REGULUS AND PACHAMAMA ANNOUNCE CLOSING OF ARRANGEMENT

May 16, 2012, (Waterdown, Ontario) � Regulus Resources Inc. ("Regulus", REG TSX.V) and Pachamama Resources Ltd. ("Pachamama", PMA TSX.V) are pleased to announce the successful completion of the strategic merger of the two companies pursuant to the previously announced plan of arrangement (the "Arrangement"). Regulus and Pachamama each own a 50% interest in the Rio Grande copper-gold porphyry project in Salta Province, Argentina.

In total, the combined entity has approximately 100 million shares outstanding, no net debt and working capital of approximately $28 million. The Arrangement with Pachamama is transformational for Regulus as it significantly enhances and accelerates Regulus' ability to explore and develop the Rio Grande copper-gold porphyry project in Salta Province of NW Argentina as a 100% interest owner ...

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