REGIS RESOURCES LIMITED — Major Shareholding Notification 2006

Nov 21, 2006

MinterEllison

$L$ $A$ $E$ $R$

RIALTO TOWERS, 525 COLLINS STREET, MELBOURNE VIC 3000, DX 204 MELBOURNE

Tо	The SecretariesRegis Resources N.L.		FacsimileTelephone	$+61386026560$$+61386026500$
Copy	Australian Stock Exchange		FacsimileTelephone	+61 2 9227 0885+61 3 9617 8611
From	Bart Oude-VrielinkEmail bart.oude-vrielink@minterellison.com		FacsimileDirect lineOur Ref	$+61386081151$$+61386082942$BFO 30-5174587
Date	21 November 2006	Number of pages (including this one):		- 5

Subject Regis Resources N.L. - Notice of Substantial Holding

Dear Sir/Madam

We act for Morgan Stanley & Co. International Ltd.

We enclose a Form 605, Notice of ceasing to be a substantial holder for your attention.

Please note that the form relates to 76,493,504 ordinary shares in Regis Resources N.L.

Yours faithfully MINTER ELLISONf. audu- Vauchud

IMPORTANT - The contents of this facsimile may be privileged and confidential. Any unauthorised use of the contents is expressly prohibited. If you have received the document in error, please advise us by telephone (reverse charges) immediately and then shred the document. Thank you.ME_70289582_1 (W2003)

1. Nov. 2006 12:49

Minter Ellison Lawyers

605 page 1/2 15 July 2001

Form 605Corporations Act 2001Section 671B
	Notice of ceasing to be a substantial holder
To Company Name/Scheme	REGIS RESOURCES N.L.
ACN/ARSN	CO9 174 761
1. Details of substantial holder (1)
Name	Morgan Stanley & Co. International Ltd
ACN/ARSN (if applicable)	NA.
The holder ceased to be asubstantial holder on	November 13, 2006
The previous notice was given to the company on	November 16, 2006
The previous notice was dated	November 13, 2006

2. Changes in relevant interests

Particulars of each change in, or change in the nature of, a relevant interest (2) of the substantial holder or an associate (3) in voting securities of the company or acheme, since the substantial holder was last required to give a substantial holding notice to the company or scheme are as follows:

Date ofchange	Person whoserelevant Interestchanged	Nature ofchange (4)	Considerationgiven in relationto change (5)	Class (6) andnumber ofsecuritiesaffected	Person's votesaffected
INovember2006	iinternational Ltd	Shares returned instock borrowing and shares were returned)lending business	13, Morgan Stanley & Co. the ordinary course of Not Applicable (borrowed	76,493,504 Ordinary 76,493,504Shares

3. Changes in association

The persons who have become associates (3) of, ceased to be associates of, or have changed the nature of their association (7) with, the substantial holder in 'ation to voting interests in the company or scheme are as follows:

.-------. 80 F.name arm- an has -eVTO N-ED.________	---associationmмаки-----
INA	________________
--------	______
-------	.
-------	---------------------------------------
------	-----------

4. Addresses

The addresses of persons named in this form are as follows:

- - - - - -____	$\sim$
Nama--------	Address.
Morgan Stanley & Co. International Limited___	25 Cabot Square, Canary Wharf, London E14 4QA, United Kingdom-----------------------------------------

- 1	Ianatur

print name	--	---------	capacity	クカハ.
sign here	--		cate	りん

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MEL5_503156_1 (W2003)

page 2/2 15 July 2001 605

DIRECTIONS

• If there are a number of substantial holders with similar or related relevant interests (eg. a corporation and its related corporations, or the manager andtrustee of an equity trust), the names could be included in an ann $(1)$ is clearly set out in paragraph 4 of the torm.
• $(2)$ See the definition of "relevant interest" in sections 608 and 671B(7) of the Corporations Act 2001.
• $(3)$ See the definition of "associate" in section 9 of the Corporations Act 2001.
• $(4)$ Include details of:
  • any relevant agreement or other circumstances because of which the change in relevant Interest occurred. If subsection 671B(4) applies, a copyof any document setting out the terms of any relevant agreement, and a statemen $\bf{a}$ scheme or arrangement, must accompany this form, together with a written statement certifying this contract, scheme or arrangement, and
  • any qualification of the power of a person to exercise, control the exercise of, or influence the exercise of, the voting powers or disposal of the $(b)$ securities to which the relevant interest relates (indicating cleanly the particular securities to which the qualification applies).

See the definition of "relevant agreement" in section 9 of the Corporations Act 2001.

• $(5)$ Details of the consideration must include any and all benefits, moneys and other, that any person from whom a relevant interest was acquired has, or may, become entitled to receive in relation to that acquisition. Details must be included even if the benefit is conditional on the happening or not of a contingency. Details must be included of any benefit paid on behalf of the substantial holder or its associate in relation to the acquisitions, even if they are not paid directly to the person from whom the relevant Interest was acquired.
• /6 The voting shares of a company constitute one class unless divided into separate classes.
• Give details, if aporopriate, of the oresent association and any change in that association since the last substantial holding notice. $\sqrt{2}$

1. Nov. 2006 12:50

Minter El ison Lawyers

No. 0333 Ρ. 5

605 GUIDE page 1/1 13 March 2000

Information in this guide is intended as a guide only. Please consult your accountant or solicitor for further advice.