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Regency Mines starts airborne surveys in Australia and exploration at Bundarra, Queensland

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Regency Mines (LON:RGM) announced the start of an 837 line kilometre programme of airborne geophysics this week on some of its Western Australian licenses, and that it started preparatory exploration at Bundarra in Queensland.

Geotech Airborne Pty Ltd will fly helicopter surveys to test an anomaly at the Kambalda copper-gold prospect; at Munglinup it will test along the trend of the sulphide body inferred from the significant sulphide intercepts encountered in the aircore drill programme earlier in 2010; and south of Munglinup a survey will be flown to define more closely an anomaly detected along the trend of the north-south inferred line of greenstones under cover that was identified in an earlier regional geophysics programme.

A site visit to the Bundarra project by Regency’s geologist and consultant geophysicist is being carried out and will conclude later this week.  They will examine areas highlighted by the geophysics and subsequent interpretation, to plan future work including drilling, and to locate drill holes from work carried out by Geopeko in the 1970s that encountered significant copper mineralisation but were not followed up.

At its Mambare lateritic nickel/cobalt project in Papua New Guinea, the company continues to work with its partner Direct Nickel Pty Ltd, and will make an announcement on the next stages of exploration next week.

Last week, Oracle Coalfields (PLUS:ORCP) announced that it will receive £1 million from Regency in return for a  10.04 per cent stake in the company which is developing a 1.4 billion tonne JORC measured lignite coal project in Pakistan's Sindh Province. Oracle also plans to plans to list on AIM in the first half of 2011.

Regency is a mining exploration and mineral investment company with interests in nickel and other metals in Western Australia, Queensland, and Papua New Guinea.

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Price: 2.755 GBX

LSE:RGM
Market: LSE
Market Cap: £2.46 m
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