Regal Resources Inc.

March 29, 2010 09:00 ET

Regal Resources Inc.: Drilling and Financing Announcement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 29, 2010) - Gregory Thomas, President of Regal Resources (CNSX:RGR), is pleased to announce the commencement of a work program on its Squaw Peak property located in Yavapai County, Arizona. The initial program will consist of two 1000 feet long core holes further testing a northwest extension of the Squaw Peak Mine zone discovered by drill hole SP0813 (previously announced by American Copper Corporation in a 2008 news release) which returned 791 feet of 0.56% Cu equivalent. A third hole will test a large magnetic low located to the north of the current drilling and will drill to a depth of up to 3000 feet. The target for this hole is a high-grade copper/molybdenum deposit surrounding a large "Source" intrusive similar to the Resolution deposit located 100 miles to the south-southeast.

Squaw Peak History

Mining started at Squaw Peak during WWII and continued until 1946. A report from that era by The Squaw Creek Mining Co. reports production grades of 0.82% copper, 0.53% molybdenum, 0.072 oz/ton silver and 0.005 oz/ton gold. Limited exploration occurred between 1946 and 1970. Phillips Petroleum (circa 1970) drilled eight holes and inferred a mineral resource of 30,750,000 tons grading 0.31% copper and 0.025% molybdenum (not NI 43-101 compliant). American Copper conducted an ultralight magnetics survey, soil sampling and drilled 13 holes in 2007 and 2008. Although the last hole drilled by American Copper contained the best results to date (see SP0813 results above) the project was abandoned due to funding issues.

Richard Kern (P.Geo) of Reno, Nevada, is the Company's qualified person on the project as required under NI 43-101 and has reviewed the technical information contained in this press release.

The company is also pleased to welcome Mr. Richard Kern to the board of directors. Mr Kern has a Master's of Science Degree in Geology from Idaho State University and a Bachelor of Science Degree in Geology from Montana State University. With over 35 years experience in base and precious metal exploration in the U.S., Central America, South America, Australia, New Guinea, Malaysia, China and Fiji, he has been involved in major mineral discoveries in Australia and the Western United States. Mr. Kern was integral in the new discovery at Klondex Mines Ltd.'s Fire Creek property in central Nevada. Fire Creek is a Midas style, high grade gold deposit with a currently defined Indicated Mineral Resource of 1.64 million ounces. Mr. Kern will replace Mr. John A. St. Davies who has resigned in order to facilitate Regal in establishing a more technically oriented board. We thank Mr. Davies for his time and effort with Regal.

The company announces a private placement of one million units at $.35 per unit. Each unit will consist of one share and one share purchase warrant exercisable at $.45 for one year. The board of directors has granted 500,000 incentive stock options to directors, officers, and consultants with an exercise price of $.35 per share.

This press release includes "forward-looking statements" including forecasts, estimates, expectations and objectives for future operations that are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of Regal Resources Inc. Statements regarding future fund raising and completion of the Acquisition are subject to all of the risks and uncertainties normally incident with the raising of capital and completing corporate transactions including, but are not limited to, financing risks, inflation and costs of goods and services, property title issues and regulatory approvals. Investors are cautioned that any such statements are not guarantees of future performance and those actual results or developments may differ materially from those projected in the forward-looking statements. Such forward-looking information represents management's best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Regal Resources Inc. does not assume the obligation to update any forward-looking statement, except as required by applicable law.

Contact Information

  • Regal Resources Inc.
    Drew N. Brass
    Regal Resources Inc.
    Graham B. Abbott