Regency Mines told investors that its drilling work is continuing on the Mambare nickel JV in Papua New Guinea. However, the firm said that visa delays may impact the planned work program.

The company said that these visa delays, caused in part by political uncertainty surrounding the appointment of a new government, could restrict the scale of the drilling program. Currently Regency is awaiting full results from a ground penetrating radar program and drill results are also pending.

Meanwhile Regency said that it has positive visual results and good depths of ore bearing material have been recorded from the drilling work completed so far. Regency also confirmed that were no objections to its geothermal application at a recent hearing.

Mambare is being explored through a 50:50 JV with Direct Nickel Limited. Regency also told investors that it will in due course gain a further interest in the project.

Australian firm Wintech Group is proposing to acquire at least 80% of Direct Nickel. This proposed transaction will be voted on at a special meeting in September. Regency said that in due course it expects to be offered shares equivalent to approximately 7% of the issued capital of Wintech.

(Sourced from www.proactiveinvestors.co.uk)