WATERDOWN, ONTARIO--(Marketwire - July 25, 2011) - Regulus Resources Inc. (TSX VENTURE:REG) ("Regulus), is pleased to announce that drilling is now underway on the company's 50%-owned Rio Grande copper-gold-silver project in Salta Province, Argentina after an unusually intense winter storm in the Puna during the mobilization caused some delays. The drill program is planned for a total of 15,000 m utilizing two diamond drills. The Rio Grande project is a 50/50 joint venture between Regulus and Pachamama Resources Inc. ("Pachamama", PMA TSX.V) with Regulus acting as the operator.
Over the last two months, the company has made significant progress in preparing the Rio Grande project for its first drill program since 2008 as well as making advancements towards obtaining its first 43-101 compliant resource estimate on the project. The following programs are now completed or are underway;
* Quantec Titan 24 geophysical IP and resistivity survey
o Completed 11 lines – Phase I report evaluation pending – 3D modelling underway
* RDI and SGS metallurgical test work
o Expecting final results from both labs in August
* Wardrop Engineering 43-101 compliant resource estimate
o Well on its way for completion in August (based on previous drilling only)
* 15,000 metre Boart Longyear diamond drilling program
o Both drills are now on site with the first drill operating
The 15,000 metre diamond drilling program will consist of 1) infill and extension drilling in the northern area of the Sofia Zone, 2) extension drilling to the west of the existing drilling in the North Zone, 3) infill and extension drilling in the # 7 Zone, 4) initial testing of the underexplored southwest portion of the Rio Grande ring structure, 5) deep drilling into the deep porphyry targets in the center of the Rio Grande ring structure.
Wayne Hewgill, President and CEO of Regulus comments: "We are very excited to be back drilling and testing the outstanding potential at the Rio Grande project after a 2 ½ year break. During the financial crises of 2009, Antares Minerals Inc. put the project on hold to focus its exploration funding on their world-class Haquira copper-molybdenum porphyry discovery in southern Peru, which led to the sale of Antares to First Quantum Minerals Ltd. in December 2010 and the spin-out of Antares' 50% interest in the Rio Grande project into Regulus. While earlier results from the 78 diamond drill holes on the project returned excellent results, including 189 metres grading 0.70% Cu and 0.67 g/t Au and 11 g/t Ag, we are only now anticipating completion of the first 43-101 compliant resource estimate on the property. We expect the results of the preliminary metallurgical work and the first resource estimate to be released in Q3."
To more clearly define the deep porphyry targets in the centre of the 2.2 km wide Rio Grande Ring structure, the company contracted Quantec Geoscience to complete a 10 line, Titan 24 IP / resistivity survey covering the full extent of the Rio Grande ring structure. The IP successfully outlined the contact between the oxide and transitional material and the underlying fresh volcanic rocks and the MT survey outlined a number of high priority drill targets at depth in the central area of the Rio Grande Ring structure. An additional line was added to the survey covering the Northeast Gold target located 1.6 kilometres from the eastern edge of the Rio Grande ring structure.
About Regulus Resources Inc.
Regulus Resources Inc. (REG TSX.V) is a mineral exploration company formed in December 2010 in connection with the sale of Antares Minerals Inc. to First Quantum Minerals Ltd. 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.
Current Share Capital
Shares Outstanding 36,182,234 Common Shares
Shares Fully Diluted 38,746,234 Common Shares
All of Regulus' exploration programs and pertinent disclosure of a technical or scientific nature are prepared by, or under the direct supervision of, Wayne Hewgill, P.Geo, and Regulus' President, who serves as the qualified person (QP) under the definitions of National Instrument 43-101.
Regulus' security, chain of custody and quality control is described on their website and can be reviewed at: http://regulusresources.com/BestPractices/SamplingMethodologies
Forward Looking Information
Certain statements regarding Regulus, including management's assessment of future plans and operations, may constitute forward-looking statements under applicable securities laws and necessarily involve known and unknown risks and uncertainties, most of which are beyond Regulus' control.
Specifically, and without limitation, all statements included in this press release that address activities, events or developments that either Regulus expects or anticipates will or may occur in the future, including management's assessment of future plans and operations and statements with respect to the completion of the anticipated drilling program and the completion of a NI 43-101 compliant resource estimate, may constitute forward-looking statements under applicable securities laws and necessarily involve known and unknown risks and uncertainties, most of which are beyond Regulus' control. These risks may cause actual financial and operating results, performance, levels of activity and achievements to differ materially from those expressed in, or implied by, such forward-looking statements. Although Regulus believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. Such risks and uncertainties include, but are not limited to: the impact of general economic conditions in Canada and Argentina, industry conditions including changes in laws and regulations including adoption of new environmental laws and regulations, and changes in how they are interpreted and enforced, in Canada and Argentina, fluctuations in commodity prices and ability to complete operations due to factors beyond Regulus' control.
Although the forward-looking statements contained in this Press Release are based upon assumptions which management believes to be reasonable, Regulus cannot assure shareholders that actual results will be consistent with these forward-looking statements. With respect to forward-looking statements contained in this press release, Regulus have made assumptions regarding: current commodity prices and royalty regimes; timing of receipt of regulatory approvals; availability of skilled labour; timing and amount of capital expenditures; future exchange rates; the impact of increasing competition; conditions in general economic and financial markets; effects of regulation by governmental agencies; royalty rates; future operating costs; and other matters.
Accordingly, Regulus does not give any assurance nor make any representations or warranty that the expectations conveyed by the forward-looking statements will prove to be correct and actual results may differ materially from those anticipated in the forward-looking statements. Regulus does not undertake any obligation to publicly update or revise any forward-looking statements other than required by applicable securities law.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
Contact Information
*
Regulus Resources Inc.
Wayne Hewgill, P.GeoOver the last two months, the company has made significant progress in preparing the Rio Grande project for its first drill program since 2008 as well as making advancements towards obtaining its first 43-101 compliant resource estimate on the project. The following programs are now completed or are underway;
* Quantec Titan 24 geophysical IP and resistivity survey
o Completed 11 lines – Phase I report evaluation pending – 3D modelling underway
* RDI and SGS metallurgical test work
o Expecting final results from both labs in August
* Wardrop Engineering 43-101 compliant resource estimate
o Well on its way for completion in August (based on previous drilling only)
* 15,000 metre Boart Longyear diamond drilling program
o Both drills are now on site with the first drill operating
The 15,000 metre diamond drilling program will consist of 1) infill and extension drilling in the northern area of the Sofia Zone, 2) extension drilling to the west of the existing drilling in the North Zone, 3) infill and extension drilling in the # 7 Zone, 4) initial testing of the underexplored southwest portion of the Rio Grande ring structure, 5) deep drilling into the deep porphyry targets in the center of the Rio Grande ring structure.
Wayne Hewgill, President and CEO of Regulus comments: "We are very excited to be back drilling and testing the outstanding potential at the Rio Grande project after a 2 ½ year break. During the financial crises of 2009, Antares Minerals Inc. put the project on hold to focus its exploration funding on their world-class Haquira copper-molybdenum porphyry discovery in southern Peru, which led to the sale of Antares to First Quantum Minerals Ltd. in December 2010 and the spin-out of Antares' 50% interest in the Rio Grande project into Regulus. While earlier results from the 78 diamond drill holes on the project returned excellent results, including 189 metres grading 0.70% Cu and 0.67 g/t Au and 11 g/t Ag, we are only now anticipating completion of the first 43-101 compliant resource estimate on the property. We expect the results of the preliminary metallurgical work and the first resource estimate to be released in Q3."
To more clearly define the deep porphyry targets in the centre of the 2.2 km wide Rio Grande Ring structure, the company contracted Quantec Geoscience to complete a 10 line, Titan 24 IP / resistivity survey covering the full extent of the Rio Grande ring structure. The IP successfully outlined the contact between the oxide and transitional material and the underlying fresh volcanic rocks and the MT survey outlined a number of high priority drill targets at depth in the central area of the Rio Grande Ring structure. An additional line was added to the survey covering the Northeast Gold target located 1.6 kilometres from the eastern edge of the Rio Grande ring structure.
About Regulus Resources Inc.
Regulus Resources Inc. (REG TSX.V) is a mineral exploration company formed in December 2010 in connection with the sale of Antares Minerals Inc. to First Quantum Minerals Ltd. 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.
Current Share Capital
Shares Outstanding 36,182,234 Common Shares
Shares Fully Diluted 38,746,234 Common Shares
All of Regulus' exploration programs and pertinent disclosure of a technical or scientific nature are prepared by, or under the direct supervision of, Wayne Hewgill, P.Geo, and Regulus' President, who serves as the qualified person (QP) under the definitions of National Instrument 43-101.
Regulus' security, chain of custody and quality control is described on their website and can be reviewed at: http://regulusresources.com/BestPractices/SamplingMethodologies
Forward Looking Information
Certain statements regarding Regulus, including management's assessment of future plans and operations, may constitute forward-looking statements under applicable securities laws and necessarily involve known and unknown risks and uncertainties, most of which are beyond Regulus' control.
Specifically, and without limitation, all statements included in this press release that address activities, events or developments that either Regulus expects or anticipates will or may occur in the future, including management's assessment of future plans and operations and statements with respect to the completion of the anticipated drilling program and the completion of a NI 43-101 compliant resource estimate, may constitute forward-looking statements under applicable securities laws and necessarily involve known and unknown risks and uncertainties, most of which are beyond Regulus' control. These risks may cause actual financial and operating results, performance, levels of activity and achievements to differ materially from those expressed in, or implied by, such forward-looking statements. Although Regulus believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. Such risks and uncertainties include, but are not limited to: the impact of general economic conditions in Canada and Argentina, industry conditions including changes in laws and regulations including adoption of new environmental laws and regulations, and changes in how they are interpreted and enforced, in Canada and Argentina, fluctuations in commodity prices and ability to complete operations due to factors beyond Regulus' control.
Although the forward-looking statements contained in this Press Release are based upon assumptions which management believes to be reasonable, Regulus cannot assure shareholders that actual results will be consistent with these forward-looking statements. With respect to forward-looking statements contained in this press release, Regulus have made assumptions regarding: current commodity prices and royalty regimes; timing of receipt of regulatory approvals; availability of skilled labour; timing and amount of capital expenditures; future exchange rates; the impact of increasing competition; conditions in general economic and financial markets; effects of regulation by governmental agencies; royalty rates; future operating costs; and other matters.
Accordingly, Regulus does not give any assurance nor make any representations or warranty that the expectations conveyed by the forward-looking statements will prove to be correct and actual results may differ materially from those anticipated in the forward-looking statements. Regulus does not undertake any obligation to publicly update or revise any forward-looking statements other than required by applicable securities law.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
Contact Information
*
Regulus Resources Inc.
President / CEO / Director
+1 778 438-2481
Regulus Resources Inc.
John Black
Director
+1 720 514-9036
http://regulusresources.com
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