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Regal Goldfields (REGL:O -- Canadian over the counter) is an old company recently taken over by a group with plenty of history in the Canadian resource sector. They have two properties in Cape Breton with nickel and gold prospects, and a third property in Ontario. This one is 8,000 feet away from Falconbridge's Texas Gulf base metal and silver mine at Kidd Creek near Timmins. This property was drilled in 1994. They found six feet of the good stuff and four feet or so of pretty good stuff, but not equivalent to what Texas Gulf has been hauling out of the ground for decades with their 2300 strong work force. The current owners had Fenton Scott, their geologist look at the 1994 cores. The first thing he said was the dummies should have stopped drilling in the direction they were when they hit the six feet and turned their drill around and drilled in the proper direction. They now expect to start drilling toward the end of July and expect results mid- August or so. Falconbridge is very interested -- everyone thinks there is another one or two Texas Gulf mines in the Kidd Creek area, and this is the first drilling to show any promise. The site is just off the road to the Texas Gulf Mine. Regal has put up a big sign near the road that drilling will start shortly. The Regal people expect lots of buying from the miners and Timmins. As well, Falconbridge executives supposedly have been buying. And Falconbridge has been giving Regal lots of help with the drilling program -- I wonder what's in it for Falconbridge?? Fenton Scott is still involved and Watts Griffis and McOuat have been retained as consulting engineers and geologists. The Barnes Group (investor relations) will be putting on a dog and pony show for the brokers in a week or two, just before drilling is to start. In other words these guys are willing to spend the dough on good quality people in all the necessary areas. And of course they expect to hit paydirt, or, at the least, to get a strong whiff of something that will drive the share price up. As for Regal, it currently sits at about $1.70, down from $2.50 a few weeks ago. They have a Montreal law firm working on a Montreal Stock Exchange listing. There are 7,083,643 shares issued (fully diluted, 7,873,643 million) and about 2.5 million in the public float. However, since it is an old company, much of the public float has disappeared (that is, no current address for the shareholders). Their 1996 drilling program is fully financed, and the company has no debt. I have contracted to get them up on the web and attempt to give them an internet presence. I hold a position in the company. Richard Brissenden, president of Regal can be contacted at 416-364-1130. Ask for a corporate profile and any other information you need. And please share your information on this forum. I'll update everyone as I receive any tidbits. Cheers | ||||||||||||||
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