet to be complete.
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