REG Regulus Resources Inc

Regulus Resources Inc. ("Regulus") (TSX VENTURE:REG) and Pachamama Resources
Ltd. ("Pachamama", PMA TSX.V) are pleased to announce, further to the press
release dated February 8, 2012, the signing of an arrangement agreement dated
February 22, 2012 (the "Arrangement Agreement") that provides for a merger of
the two companies (the "Merger"). Regulus and Pachamama each own a 50% interest
in the Rio Grande copper-gold porphyry project in Salta Province, Argentina.


Merger Terms 

The Arrangement Agreement provides that the Merger will be based on the relative
valuations of Regulus and Pachamama as agreed to by management of the two
companies. Most of the value of each company is derived from its respective 50%
interest in the Rio Grande project. The parties have confirmed an exchange ratio
of 0.815 shares of Regulus for each share of Pachamama. 


Pachamama Board Approval and Fairness Opinion 

The approval of Pachamama shareholders will be required as a condition to
completing the Merger. Shareholders will be asked to approve the Merger at a
meeting (the "Meeting") to be held on or about April 30, 2012. Based on a number
of factors, including receipt of a verbal fairness opinion from Raymond James
Ltd. that the Merger is fair, from a financial point of view, to Pachamama
shareholders, the Board of Directors determined that the Merger was in the best
interests of Pachamama and recommends that Pachamama shareholders vote in favour
of approving the Merger at the Meeting.  


Subject to all required shareholder, court, TSX Venture Exchange and regulatory
approvals, closing of the Merger is expected to occur shortly after the Meeting,
but no later than May 31, 2012. 


Lock-Ups 

Each of the directors and officers of Pachamama have entered into lock-up
agreements to irrevocably support the Merger, which represent 15% of the issued
and outstanding shares of Pachamama.


About Regulus Resources Inc.

Regulus Resources Inc. (REG TSX.V) is a mineral exploration company formed in
December, 2010 in connection with the sale of Antares to First Quantum Minerals
Ltd. (FM TSX). Regulus is currently exploring the Rio Grande copper-gold
porphyry project in Salta Province of NW Argentina on a 50/50 joint-venture
basis with Pachamama.


About Pachamama Resources Ltd. 

Pachamama is a mineral exploration company which was formed in October 2008 as a
spin-out from Mansfield Minerals Inc (MDR TSX:V). The principle asset of the
company is its 50% interest in the Rio Grande copper-gold porphyry project in
Salta Province Argentina. The company has the same managemnt team as Mansfield
Minerals Inc. 


All of Regulus' exploration programs and pertinent disclosure of a technical or
scientific nature are prepared by, or under the direct supervision of, Wayne
Hewgill, P.Geo, and Regulus' President, who serves as Regulus' qualified person
(QP) under the definitions of National Instrument 43-101.


All of Pachamama's exploration programs and pertinent disclosure of a technical
or scientific nature are prepared by, or under the direct supervision of, John
M. Leask, P.Eng., President and CEO of Pachamama, who serves as Pachamama's
qualified person (QP) under the definitions of National Instrument 43-101.


Regulus' security, chain of custody and quality control is described on their
website and can be reviewed at:
http://www.regulusresources.com/BestPractices/SamplingMethodologies.aspx 


Forward-Looking Information

Certain statements regarding Regulus and Pachamama, including management's
assessment of future plans and operations, may constitute forward-looking
statements under applicable securities laws and necessarily involve known and
unknown risks and uncertainties, most of which are beyond Regulus' and
Pachamama's control. Often, but not always, forward-looking statements or
information can be identified by the use of words such as "plans", "expects" or
"does not expect", "is expected", "budget", "scheduled", "estimates",
"forecasts", "intends", "anticipates" or "does not anticipate" or "believes" or
variations of such words and phrases or statements that certain actions, events
or results "may", "could", "would", "might" or "will" be taken, occur or be
achieved.


Specifically, and without limitation, all statements included in this press
release that address activities, events or developments that either Regulus or
Pachamama expect or anticipate will or may occur in the future, including the
proposed merger as described herein, and management's assessment of future plans
and operations and statements with respect to the completion of the anticipated
drilling program, may constitute forward-looking statements under applicable
securities laws and necessarily involve known and unknown risks and
uncertainties, most of which are beyond Regulus' and Pachamama's control. These
risks may cause actual financial and operating results, performance, levels of
activity and achievements to differ materially from those expressed in, or
implied by, such forward-looking statements. Although Regulus and Pachamama
believe that the expectations represented in such forward-looking statements are
reasonable, there can be no assurance that such expectations will prove to be
correct


Regulus and Pachamama do not undertake any obligation to publicly update or
revise any forward-looking statements other than required by applicable
securities law.

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