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Regency Mines completes partial sale of Fraser West project

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Regency Mines (LON:RGM) has confirmed the completion of a partial sale of its stake in the Fraser West project, in Australia.

Aussie listed miner Ram Resources (ASX:RMR) has taken its stake in the project to 80% - acquiring an 70% in exchange for shares.

As a result Regency now owns just shy of 60mln Ram Resources shares, 19.9% of the company, and retains a direct 20% stake in Fraser West.

"The delivery of the remaining RAM shares following the general meeting completes the partial vend of our Fraser West project into ASX listed Ram Resources.  

“RAM is now fully funded and poised to focus its efforts on the exploration of these exciting tenements,” said Regency chairman Andrew Bell.

“Regency meanwhile, retains a meaningful direct stake in the project, an indirect one via its holdings in RAM, as well as a royalty and performance shares.  

“This structure allows Regency shareholders to participate in Fraser West's future upside at no additional cost to the company, and demonstrates the execution of the Company's strategy to add shareholder value during challenging market conditions."

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