10/07/2008
Copper and nickel play Regency Mines expects to start drilling Papua New Guinea’s Mambare nickel and cobalt project next month.
The AIM-quoted company, steered by former City analyst Andrew Bell, intends to begin an initial 10,000-metre drilling programme at Mambare in the Oro Province of Papua New Guinea (PNG) in mid-August. London-based Regency says the programme is likely to take about 120 days and will help towards establishing a credible resource estimate for that part of its PNG licence.
Backed by small company supporter Bruce Rowan and with Bell holding the biggest single stake, shares in Regency, in which director Kenneth Watson has increased his stake to 4.8 per cent by exercising options, stand at a depressed 2.38p,valuing the company at £5.1 million.
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