Conditional disposal

RNS Number : 9150F

Regency Mines PLC

04 May 2011

 



Regency Mines PLC

Conditional disposal of interest in Cue Resources Limited

4 May 2011

Regency Mines ("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, announces that it has agreed to dispose of its entire holding of 4,506,385 common shares in Cue Resources Ltd (TSXV: CUE, "Cue") to Resource Star Limited (ASX: RSL, "RSL") for an aggregate consideration of C$444,000. The Company's 20.96 per cent. owned associate Red Rock Resources plc is interested in 24.9 per cent. of RSL's issued ordinary share capital and has also agreed to dispose of its interests in Cue.

The transaction is subject to approval by shareholders of RSL, other than Red Rock, at an RSL EGM expected to be held in June. The consideration payable to Regency will be paid in two instalments, 40% on completion with the balance six months later.

Further details on the transaction and on Cue are available in the RSL announcement which may be accessed via http://www.asx.com.au/asx/research/companyInfo.do?by=asxCode&asxCode=RSL.

Enquiries:

Andrew Bell                        0207 402 4580 or             Regency Mines plc                                  Chairman

                                                 07766 474849

Sandra Spencer                  0207 402 4580 or             Regency Mines plc                 Public and Investor

                                                  07757 660 798                                                                                             Relations

Peter Trevelyan-Clark/    020 7444 0800                  Religare Capital Markets      Nominated Adviser

Ben Jeynes

Nick Emerson                       01483 413500                  Simple Investments Ltd                               Broker

Updates on the Company's activities are regularly posted on its website, www.regency-mines.com.

 

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