Mining Sector: Regency shares jump on sale of majority rights in...

Mining Sector: Regency shares jump on sale of majority rights in Australian project
26 October 2012 | 15:54pm
StockMarketWire.com - Shares in Regency Mines [LON:RGM] rose by nearly 15% after it agreed the sale of the majority of the rights to the Fraser West project in Australia to RAM Resources.

The Fraser West Project consists of three tenements with an area of 271 sq km in the Fraser Range area of Western Australia). These three tenements were granted to Regency Mines Australasia, a wholly owned subsidiary of the Company, in the last three months.

Regency Chairman Andrew Bell stated: "This transaction enables us to realise value and at the same time fund the immediate exploration of these properties at a time when investors and explorers are focussing on the Fraser Range and Tropicana areas.

"The market that recognises the potential of this area is the Australian market, and the expertise we need to mobilise is in Australia."