|May 14, 2014|
Renaissance Gold Reports Third Quarter 2014 Results
|Renaissance Gold Inc. (TSX: REN) ("RenGold" or the "Company") reports financial results for the nine months ended March 31, 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.|
Richard Bedell, President and CEO of RenGold, comments: "We have done a considerable job cutting our burn rate and focusing the Company on its core projects in Nevada and Utah. This quarter alone, we completed a joint venture with Newmont USA Limited, sold the Arabia Project for cash and a large NSR, and sold our Argentinean subsidiary to our former joint venture partner for cash, stock and a NSR. In addition, we purchased the AngloGold Ashanti database which gives us now the largest exploration database in the Great Basin outside of Barrick and Newmont. Fiscally, we are in good shape with a good amount of cash, a significant number of projects funded by our joint venture partners, more projects expected to be joint ventured in 2014, no debt and a very tight share structure with only 33,381,574 shares fully diluted. We have a number of good projects at work for our shareholders and have seen a definite increase in the number of companies interested in joint venturing our projects since October 2013. We are looking forward to a highly productive 2014."
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 nine months ended March 31, 2014 was $1,544,945 (2013 - $2,899,197).
Working capital at March 31, 2014 was $3,011,703 of which $3,098,586 is cash. There are no long-term liabilities.
Total assets at March 31, 2014 are $4,166,884 of which $3,286,808 are current assets and $880,076 are exploration and evaluation assets, equipment, investments 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 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 capital and commodity 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 demonstrated for the Everson Deposit (RenGold press release October 22, 2013). In addition, RenGold announced funding by Callinan Royalties Corporation for exploration in southern Nevada (south of 37 degrees latitude) in exchange for a royalty (RenGold press release October 24, 2013 and November 21, 2013). RenGold also announced funding by Newmont USA Limited on its Wood Hills South gold project in Nevada (RenGold press release February 18, 2014) and funding by First Liberty Power Corp. on its Arabia project in Nevada (RenGold press release April 8, 2014).
On February 26, 2014, RenGold sold its Argentine subsidiary to its current funding partner, Atala Resources Corporation ("Atala"), for an initial $20,000 in cash, 500,000 shares of Atala and a NSR royalty. In addition, RenGold is in the process of winding up its subsidiaries in Chile and Spain where exploration and evaluation activities have been discontinued.
RenGold has five properties under exploration earn-in agreements:
The highlights of activity by RenGold and its funding partners on its exploration properties during the nine months ended March 31, 2014 and to May 14, 2014 (collectively "Q3"), follow in alphabetical order.
Nevada projects with funding partners:
Nevada properties being prepared for joint venture
During Q3, 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. These projects include the Big Gossan, Bunce, Fireball Ridge, Fourth of July, JPW, King Solomon, Leonid, Reef, Rose Mine, Whistler, and Wildcat projects.
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, as disclosed in this MD&A, has been verified by the Company's qualified persons Ronald L. Parratt, M.Sc. and Certified Professional Geologist, Richard L. Bedell, M.Sc. and Certified Professional Geologist and Eric M. Struhsacker, M.Sc. and Certified Professional Geologist.
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 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.
You can view the Next News Releases item: Thu Jun 5, 2014, Renaissance Gold Announces New Exploration Earn-In Agreement With Sumitomo Corporation At The Fourth Of July Silver-Gold Project, Pershing County, Nevada
You can view the Previous News Releases item: Tue Apr 8, 2014, Renaissance Announces New Purchase Agreement with First Liberty Power Corp. for the Arabia Polymetallic Project, Pershing County, Nevada
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