REGIS RESOURCES LIMITED — Capital/Financing Update 2007

Mar 22, 2007

23 March 2007

Manager Announcements Company Announcements Office Australian Stock Exchange Limited 4th Floor, 20 Bridge Street Sydnev NSW 2000

Level 11, 461 Bourke Street Melbourne Victoria 3000 Australia

Telephone: +61 3 8602 6500 Facsimile: +61 3 8602 6560

Dear Sir

Moolart Well - significant new gold intersections.

Key Points:

• New high-grade gold intersections have been received from drilling at the Moolart Well gold deposit:
• Most significant new intersections are: $\bullet$
  • 8m at 46.6 g/t gold from 29m in hole MWDD017:
  • 12m at 10.85 a/t gold from 29m in hole MWSRC046:
  • 27m at 4.34g/t gold from 36m in hole MWSRC084;
  • 18m at 7.43g/t gold from 22m in hole MWDD014;
  • 14m at 5.24g/t gold from 41m in hole MWSRC088.
• These intersections add to the definition and understanding of the high-grade $\bullet$ gold mineralisation within the deposit;
• None of these intersections have been included in the new resource model, and a number of them occur outside of current pit shells.

Introduction

Regis Resources NL (ASX:RRL) has received further highly positive assay results from recent infill and diamond drilling at the Moolart Well gold deposit.

The Moolart Well gold resource consists of a laterite zone down to 20m depth, and an oxide zone between 20-70m depth. Primary gold mineralisation exists in fresh rock below the current resource, but is largely undrilled.

The new intersections are all from oxide zone mineralisation between 20m and 70m depth in the Lancaster and Stirling areas in the south of the Moolart Well project area.

These two areas contain the bulk of the current oxide zone resource, and have now been infill drilled on a 25m x 25m grid to allow elevation to measured and indicated resource status, and with positive economic factors, reserves.

A number of the new intersections occur within existing ore resource blocks. The new results have more closely defined the known high-grade gold mineralisation, and in some cases have identified previously unknown high-grade mineralisation.

Some of the new intersections are high-grade mineralisation discoveries outside of the current pit shells. These intersections will add to resource ounces and require further definition drilling to fully delineate the structures.

None of these new intersections are included in the new Moolart Well resource, expected to be announced shortly.

When these new results are combined with previous intersections, the continuity of the high grade zones suggest that the current 35g/t top cut for all oxide zone resource calculations may be in some cases too severe. Further examination is required.

Lancaster Area - New Intersections

A number of new intersections have been received from the Lancaster area, and selected drill hole locations are shown on Fig 1 and detailed in Table 1 below

The Lancaster oxide zone extends over at least 400m strike, is up to 150m wide and up to 30m thick.

Reverse circulation (RC) holes SRC084 and SRC088 were both drilled in the high-grade oxide zone at Lancaster to confirm grades obtained from previous aircore and RC drilling, and to investigate the deeper stratigraphy in the area.

Diamond holes MWDD014 and MWDD017 were drilled in the high-grade Lancaster oxide zone for metallurgical testing and also to confirm previous grades in adjacent holes.

In both cases the new intersections confirm the location and general shape of the high-grade gold mineralisation in the saprolite-clay portion of the oxide zone. A moderate easterly dip to the primary mineralisation is also supported by the new intersections.

These new results also confirm the presence of a significant population of gold grades above 10g/t which exist in this zone.

The intersections confirm the existence of a significant supergene enrichment in gold grades at approx. 30m depth in the Lancaster area, within the clav-saprolite zone of the deep weathering profile. This feature appears to vary in depth in other parts of the 4km strike Moolart Well gold deposit.

Stirling Area - Hole SRC046

The intersection in hole SRC046 on section 6944475mN in the Stirling area is a new intersection that occurs beneath the current shallow Stirling south pit.

The mineralisation is interpreted as a primary lode striking north-south and dipping steeply east. When combined with similar intersections along strike to the north, continuity of the system can now be demonstrated over a strike length of 150m, with regular occurrences of grades greater than 10g/t gold within the vein system.

Diamond hole MWDD034 (previously reported -3m at 24.3q/t) is interpreted as a fresh rock intersection in this system 325m to the north. The system has potential for a strike length as much as 800m, and is open at depth.

Fig 1 Moolart Well oxide mineralisation zones between 20-70m depth, and new intersection locations.

This high-grade vein system is a significant deep exploration target, and Regis expects to further drill the along strike and down dip position in the coming quarter.

Moolart Resource Implications

Regis is currently in final preparation and validation of a new resource model for the Moolart Well gold deposit which will be an update on the resource statement released in January 2006.

This resource will include the balance of the 50m x 50m drilling over the whole deposit completed during 2006. The resource statement however will not include any of the 25m x 25m infill drilling in Lancaster and Stirling, or any comprehensive inclusion of the high-grade vein systems present in the lower 30m of the oxide zone, including most of these new results. These elements are expected to be included in the next resource update scheduled for the September quarter of 2007.

The effect of these new intersections on the August resource statement is likely to be an increase in the extent of high-grade zones in existing resource blocks, as well as several additional high-grade blocks at the base of the oxide zone.

Fig 2 Duketon Gold Project resource areas.

Hole No	Northing	Easting	From	To	Int	Au
	mN	mE	m	m	m	g/t
Lancaster Area
MWRSC055	6944475	435750	57	73	16	2.36
MWSRC073	6944550	435770	70	84	14	3.15
MWSRC082	6944250	435860	38	49	11	2.19
MWSRC083	6944275	435860	29	52	23	2.65
MWSRC084	6944275	435890	36	63	27	4.34
ind			57	60	3	14.50
			66	74	8	2.97
MWSRC085	6944275	435915	55	70	15	2.23
MWSRC086	6944325	435890	37	45	8	3.55
MWSRC088	6944350	435865	41	55	14	5.24
ind			44	46	2	35.80
MWDD014	6944300	435855	22	40	18	7.43
			46	52	6	9.96
MWDD017	6944325	435838	28	45	17	22.44
ind			28	36	8	46.65
ind			28	29	1	250
ind			29	30	1	33.0
incl			31	32	1	55.8
Stirling Area
MWSRC046	6944475	435300	29	41	12	10.85
ind			29	34	5	22.50
MWSRC049	6944475	435375	35	39	4	11.23

Table 1. Moolart Well Drilling - Significant new intersections

Holes drilled at 270 azimuth, -60° dip. Cut-off grade 0.5g/t, 1m minimum intercept, 2m maximum internal waste All assays by fire assay, all assays greater than 10g/t by screen fire assay

Fig 3. Regis tenement holdings, Eastern Goldfields region, Western Australia.

Yours sincerely

David Walker Managing Director

For further information contact:

Mr David Walker Managing Director Regis Resources NL 03 8602 6500

Dr Michael Folie Chairman Regis Resources NL 03 8602 6500

The technical information contained in this report has been reviewed by Mr. David Walker who is a member of the Australasian Institute of Mining and Metallurgy and has more than 20 years experience in the exploration industry.