Mambare update, director dealing, options

RNS Number : 3128J

Regency Mines PLC

29 June 2011

 



REGENCY MINES PLC

Update on Mambare joint venture

Dealings by Directors; exercise of options

29 June 2011

Mambare joint venture

Regency Mines ("Regency Mines" or the "Company"), 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 the Joint Venture between Direct Nickel Pty Ltd ("DNi") and Regency (the "JV").

Exploration proceeds at Mambare, the JV property in Papua New Guinea, despite a short delay to drilling as previously announced. Good work has progressed on site however, with the ground penetrating radar (GPR) survey moving ahead, infill line cutting and compensation completed, and site security maintained during the recent civil unrest in Oro Province arising from riots in Popondetta which resulted in temporary road blocks between Popondetta and Kokoda. These disturbances did not result in any damage to company employees or assets.

Dealings by directors

The Company has been informed that Andrew Bell, Chairman, has on 27 and 28 June sold a total 800,000 ordinary shares of 0.1p each in the capital of the Company ("Ordinary Shares") at a price of 3.1 pence per share.  Following the sale, Mr Bell remains directly interested in 1,800,002 Ordinary Shares and indirectly in a further 39,994,280 Ordinary Shares, respectively representing approximately 0.29 per cent. and 6.54 per cent. of the Company's issued ordinary share capital as enlarged by the option exercise referred to below.

Option exercise

The Company further announces that options have been exercised to subscribe for 475,000 ordinary shares of 0.1p each in the capital of the Company ("Ordinary Shares") at a price of 1.25 pence per share.

Application has been made for the new Ordinary Shares, which rank pari passu with the Company's existing issued ordinary share capital, to be admitted to trading on AIM and it is expected that the admission will occur on 4 July 2011.

Following the issue and allotment of the new Ordinary Shares, the Company will have 611,951,585 ordinary shares in issue.

Enquiries:

Andrew Bell	0207 402 4580 or 07766 474849	Regency Mines plc	Chairman
Sandra Spencer	020 7402 4580 or 07757 660 798	Regency Mines plc	Public and Investor Relations
Peter Trevelyan-Clark / Ben Jeynes	020 7489 4500	Religare Capital Markets	Nominated Adviser
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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