|March 02, 2015|
Renaissance Gold Announces Earn-In Arrangement with Coeur Mining, Inc. at its Arabia Gold-Silver Project, Nevada
|Renaissance Gold Inc. (TSX: REN) ("RenGold") is pleased to announce the execution of a letter of intent (the "Letter") to enter into an earn-in agreement (the "Agreement") with Coeur Mining, Inc. (NYSE:CDE) ("Coeur") on the Arabia Gold Project in Pershing County Nevada. The project is located just 20 km northwest of the Coeur Rochester Mine and 19 km north of Lovelock Nevada.|
Upon execution of the Agreement, Coeur will make certain payments to RenGold and to fund an exploration and development program to be conducted by RenGold in accordance with the specific terms and conditions to be included in the Agreement. Coeur and RenGold plan to work together to complete a Bankable Feasibility Study on or before the eleventh anniversary of the execution of the Agreement, in which case Coeur will have the option to acquire a 70% interest in the project for no additional consideration.
The Arabia Project is a consolidation of the polymetallic Arabia District. It is a series of mesothermal quartz veins that may be intrusion related or orogenic in origin. It is composed of 15 patents and BLM mining claims. Historic mining records indicate high grades of lead, silver, antimony and gold. Sampling by RenGold has yielded up to 30.1% Pb, 1811.5 ppm Ag, >1.5% Sb and 18.9 ppm Au.
The Arabia District was organized in 1863 with production feeding the first Ag-Pb smelter in the western United States from which Pb was shipped in commercial quantities. A 1913 report from the Electric vein down to 150 foot depth reports assays averaging Au 0.15 opt, Ag 18.7 oz., and Pb 14.2%.
A new airborne magnetic and radiometric campaign has already been completed over the district and a gravity survey will be carried out shortly. RenGold plans to drill at least two deep orientation holes later in the year and total expenditures should be close to US$400,000, nearly four times the initial work commitment.
Richard Bedell, President and CEO of RenGold, comments: "This is a classic district that, as far as we know, has never been consolidated and has not received significant modern exploration. This is a natural fit for Coeur because it is so close to its existing operations at Rochester. These are similar to rocks in the Humboldt Range to the east which not only hosts the Coeur Rochester Mine but also some new resources headed to production, including the 5 M. oz Spring Valley gold deposit owned by Barrick and Midway Gold, the Relief Canyon gold deposit being brought into production by Pershing Gold, and others. RenGold's evolving Fourth of July Project in this range is funded by Sumitomo Corporation and so both RenGold and Coeur can bring that local expertise to bear."
All data disclosed in this press release, including sampling, analytical data, have been reviewed by the Company's qualified person Mr. Richard L. Bedell, M.Sc., and Registered Professional Geologist as recognized by the Society for Mining, Metallurgy and Exploration.
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 or Eric Struhsacker, 775-337-1545 or
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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