Update re Mambare Project
Regency Mines PLC
('Regency', 'Regency Mines' or the 'Company')
Update on Mambare project
2 March 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, is pleased to announce that the Joint Venture between Direct Nickel Ltd. ("DNi") and Regency (the "JV"), operating through the JV's Papua New Guinea ("PNG") subsidiary Canopus No 83 Ltd., has entered into a drilling contract for the next phase of exploration at the Mambare-Botue nickel/cobalt project in Papua New Guinea.
A contract has been signed with JCP Geo-Ex Services Inc. of Cebu, Philippines ("JCP"), to drill a minimum of 220 holes on 100m by 100m and 200m by 400m grids, for a total of 4,000m of drilling. The contract is extendable beyond this initial programme.
JCP will mobilise a minimum of 5 man-portable rigs to site, which are expected to arrive in the week commencing 25 April 2011. Holes will be bottomed in 3m of fresh bedrock. JCP estimate provisionally that the initial programme will complete within 65 days.
Meanwhile, surveying and line-cutting have begun, and preparatory work continues on recruitment, and setting up communications, supplies, and infrastructure. Test-pitting is expected to start in March 2011, with a further ground-penetrating radar programme under discussion and planned for April 2011.
The objective of this drilling is to define and upgrade to JORC Resource category parts of the area drilled in the 2008 campaign by infill drilling, and to conduct reconnaissance drilling to establish the potential of the higher plateau to the North.
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.
This information is provided by RNS