Regent Ventures Ltd RGVNF

RE: Red Mountain News Release

[barabing]

Sorry, Here's the complete version; ========================================================= Regent Ventures to begin drilling at Red Mountain 2006-06-22 16:21 ET - News Release Mr. Ed Mueller reports UPDATE ON RED MOUNTAIN GOLD PROPERTY AND MCCALLAN OIL & GAS (UK) LTD. Regent Ventures Ltd.'s exploration program on the Red Mountain property in the Yukon Territory has commenced. A geophysical survey consisting of 250 kilometres of high resolution, electromagnetic and magnetic airborne surveying over the property, using a helicopter-borne VTEM system, has just been completed. The VTEM system provides a superior exploration depth of over 800 metres, with unparalleled resolution and depth of investigation for electromagnetic measurements. The company has also entered into a contract with Caron Diamond Drilling Inc. for an initial 5,000 feet of diamond drilling. The crew and drill have been mobilized, and drilling is expected to commence on the upcoming weekend. The first drill targets will be in the Saddle zone and the 50/50 zone. Previous drilling conducted in the Saddle zone returned several encouraging gold assay intervals. This area hosts northwest-trending tombstone suite quartz monzonite dike swarms and a related stockwork of gold-bearing calcite-rich quartz veinlets, as well as a series of maffic breccia dikes, all of which appear to have an association with the gold mineralization. Initial targets will include testing of the downdip extension of gold mineralization discovered to date. The 50/50 zone will be drilled to test a coincident downslope multielement geochemical anomaly and an IP anomaly (resistivity low and chargeability high). This fault zone is the most prominent feature on the property and can be traced for over a kilometre. McCallan Oil & Gas Ltd. Further to the company's news release in Stockwatch on March 29, 2006, in which it was described that AAA Capital Energy AG had agreed to acquire a 55-per-cent interest in McCallan by contributing capital to McCallan to provide for the development of its oil and gas, and methane gas concessions in Poland, due to recent changes in German laws, AAA Capital has encountered delays in completing its registration and has been granted an extension to July 31, 2006, to advance the $23-million (U.S.) to McCallan that was previously due by April 30, 2006.