Business
Memorandum of Understanding -
Memorandum of Understanding -.
About this update from Corcel Plc
[{"type":"text","content":"\n RNS Number : 9772Z Regency Mines PLC 30 September 2009 \n \nREGENCY MINES PLC\n\nMemorandum of Understanding - Update\n\nDated: 30 September 2009\n\nRegency Mines plc ('Regency' or the 'Company'), the mining exploration and mineral investment company with interests in copper and nickel in Western Australia, Queensland, and Papua New Guinea, announced the signing of a Memorandum of Understanding with Direct Nickel Pty Ltd ('DNi') on 19 August 2009 (the 'MOU') in relation to the Company's interest in the Mambare nickel-cobalt project in Papua New Guinea ('Mambare'). Under the terms of the MOU, the parties agreed to grant each other a period of exclusivity up to October 1, 2009.\n\nSince the signing of the MOU, DNi has carried out a due diligence visit to Mambare, and teams from the two companies have been working closely together to assess new drill data, add and digitize other data, look at possible outcomes, and formulate exploration strategies.\n\nThis work is regarded as having been productive by both parties, and the exclusivity period has been extended indefinitely subject to one month's notice of termination on either side.\n\nThe parties entered into the MOU because they recognized the significant potential of both the Mambare project and of the DNi Process, and that putting the two together could maximize the value of each. The size and grade potential of Mambare on the one hand, and the technological leadership of DNi on the other, have become more evident to the parties over the last weeks and it is their intention to continue to work together on the next stages of development. Further announcements will be made in due course.\n\nFor further information contact:\n\n\n\n\n\nAndrew Bell\n\n\n0207 402 4580\nor\n07766 474849\n\n\n\nRegency Mines plc\n\n\nChairman\n\n\n\n\nPeter Trevelyan-Clark/Ben Jeynes \n\n\n020 7489 4500\n \n\n\nBlomfield Corporate Finance Ltd \n\n\nNominated Adviser\n\n\n\n\nNick Emerson\n\n\n01483 413500\n\n\n\nSimple Investments Ltd\n\n\nBroker\n\n\n\n\nRon Marshman /John Greenhalgh\n\n\n0207 011 9411 \n\n\nLothbury Financial Limited\n\n\nPublic Relatio...