Business
Regulus Resources Provides Update on Site Activities Amid COVID-19 Pandemic
VANCOUVER, British Columbia, March 18, 2020 (GLOBE NEWSWIRE) -- Regulus Resources Inc. (“Regulus” or the “Company”, REG TSX.V) is providing an update on site ac
About this update from Regulus Resources Inc
[{"type":"text","content":" VANCOUVER, British Columbia, March 18, 2020 (GLOBE NEWSWIRE) -- Regulus Resources Inc. (“Regulus” or the “Company”, REG TSX.V) is providing an update on site activities at its 100% owned AntaKori copper-gold property located in Cajamarca, Peru and the Company’s response to the ongoing COVID-19 pandemic. The Company’s current priority in the face of the COVID-19 pandemic is to ensure that all employees and their families are safe and minimize any potential risks to them or others in the communities where we live and work. In line with the state of national emergency declared on March 15th, 2020 by the Peruvian government that requires mandatory social isolation for 15 days, Regulus employees in Peru will remain at home. This measure has required exploration operations at AntaKori, including drilling, to be placed on hold for this period and consequently the Company has ceased all major activities on site. The Company is monitoring the situation very closely and after the 15-day period has concluded, will evaluate the situation based on official government recommendations. Regulus’ corporate management team will work from home and any near-term international travel has been postponed. As the COVID-19 pandemic and recent market developments evolve, Regulus is taking measures to conserve cash and maintain the AntaKori asset so that the continuation of the Phase II drill program can resume when the environment stabilizes. As of March 2nd, 2020, the Company had C$7.4 million in cash. In lieu of drilling in the near term and to continue the advancement of the AntaKori project, the Company will begin additional geological and engineering studies that will ultimately contribute to a Preliminary Economic Assessment. Much of this work can be done from home offices with the benefit of virtual office technology to interconnect team members. If drilling is postponed for an extended period, the Company may elect to complete a Preliminary Economic Assessment on the significant resource that has already been defined on the property, to show the underlying value at the AntaKori project. John Black, Chief Executive Officer of Regulus, commented as follows: “Our priority first and foremost is the health of our employees and their families. Our employees will remain at home until it is deemed safe to return by local health orga...