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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 (346)	5/21/1998 2:12:00 PM
From: Brian Warner	Read Replies (1) \| Respond to of 370

fin-info.com Regal Goldfields Commences Drilling In Cheticamp Highlands TORONTO, ONTARIO--Regal Goldfields Limited (CDN: REGL) announces that it has commenced a drilling program in the Cheticamp Highlands on northwestern Cape Breton Island, Nova Scotia. Monitored by Watts, Griffis and McOuat, Consulting Geologists and Engineers, this initial program is designed to test two of eight target areas defined by a thorough compilation of previous work. The first target consists of silver-lead-zinc-mineralization in an area where some high grade mineralization was mined at the turn of the century. Three holes are being drilled to test the continuity and the extent of the silver-lead-zinc mineralization encountered in holes drilled in the area east of the Galena mine by Highland Mercury and Amax in the late 1970's. Of the eight holes drilled in this area in the 1970's, three intersected economically interesting mineralization, with narrow zones of low grade zinc mineralization in another three holes. Values in the better three holes were 4.6 oz silver per ton, 0.8 percent lead and 19.5 percent zinc over 1.2 metres; 5.85 silver per ton, 6.22 percent lead and 0.33 zinc over 1.06 metres; and 1.40 oz silver per ton, 0.9 percent lead and 21 percent zinc over 0.3 metres. Five holes are targeted on a conductive zone with a coincident zinc-lead soil geochemical anomaly on strike with this mineralization, about 300 metres to the south. The second drill target consists of a coincident zinc-lead soil geochemical anomaly. Several high grade sulphide boulders have been discovered in the stream valley about 200 metres down slope of this drill target, including one which assayed 38.9 oz silver per ton, 42.3 percent lead and 8.00 percent zinc. Regal presently has 14,290,029 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) E-mail: regalgld@interlog.com NO REGULATORY AUTHORITIES OR SIMILAR BODIES HAVE APPROVED OR DISAPPROVED THE INFORMATION CONTAINED HEREIN.