Trading Statement

Regency Mines PLC
24 February 2005

Regency Mines plc (the 'Company')



Trading Statement





Dated: 24 February 2005

On 23 February 2005 the Company entered into a conditional agreement to acquire
an iron ore project at Mt Ida, 175km north-west of Kalgoorlie in Western
Australia. The area covers 175km2 and includes two known large high-grade
occurrences of Banded Iron Formation ('BIF') similar to that supporting the
Koolyanobbing iron operations of Portman Limited.

The project area has not been systematically explored for iron ore in the past
however nearby Koolyanobbing and Windarling are supplying ore to a profitable,
long-life mining operation for Portman.

During the 1990s the Geological Survey of Western Australia ('GSWA') completed
detailed mapping of the project area which shows the BIF horizons at each
prospect to cover large areas - Mt. Ida 7km x 3km and Mt. Mason 4km x 2km.
Recently released aeromagnetic data shows significant magnetic highs at both the
Mt. Ida and Mt. Mason prospects. Early prospecting work by the GSWA returned
results including occurrences of up to 96.98 percent iron oxide.

The project provides an opportunity to evaluate a large accumulation of BIF that
has not been subject to any systematic exploration efforts.

Consideration for the acquisition on completion will be A$480,000, to be
satisfied as to A$100,000 in cash and A$380,000 to be satisfied by the issue of
shares in the Company in accordance with an agreed formula.

Regency's chairman, Andrew Bell, said today:  'We consider the iron ore business
to have good prospects and, by acting quickly, have been extremely fortunate to
acquire a known project on favourable terms with the scope to develop a possible
major resource for export.  Regional infrastructure is good in the area and can
support any future mining operation'.

Enquiries:


Andrew Bell                           07766 474849     Regency Mines plc                     Chairman


Ron Marshman / John Greenhalgh        020              City of London PR Limited             Public Relations

                                      7628 5518

John Simpson                          020              ARM Corporate Finance Ltd             Nominated Adviser

                                      7512 0191




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