Full Release from yesterdayREGENT VENTURES LTD.
Penthouse 8 - 1060 Alberni Street
Vancouver, BC V6E 4K2
Telephone: (604) 669-7775 Fax: (604) 687-3581
Website: www.regentventures.ca
October 26, 2006 Trading Symbol: REV
UPDATE
Red Mountain Property Update
Regent Ventures Ltd. (the “Company”) is pleased to announce the results obtained from the work
completed in its 2006 exploration program on its Red Mountain Property located in the Yukon Territory.
The work program included five diamond drill holes totaling 1162 metres of drilling and 270 kilometres
of high resolution, deep penetrating, electromagnetic and magnetic geophysical surveying carried out by
Geotech Ltd. using the helicopter-borne VTEM system over the Property at 100 metre spacings.
Preliminary results from the VTEM survey indicate numerous new EM high anomalies, which may be
associated with buried Tombstone Suite intrusions in the area. Further follow-up ground work and
additional data interpretation is necessary prior to defining drill targets from the VTEM survey.
The diamond drilling focused on the 50/50 Zone, the Saddle Zone and the Gossan Zone located
approximately 1.0 kilometer southwest of the Saddle Zone. DDH#06-45 and DDH#06-46 were drilled to
test coincident Au-Ag-Zn-Cu geochemical anomalies coupled with a coincident IP anomaly and the 50/50
fault surface expression. DDH#06-45 was lost at 96.1m and prior to intersecting the projection of the
50/50 structure. DDH# 06-46 was drilled to a depth of 187.5m and intersected the 50/50 structure at 165m
to 166.8m, which yielded grades of 0.25g/t Au, 43.2 g/t Ag and 1.44% Zn over the 1.8 metre width.
DDH# 06-47 was drilled in the Saddle Zone area to test the down dip extension of previously intersected
gold veins associated with Tombstone Suite intrusion quartz monzonite dyke swarms. Oblique low angle
faulting was interpreted to have laterally and vertically displaced these dykes. DDH# 06-49 was
positioned to intersect the postulated pre-faulting location of the dykes to the north of the main Saddle
Zone area and was successful in intersecting these dykes. DDH# 06-48 was drilled to test a coincident
EM anomaly and IP anomaly within a 100 ppb gold geochemical survey anomaly in the Gossan Zone
area. A summary of the assay results from the 2006 drilling program is set out in the following table:
Drill Hole
From (m)
To(m)
Width (m)
Grams Per
Tonne Gold
Grams Per
Tonne Silver
% Zinc
06-45 41.0 41.7 0.7 - 169.0 -
06-46 165.0 166.8 1.8 0.25 43.2 1.44
06-47 4.8 5.9 1.1 0.18 61.2 -
16.3 22.4 6.1 0.86 - -
(including) 19.7 20.6 0.9 4.03 - -
124.2 126.8 2.6 0.13 57.8 -
178.3 179.8 1.5 0.25 38.1 -
06-48 no significant assays -
06-49 86.2 86.3 0.1 1.89 261 -
The exploration program was carried out under the direction of the Company’s Qualified Person, Mr.
Allan Doherty, P.Geo. of Aurum Geological Consultants Inc. who has reviewed and approved the release.
Regent Ventures Ltd. News Release Page 2
The drilling was contracted to E. Caron Diamond Drilling Ltd. of Whitehorse and the analytical work was
performed by Echo Tech Laboratories of Kamloops, B.C.
Private Placement Update
Further to its news release of August 2, 2006, the Company is pleased to announce that it has completed and
closed its $1,100,000 private placement offering of 4,400,000 units of its securities at a price of $0.25 per unit.
Each unit consists of one common share in the capital of the Company and one non-transferable Series “A”
share purchase warrant, with each such warrant entitling the holder to purchase one additional non-flowthrough
common share of the Company at a price of $0.35 per share for one year. $100,000 (400,000 units) of
the offering was completed on a flow-through basis.
The shares comprised in the units of the offering, the Series “A” warrants, and the shares underlying the Series
“A” warrants are all subject to a hold period and may not be traded until January 20, 2007.
Update on McCallan Oil & Gas (UK) Ltd.
Further to the Company’s news releases of March 2, 2006, which announced the agreement for the acquisition
of an initial 22.5% interest in McCallan Oil & Gas (UK) Ltd. (“McCallan”), and June 27, 2006 which
announced the agreement for the acquisition of an additional 22.5% interest in McCallan, the Company is
pleased to announce that the acquisition of both interests totaling a 45% interest in McCallan was closed on
September 20, 2006. In conjunction with closing, the Company issued 2,250,000 shares in its capital to the
Vendor, Hans Dietmann, and paid the Vendor $75,000 in cash with respect to the acquisition of the first
22.5% interest and issued 1,300,000 shares to the Vendor and paid the Vendor $200,000 in cash with respect
to the acquisition of the second 22.5% interest. Of the 2,250,000 shares, 2,000,000 are held in escrow and of
the 1,300,000 shares, 1,150,000 are held in escrow subject to the Vendor demonstrating that he has
secured appropriate exploration funding for the concession interests held by McCallan. If such
funding is not secured within six months of closing (March 20, 2007) the escrow shares are to be cancelled
and returned to treasury.
The Company has also agreed to issue the Vendor contingent consideration of up to 25,000,000 shares with
respect to the acquisition of the first 22.5% interest and 11,700,000 shares with respect to the second 22.5%
interest. These shares will be issued pro rata over the first 25 oil, natural gas or methane gas wells placed in
commercial production by McCallan, each to be confirmed by the report of a recognized petroleum engineer.
In conjunction with the purchase of the second 22.5% interest, the Vendor has granted the Company an option
to acquire an additional 6% interest in McCallan, to take the Company’s interest to 51%, in the event that
McCallan enters into an agreement with a major energy company with respect to one of its resource
assets. Should McCallan enter into such an agreement and trigger the option, the Company can exercise
the option by issuing the whole 11,700,000 contingent shares with respect to the acquisition of the second
22.5% interest in one lump rather than on the earn-in basis.
The 2,250,000 shares issued to the Vendor with respect to the purchase of the first interest were issued in
May in anticipation of closing at that time which was delayed. The shares were subject to a hold period
that restricted them from trading until September 18, 2006. The 1,300,000 shares issued with respect to
the purchase of the second interest were subject to a hold period that restricts them from trading until
January 14, 2007. As stated above, 3,150,000 of these shares are also held in escrow and must be earned
out by March 20, 2007.
REGENT VENTURES LTD.