JOINT NEWS RELEASE

Joint News Release
FOR IMMEDIATE RELEASE

Pan Pacific Copper Co., Ltd. and Regalito Copper Corp. Announce Mailing of Offering
Documents and Directors’ Circular to Shareholders of Regalito Copper Corp.
Tokyo, Japan and Vancouver, Canada, April 3, 2006 – Pan Pacific Copper Co., Ltd. (“PPC”)
and Regalito Copper Corp. (“Regalito”) announced today that the offer and take-over bid circularof PPC’s wholly owned subsidiary, PPC Canada Enterprises Corp. (the “Offeror”), together withRegalito’s directors circular, have been mailed to the shareholders of Regalito in connection with
PPC’s previously announced offer to acquire, through the Offeror, all of Regalito's outstanding
common shares in a friendly, all-cash transaction for US$6.00 per common share, or a total of
approximately US$137 million, on a fully diluted basis (the “Offer”).
The Board of Directors of Regalito has determined unanimously that the consideration under theOffer is fair to the shareholders of Regalito, and in the best interests of Regalito and its
shareholders. The Board has unanimously recommended that shareholders accept the Offer anddeposit their common shares into the Offer. Bear, Stearns & Co. Inc., delivered to the Special
Committee of Regalito its fairness opinion that, as of the date of such opinion and subject to theassumptions and limitations contained in such opinion, the consideration to be received by theshareholders pursuant to the Offer is fair, from a financial point of view, to the shareholders ofRegalito (other than those shareholders who have executed a lock-up agreement with theOfferor).
Certain officers, directors and major shareholders of Regalito, representing 42% of the shares
outstanding on a fully diluted basis, have entered into lock-up and support agreements with theOfferor under which they have agreed to tender their shares to the Offer and that they will notsupport any rival offer that represents less than a 5% premium above the Offer.
The Offer is subject to customary conditions including the acceptance by holders of at least twothirds of Regalito’s common shares (on a fully diluted basis), excluding shares held by theOfferor and its affiliates, and the receipt of necessary regulatory approvals.
The Offer will be open for acceptance until 4:30 p.m. (Vancouver Time) on May 9, 2006, unless-2extended or withdrawn.
This announcement is for informational purposes and is neither an offer to purchase nor asolicitation of an offer to sell securities of Regalito. The take-over bid circular, directors’
circular and other materials filed with Canadian securities regulators and the Securities andExchange Commission (the “SEC”) contain important information. Regalito’s shareholders
should read this information carefully before making any decisions about the Offeror’s take-overbid. Shareholders may obtain a copy of the take-over bid circular, directors' circular and othermaterials (when available) at the SEDAR web site at www.sedar.com and the SEC’s web site atww.sec.gov.
PPC has retained UBS Securities Canada Inc. to act as financial advisor and soliciting dealer inconnection with the Offer, and Regalito has retained Bear, Stearns & Co. Inc. and ASSET Chileas financial advisors.
About PPC
PPC was established in October 2000 by Nippon Mining & Metals and Mitsui Mining &Smelting, and engages in a wide range of copper businesses including the procurement of copper
concentrate, the production through tolling arrangement of, and the marketing of products suchas, refined copper, precious metals and sulphuric acid. With the acquisition of Regalito, Pan
Pacific intends to become a fully integrated copper producer whereby it will mine, process andfabricate copper and copper products.
As previously announced by the management of PPC, its business strategy is “establishing acopper business platform in regions with new resources of raw material, especially in Chile”.
PPC intends to establish overseas an integrated production platform that includes the productionof all products from copper ore to copper cathode by utilizing SX/EW technology (see the notebelow). This will be the first and significant step in the development of PPC’s new copper
business and subsequent to this acquisition, PPC intends to further pursue expansion in line withthis strategy.
About Regalito
Regalito is a publicly traded copper exploration company that controls the Regalito copper leachproject located in Region III, Chile approximately 115 kilometers southeast of Copiapo, a major
mining center. The Region contains numerous mining operations including the Candelaria andMantoverde copper mines, and has the necessary infrastructure to support the development of alarge-scale mining operation at Regalito. In 2004, the Company began an exploration drilling
campaign that delineated a NI 43-101 compliant mineral resource of 628 million tonnes grading
0.43% copper in the measured and indicated category and 131 million tonnes grading 0.41%
copper in the inferred category at 0.25% copper cut off grade. Subsequent to the delineation of
the mineral resource, the Company has focused on evaluating the economic and technical meritsof the project including completing a comprehensive metallurgical leaching test program andacquiring various surface and water rights.
Forward Looking Statements

-3This press release contains "forward-looking statements" that are subject to a number of risks
and uncertainties, many of which are beyond the control of PPC, the Offeror and Regalito, that
could cause actual results to differ materially from those set forth in, or implied by, such forward
looking statements. All statements other than statements of historical facts included in this press
release are forward-looking statements. All forward-looking statements speak only as of the dateof this press release. Neither PPC, the Offeror nor Regalito undertake any obligation to update orrevise any forward-looking statements, whether as a result of new information, future events orotherwise. There can be no assurance that any transaction between the Offeror and Regalito willoccur, or will occur on the timetable contemplated hereby.