Renaissance Gold Signs Second Agreement with Sumitomo
Renaissance Gold Inc. (TSX: REN) ('RenGold?) is pleased to
announce the execution of an agreement with Summit Mining Exploration
II, Inc., ('Summit II?) a US subsidiary of Sumitomo Corporation
('Sumitomo?). This is the second agreement with Sumitomo. Summit II is
committed to spend a minimum of US$570,000 within the first agreement
year and a minimum of US$500,000 per year thereafter. Bankable
Feasibility must be obtained by year eight before vesting 70% in the Big
Gossan copper project, Pershing County, Nevada.
RenGold′s technical staff recognized the Big Gossan copper project by
proprietary satellite alteration mapping, which identified a gossan on
the margin of a skarn-bearing Cretaceous granodiorite at the south end
of the Sahwave Mountains in southern Pershing County, Nevada. The gossan
is exposed for about 1.5 km along strike and overlaps with the southeast
end of a magnetic low that trends to the northwest for about 3 km.
Continuing to the northwest is one km strike of exposed copper workings
with a similar northwest structural trend.
The project is copper dominant, but grab samples with up to half gram
gold and over 3 ounce silver have been obtained. Copper grades in the
grab samples in excess of 5 percent have been obtained to date. The
project contains a number of near-term drill targets at either end of
the geophysical anomaly and the buried core allows for the possibility
of significant growth.
Sumitomo has a similar agreement on RenGold′s Spruce Mountain property
through another subsidiary, Summit Mining Exploration, Inc., ('Summit?)
which has seen an initial round of drilling (Press release April 26,
2012). To date Summit have spent over US$1.8 million on Spruce Mountain
exploration and is expected to agree to a second round budget of US$1.7
million in additional expenditures. At Sumitomo′s election, RenGold is
conducting the Spruce Mountain programs for Summit and will do the same
for the Big Gossan programs.
Richard Bedell President & CEO comments: 'We are very pleased to
complete another agreement with Sumitomo. They are a strong group to
align with for mine development and metals marketing and have a
corporate culture that allows for strong technical interaction. The Big
Gossan is an early stage exploration property, but contains significant
potential for large scale copper and precious metal production.?
Qualified Person
All data disclosed in this press release, including sampling, analytical
and test data have been reviewed by the Company′s qualified person Mr.
Eric M. Struhsacker, M.Sc., and Certified Professional Geologist as
recognized by the American Institute of Professional Geologists.
About Renaissance Gold Inc.
Renaissance Gold Inc. is a gold/silver exploration company that has a
large portfolio of exploration projects in Nevada, Utah, Argentina and
Spain. Many of the projects are in exploration earn-in agreements with
industry partners who provide exploration funding. RenGold applies the
extensive exploration experience and high-end technical skills of its
founders and team members to search for and acquire new precious metal
exploration projects that are then offered for joint venture.
About Sumitomo Corporation
Sumitomo Corporation is one of the largest integrated trading and
investment companies in Japan. Sumitomo Corporation, a fortune 500
company, conducts commodity transactions in all industries utilizing
worldwide networks, provides related customers with various financing,
serves as an organizer and a coordinator for various projects, and
invests in businesses from the information industry to the retailing
industry. Summit Mining Exploration II, Inc. is wholly owned subsidiary
of Sumitomo Corporation and its headquarter is located in Colorado, USA.
For more information about Sumitomo Corporation, visit www.sumitomocorp.co.jp/english/.
Renaissance Gold Inc.
By: Richard L. Bedell, President and CEO
This news release contains certain statements that may be deemed
'forward-looking? statements. Forward looking statements are statements
that are not historical facts and are generally, but not always,
identified by the words 'expects?, 'plans?, 'anticipates?, 'believes?,
'intends?, 'estimates?, 'projects?, 'potential? and similar expressions,
or that events or conditions 'will?, 'would?, 'may?, 'could? or 'should?
occur.Although Renaissance Gold Inc. believes the expectations
expressed in such forward-looking statements are based on reasonable
assumptions, such statements are not guarantees of future performance
and actual results may differ materially from those in forward looking
statements. Forward looking statements are based on the beliefs,
estimates and opinions of Renaissance Gold Inc′s management on the date
the statements are made. Except as required by law, Renaissance Gold
Inc. undertakes no obligation to update these forward-looking statements
in the event that management′s beliefs, estimates or opinions, or other
factors, should change.
Renaissance Gold Inc.
Richard L. Bedell, 775-337-1545
rbedell@rengold.com
or
Eric
Struhsacker, 775-337-1545
estruhsacker@rengold.com
