|November 21, 2013|
Renaissance Gold's Golden Shears Attracts Exploration Funding from Callinan Royalties
|Renaissance Gold Inc. (TSX:REN) ("RenGold") is pleased to announce that Callinan Royalties Corporation ("Callinan") has agreed to fund $150,000 of exploration activity on RenGold's Golden Shears project in exchange for a 1.5% net smelter returns ("NSR") royalty. This funding is provided under the exploration alliance agreement (the "Agreement") announced on October 24, 2013. The purpose of the Agreement is to fund detailed prospect enhancement activities in order for RenGold to attract joint venture partners to projects, while allowing Callinan to generate and acquire royalties.|
RenGold's Golden Shears property is in the Good Springs Mining District of southern Nevada. The property consists of unburdened claims on federal BLM ground.
If RenGold proposes that additional value can be generated after spending $150,000, Callinan may elect to contribute subsequent funding with RenGold on an equally shared basis with no change to Callinan's NSR royalty. The ultimate objective is to do enough geoscience work on the project to attract a funding partner who will enter into a standard joint venture agreement.
Richard Bedell, President and CEO of RenGold, comments: "Golden Shears is an unusual project in the Good Springs District. It is a shear zone hosted gold system with several outcrop samples that have returned assay values in excess of 10 g/t Au. This is a perfect example of unencumbered mineral claims that can be enhanced substantially with a bit of funding in exchange for an NSR royalty. We are gratified that Callinan continues to support the RenGold team and this is a perfect complement to our exploration agreement with them for southern Nevada below 37 degrees latitude."
Renaissance Gold Inc.
Renaissance Gold Inc. is a gold/silver exploration company that has a large portfolio of exploration projects in Nevada and Utah. Some 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.
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 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.
You can view the Next News Releases item: Wed Feb 12, 2014, Renaissance Gold Reports Second Quarter 2014 Results
You can view the Previous News Releases item: Wed Nov 13, 2013, Renaissance Gold Reports First Quarter 2014 Results
You can return to the main News Releases page, or press the Back button on your browser.