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Regency Mines hires drilling contractor to explore Mambare nickel/cobalt project


Regency Mines (LON:RGM) announced today that its joint venture with Direct Nickel (DNi) has signed a drilling contract for the next exploration phase at the Mambare-Botue nickel/cobalt project in Papua New Guinea.

The objective of the drilling programme 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.

The contract was signed with JCP Geo-Ex Services Inc of Cebu, Philippines, to drill a minimum of 220 holes for a total of 4,000 metres of drilling and can be extended beyond the initial programme, which is expected to complete within 65 days.

JCP will mobilise a minimum of 5 man-portable rigs to site, which are expected to arrive in the week commencing 25 April 2011.

Test-pitting is expected to start in March 2011, with a further ground-penetrating radar programme under discussion and planned for April 2011.

Regency Mines holds a 7.31 percent shareholding in DNi after subscribing for an additional 0.52 million shares in DNi for A$3 million in January, settled by the issue of 31.7 million shares. DNi is now interested in 58.5 million shares, representing approximately 10.16% of Regency's enlarged issued share capital.

The joint venture was agreed in November 2010.

The partners agreed to co-operate on a 50/50 basis in the piloting and application of DNi's advanced nickel/cobalt leaching technology at Mambare.

Quick facts: Regency Mines PLC

Price: 2.875 GBX

Market: LSE
Market Cap: £2.57 m

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