VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 30, 2012) - Regal Resources Inc. (the "Company" or "Regal") (CNSX:RGR) announces its decision to terminate its option to purchase the mining property known as the Squaw Peak Property located in Yavapai County, Arizona, pursuant to the Mineral Purchase Option Agreement (as amended) entered into with MinQuest Inc. in January 2010. The decision to terminate the option was made following results from a recent drill program on the Squaw Peak property, as disclosed by Regal in its news release of April 25, 2012. Notice of termination has been given by Regal to MinQuest in accordance with the terms of the Option Agreement.
The company announces the resignation of Mr. Sean McKay as the Chief Financial Officer of Regal Resources Inc. effective June 1st, 2012. The Company and Board of Directors would like to thank Mr. McKay for his time and service to Regal and wish him well in his future endeavors.
Fred Baker has agreed to serve as interim Chief Financial Officer and Corporate Secretary, upon the resignation of Sean McKay.
About Regal Resources Inc. www.regalresinc.com
Regal Resources Inc. is a junior mineral exploration and development company based in Vancouver, Canada. The company is focused on the development and acquisition of copper projects in the prolific copper producing state of Arizona. The Company's current focus is its advanced exploration copper/silver project, the Patagonia property (Sunnyside), located near Nogales, Arizona. Regal Resources is listed on the Canadian National Stock Exchange (CNSX) under the symbol (RGR).
This news release contains certain statements that may be deemed "forward-looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward looking statements. Forward looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. The Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change, except as required by law.