REGENCY MINES PLC

Regency Mines plc announces the signing of a Joint Venture Agreement with Direct Nickel Pty Ltd ("DNi"), pursuant to the Memorandum of Understanding between the parties signed on 19 August 2009 and extended on 30 September 2009 ("JV"). Under the terms of the JV, the parties have agreed to co-operate on a 50/50 basis in the piloting and application of DNi's advanced nickel/cobalt leaching technology at Regency's Mambare lateritic nickel deposit in Papua New Guinea. Regency will agree to sell a 100% interest in its wholly owned subsidiary Canopus No 83 Limited, and in any other interests it may come to hold in the vicinity of the Mambare deposit, to a wholly owned subsidiary of DNi ("JVCo"), for a consideration consisting of redeemable convertible shares which will convert, on achievement of the objective of the JV, into a 50% interest in JVCo.