Renaissance Gold Inc.: Exploration Update
White Rock, British Columbia (FSCwire) - Renaissance Gold Inc. (TSXV: REN) (“RenGold”) is pleased to summarize current changes to the exploration project portfolio.
On April 17, 2015 RenGold signed a letter of intent (the “LOI”) with RenGold’s partner Liberty Silver Corp. ("Liberty") to allow Liberty to purchase the Trinity Silver property for US$1 million. RenGold was paid US$50,000 upon execution of the LOI. This purchase was contingent upon certain renegotiations with the underlying owner Newmont USA Ltd. ("Newmont") being achieved. Newmont, Liberty and Rengold have now signed a letter of intent agreeing to those revised terms of the underlying agreement with an effective date of February 2, 2016, with the amended agreement to be finalized within six months. Upon execution of the definitive agreement the sale of Trinity Silver to Liberty will proceed and RenGold will be provided a series of payments over 18 months totaling a further US$950,000.
On January 29, 2016, RenGold terminated the Sleeping Midas Lease on the Fourth of July Project. The second year of drill results reported November 18, 2016, (NR15-20) did not meet the continued investment criteria of RenGold or its partner, Summit Mining Exploration II, Inc. ("Summit"), a US subsidiary of Sumitomo Corporation. On January 21, 2016, Summit terminated the funding agreement with RenGold. Summit and RenGold are discussing other projects to pursue.
On January 31, 2016, RenGold terminated the earn-in agreement with Walmer Capital Corp. (“Walmer”), a CPC company, on the Golden Shears Project. The agreement was terminated due to Walmer’s inability to complete a minimum financing of C$1 million.
On January 29, 2016, Coeur Mining Inc. ("Coeur") paid RenGold US$50,000 to maintain the second year of the earn-in agreement on the Arabia Project. Coeur is spending an additional US$110,000 to conduct a work program to bring the project to drill ready status before the end of 2016.
Richard Bedell, President and CEO of RenGold comments: "In this market it is important to monetize projects where it makes sense and we are happy with our agreement to sell Trinity Silver. This is a great market to be operating in as the opportunities are unprecedented. We are also grateful that we are continuing to do business with companies like Newmont, Coeur, and Summit. A number of new confidentiality agreements have been signed and we are confident that new agreements will be forthcoming."
Qualified Person
All data disclosed in this press release, including sampling and analytical data, have been reviewed by the Company’s qualified persons Richard L. Bedell, M.Sc. and Registered Member SME and Eric M. Struhsacker, M.Sc. and Certified Professional Geologist.
About Renaissance Gold Inc.
Renaissance Gold Inc. is a gold/silver exploration company that has a large portfolio of exploration projects, now focused mainly in Nevada and Utah. RenGold’s objective is to place the projects 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.
Renaissance Gold Inc.
By: Richard L. Bedell, President and CEO
For further information, contact:
Richard L. Bedell, 775-337-1545 or rbedell@rengold.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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.
To view this press release as a PDF file, click onto the following link:
public://news_release_pdf/RenGold02262016.pdf
Source: Renaissance Gold Inc. (TSX Venture:REN) http://www.rengold.com
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