Regulus Resources Inc.

Regulus Resources Inc.

February 01, 2011 08:30 ET

Regulus Announces Appointment of New Directors and Officer

WATERDOWN, ONTARIO--(Marketwire - Feb. 1, 2011) - Regulus Resources Inc. ("Regulus") (TSX VENTURE:REG) is pleased to announce the appointment of Jim McDonald and Wayne Hewgill to the Board of Directors and Javier Robeto as Vice President Exploration, effective January 31, 2011, subject to customary regulatory approval.

Mr. McDonald began a 25 year career in the mining industry working as a project geologist with Noranda Explorations Ltd. Mr. McDonald has been involved in developing several successful junior exploration companies such as White Knight Resources, Black Bull Resources and National Gold (now Alamos Gold Inc.). Mr. McDonald is currently the President and CEO of Kootenay Gold Inc. We believe that Mr. McDonald's extensive industry experience will be a valuable additional to the board of Regulus.

Mr. Robeto was most recently Project Manager for Antares Minerals Inc. ("Antares") at the Haquira Cu-Mo-Au project in Southern Peru. Haquira was the key project that triggered the sale of Antares to First Quantum Minerals in December 2010. Javier joined Antares in 2004 after graduating at the top of his class in geological sciences from the Universidad Nacional de San Juan in San Juan Argentina. Mr. Robeto was part of the team who for the last 2 years managed the Haquira project through the updated 43-101 resource and Preliminary Economic Assessment. Prior to this, Mr. Robeto was project manager for Antares on the Rio Grande Cu-Au-Ag project in Argentina. We believe that his advanced project experience at Haquira and his intimate knowledge of the Rio Grande project and operating in Argentina will make him a valuable asset as we advance the Rio Grande project.

Mr. Hewgill is a Professional Geoscientist with a total of over 25 years of experience in the exploration business in Canada, Australia, New Zealand, Zimbabwe and South Africa including 16 years with BHP. He also spent 5 years as a mining analyst for two Canadian financial institutions focusing on early and advanced stage exploration companies. Prior to being appointed as President and CEO of Regulus Resources in December 2010, Mr. Hewgill held the position of Vice President Corporate Development with Antares Minerals. He holds a B.Sc. in Geology from the University of British Columbia and is registered as a Professional Geoscientist (P.Geo) with APEGBC.

About Rio Grande

The Rio Grande Cu-Au-Ag porphyry project is located in the high Puna of NW Argentina, 450km west of the city of Salta. The Rio Grande project is very favourably located along the prominent NW-trending Archibarca Lineament which also controls the location of the world-class Escondida porphyry Cu deposit (BHP-Billiton), 150 km to the west-northwest in Chile. The Rio Grande project is a 50/50 joint venture between Pachamama Resources Inc. (TSX V.PMA) and Regulus Resources Inc. (TSX V.REG) with Regulus acting as the operator.

Cu-Au-Ag mineralization at Rio Grande occurs within a distinct 2-km diameter ring-shaped fracture zone defined by IP chargeability, as well as Cu- and Au-soil geochemical anomalies. The majority of the past drilling has focussed on the better exposed Discovery and Sofia zones, however the most recent drilling on the North and #7 zones has intersected significant mineralization. Highlights from the earlier drilling include 189 metres grading 0.70% Cu, 0.67 g/t Au and 11.1 g/t Au. A total of 78 drill holes for 33,015.47 m of drilling have been completed at the Rio Grande project as of year-end 2008.

About Regulus Resources Inc.

Regulus Resources Inc. (TSX VENTURE:REG) is a mineral exploration company formed in December 2010 in connection with the sale of Antares Minerals Inc. (ANM.V) to First Quantum Minerals Ltd. (FM.T). Regulus is currently exploring the Rio Grande Cu-Au-Ag porphyry project in Salta Province of NW Argentina on a 50/50 joint-venture basis with Pachamama Resources Ltd. (PMA.V).

Regulus also announces that it has granted a total of 2,540,000 options to management, members of the board, employees and consultants, to purchase common shares at an exercise price of $1.07 per share for a five-year period, subject to certain vesting provisions. The grant of these options is subject to customary regulatory approval.

Current Share Capital

Shares Outstanding 36,233,965 Common Shares
Shares Fully Diluted 38,773,965 Common Shares

Contact Information

  • Regulus Resources Inc.
    Wayne Hewgill, P.Geo.
    President and CEO
    778 438-2481
    Regulus Resources Inc.
    John Black
    720 514-9036