|November 13, 2013|
Renaissance Gold Reports First Quarter 2014 Results
|Renaissance Gold Inc. (TSX: REN) ("RenGold") reports financial results for the three months ended September 30, 2013, Quarter 1 ("Q1" of fiscal year 2014). Details of the Company's financial results are described in the unaudited condensed consolidated interim financial statements (the "Financial Report") and corresponding management discussion and analysis for the same period. These and further details on each of RenGold's projects and activities can be found on the Company's website at www.rengold.com and on the Company's profile on www.sedar.com. All amounts presented are in Canadian dollars unless otherwise stated.|
Selected financial data
The following selected financial data is derived from the Financial Report as prepared in accordance with International Financial Reporting Standards.
The consolidated net loss for the three months ended September 30, 2013 was $868,521 (2012 - $1,444,628).
Working capital at September 30, 2013 was $3,609,001 of which $3,633,132 is cash. There are no long-term liabilities.
Total assets at September 30, 2013 are $4,865,042 of which $3,891,288 are current assets and $973,754 are exploration and evaluation assets, equipment and reclamation bonds.
RenGold is an exploration stage business engaged in the acquisition and exploration of mineral properties located in Nevada and Utah. RenGold's press release dated October 29, 2013 announced the signing of a letter of intent to sell the Company's Argentine subsidiary to its current joint venture partner, Atala Resources Corporation. Currently, RenGold is in the process of closing its subsidiaries in Chile and Spain where exploration and evaluation activities have been discontinued. RenGold's business model is to identify and secure mineral resource properties for which it seeks suitable joint venture partners. Once partners are found, an exploration and option to earn-in agreement is entered into on the property enabling the earn-in partner to obtain an interest by conducting and funding exploration on that property.
The level of the Company's exploration expenditures are largely determined by the strength of the resource markets and by the status of the Company's projects in relation to those markets and its ability to obtain funding partners and investor support for its projects. The Company anticipates there will be less capital available for exploration joint ventures in the immediate future. RenGold is therefore concentrating activities in Nevada and Utah to upgrade current projects and define significant growth potential such as recently demonstrated for the Everson Deposit (RenGold press release October 22, 2013). In addition, RenGold recently announced funding for exploration in southern Nevada (south of 37 degrees latitude) in exchange for a royalty with Callinan Royalties Corporation (RenGold press release October 24, 2013). Taken together, the decreased expenditures, refocus on core activities in Nevada, the upgrading of projects and new funding allows RenGold to continue to provide opportunities to shareholders in a bear market.
RenGold has five properties under exploration earn-in agreements:
*The Company is in the process of selling its Argentina properties -- see discussion below
The highlights of activity by RenGold and its funding partners on its exploration properties during the three months ended September 30, 2013 and to September 30, 2013 (collectively "Q1"), follow in alphabetical order.
Nevada projects with funding partners:
Argentina projects with funding partners:
Nevada properties being prepared for joint venture
During the three months ended September 30, 2013, and up to the date of this MD&A, RenGold conducted reconnaissance exploration programs to prepare these projects for joint venture.
Work has continued on data compilation and target definition at the Company's projects being prepared for joint venture. Arabia, Big Gossan, Bunce, Fireball Ridge, Fourth of July, Golden Shears, JPW, King Solomon, Leonid, Reef, Rose Mine, and Wood Hills South are currently available for joint venture.
Generative exploration is the core of RenGold's business. Property submittal evaluations and generative programs in Nevada and Utah are ongoing but the current focus is on upgrading projects with quality drill intercepts. RenGold's technical team employs leading edge exploration techniques and technology for ore deposit vectoring including: proprietary remote sensing, spatial probability modeling and multivariate statistical analysis. Data is combined with field geology and alteration mineralogy for the purpose of target selection, property acquisition and joint venture development.
All technical 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.
Renaissance Gold Inc.
Renaissance Gold Inc. is a gold/silver exploration company that has a large portfolio of exploration projects in Nevada and Utah. Projects are placed into 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 email@example.com
Eric M. Struhsacker, 775-337-1545 or firstname.lastname@example.org
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.
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