8 Nov 2013 16:50
Regency Mines Plc
("Regency" or the "Company")
Sudan Update
8 November 2013
Regency Mines plc, ("Regency" or "the Company"), a mining exploration and mineral investment company with interests in nickel and other minerals in Australia, Africa and Papua New Guinea announces progress in the field programme to the Jebel Abyad concession in Sudan, a project where Regency has farm-in rights under an option agreement with International Mineral Resources (Agrominerals Sudan) Ltd ("IMRAS").
Further to the announcement of 1 November, the geologists this morning left Khartoum for Jebel Abyed to begin the traverse and sampling programme.
Additional time spent at the Ministry enabled the geologists to locate further information not previously seen, including a report by the national Moroccan phosphates company, Office Chérifien des Phosphates ("OCP"), confirming phosphogenesis at Jebel Abyed. In February 2012 the OCP in the course of a short 13 day guided visit to Sudan visited a number of locations, including Jebel Abyed where they appear to have made logs and taken a small number of samples from scarp sections on the sides of hills and wadis. Three samples testing over 1% phosphate including one at 6.5% are reported at identified locations. To repeat the sampling and verify this information the team intends to visit these locations in the course of the trip.
Regency Chairman Andrew Bell states: "The confirmation from this source that the Jebel Abyed area has seen phosphogenesis and the fact that on a cursory trip it was possible to identify significant grades of phosphate in isolated samples is encouraging and confirms the potential. On return to Khartoum we also intend to inspect detailed logs from oil drilling in the vicinity of our Red Sea license to verify summary log information showing a significant potash horizon which may come near surface in our license area.
"Our emphasis is on cost-effective exploration and to have identified significant potash and phosphate potential, besides gypsum, at this early stage would, if confirmed, be a considerable achievement by our geologists."
Enquiries:
Andrew Bell 020 7747 9960 or 07766 474849 | Chairman Regency Mines plc |
Sandra Spencer 020 7747 9960 or 07757 660 798 | Investor Relations Regency Mines plc |
Colin Aaronson/David Hignell/Ed Thomas 020 7383 5100 | NOMAD Grant Thornton UK LLP |
Nick Emerson 01483 413500 Guy Wheatley 02073828416 Rupert Trefgarne 02031288817 | Broker SI Capital Ltd Joint Broker Beaufort Securities Ltd Media Relations MHP Communications |