5th Sep 2014 07:12
LONDON (Alliance News) - Regency Mines PLC said Friday that it has been granted approval for area extensions to its agro-mineral concessions in Sudan, where it has farm-in rights under an option agreement with International Mineral Resources Ltd.
Its Red Sea concession area was expanded by 422.4 square kilometres to include areas where historic oil well data indicates potassium rich beds that potentially extend to the surface.
Additionally, the Jebel Abyad concession area was increased by 5,342 square kilometres to include additional areas deemed prospective for phosphate, identified from remote sending studies and on-site exploration work.
The company said that now it has secured exploration rights for these additional areas, it can progress exploration efforts and move towards drill testing.
Shares in Regency were up 11.9% at 0.330 pence early Friday, the second-highest gainer on the AIM All-Share index.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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