MAMBARE

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.

Regency Mines announced the signing of a Memorandum of Understanding in relation to the Company's interest in the Mambare nickel-cobalt project in Papua New Guinea. Under the terms of the MOU, the Company and Direct Nickel Pty Ltd ("DNi") have agreed to work together towards a proposed transaction which will pool Regency's interest in Mambare with DNi's lateritic nickel/cobalt treatment technology in a new company.

Regency Mines presented the first set of results from the Mambare Nickel Laterite project in Papua New Guinea. For line 1, the limonite horizon averages at 0.22%Ni and <0.03%Co over an average thickness of 5.24m. The underlying saprolite horizon averages 0.30%Ni and <0.03%Co over an average thickness of 3.10m. For line 2, 400m to the north, the limonite horizon averages at 0.57%Ni and <0.07%Co over a thickness of 7.86m and the saprolite horizon averages at 0.92%Ni and <0.05%Co over a thickness of 8.41m .