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Gold/Mining/Energy : Regal GOldfields (REGL -- Cdn over the counter) -- Ignore unavailable to you. Want to Upgrade?

To: Brian Warner who wrote (336)	3/28/1998 12:14:00 PM
From: Brian Warner	Read Replies (1) \| Respond to of 370

fin-info.com 1998-03-25 (provided courtesy of Canadian Corporate News.) Regal Goldfields Limited: Falconbridge Drilling Second Anomaly on Regal Property in Kidd Township TORONTO, ONTARIO--Regal Goldfields Limited announces that it has signed an amendment to the previously announced agreement with Falconbridge Limited under which Falconbridge has the right to earn a 70 percent interest in Regal's claims in Kidd Township. Regal currently has a 100 percent interest in the property which consists of 20 claims located approximately 16 miles north of the City of Timmins in Northeastern Ontario. These claims are located approximately 6,600 feet to the west of the Kidd Creek Mine and 2,600 feet southwest of the Chance base metal deposit, both owned by Falconbridge. Falconbridge has commenced a diamond drill hole to test an anomaly which was identified by down-the-hole electromagnetic ("UTEM") surveys completed by Regal during its fall, 1996 exploration program. Felsic volcanic rocks, which have been identified as rhyolite from geochemical analysis, have been found in two holes previously drilled in the area. Under the terms of the amended agreement, Regal must pay the invoice submitted by the contractor who drills the hole. All other costs associated with the drilling of the hole are the responsibility of Falconbridge. If Falconbridge earns a 70 percent interest in the property, a joint venture will be formed with Falconbridge holding a 70 percent interest and Regal a 30 percent interest. Under the terms of the amended agreement, if a joint venture is formed, Regal will be entitled to a credit towards its share of expenditures required under the joint venture agreement in the amount of twice the invoice paid by Regal for the drilling of the current hole. The first hole drilled by Falconbridge under the agreement with Regal intersected approximately 30 metres of graphite which explained the anomaly which was being tested. Further, Falconbridge has identified an additional anomaly on another area of the Regal claim block which it currently plans to drill, at its cost, in the fall of 1998. Regal presently has 11,313,643 common shares and 2,000,000 special warrants outstanding. The special warrants are exercisable into 2,000,000 common shares and 1,000,000 common share purchase warrants within six business days after a receipt is issued by the Ontario Securities Commission for a final prospectus qualifying such common shares and warrants, or on June 23, 1999, whichever is earlier. Each common share purchase warrant entitles the holder to acquire one common share in the capital of Regal at an exercise price of $0.20 per common share at any time on or before December 23, 1999. Further, a rights offering with an expiry date of April 8, 1998 is currently outstanding under which a maximum of 3,672,160 common shares could be issued at $0.14 per share. Regal is engaged in exploration for and development of mineral properties in Canada. It currently has active exploration programs in northwestern Cape Breton Island, Nova Scotia, and Kidd Township in Timmins, Ontario. -30- FOR FURTHER INFORMATION PLEASE CONTACT: Regal Goldfields Limited Richard Brissenden President (416) 364-1130 (416) 364-6745 (FAX) NO REGULATORY AUTHORITIES OR SIMILAR BODIES HAVE APPROVED OR DISAPPROVED THE INFORMATION CONTAINED HEREIN.