|April 23, 2015|
Renaissance Gold Exploration Update
|Renaissance Gold Inc. (TSX: REN) ("RenGold") has completed four new agreements since February and is planning a productive 2015 field season. |
On February 23rd, RenGold announced an earn-in agreement with TroyMet Exploration Corp. (TSXV:TYE) on the Wildcat project in Juab County, Utah. A minimum work commitment of US$50,000 is to be spent with RenGold doing the work, however, it is anticipated that this amount will be exceeded. Planning is well in-hand for the upcoming field season and new field work is scheduled to begin in late May.
On March 2nd, RenGold announced an earn-in agreement with Coeur Mining Inc. (NYSE:CDE) on the Arabia project in Pershing County, Nevada. Detailed ground magnetic and gravity surveys have been completed and field work is continuing based on these results. Importantly, the surveys indicate that the core of the Arabia District is rooted in basement. Previously, there was a possibility that the mineralization was transported by a flat-lying fault, however, this does not seem to be the case.
On March 26th, RenGold announced an earn-in agreement with Walmer Capital Corp. on the Golden Shears project in Clark County, Nevada. A geologist, has been engaged by Walmer, to write a technical report, compliant with NI 43-101, based on recent field work to raise capital for the project. A minimum of US$200,000 will be spent this year with the anticipation of this amount increasing substantially with a drill program later this year.
In addition, RenGold has received additional funds to move a grass roots property into the "project" category under an existing agreement (October 24th, 2013) with Callinan Royalties Corporation. The funding is for a US$112,000 work program this year to earn a 1.5% NSR in the project. Field work has commenced and will be followed by a gravity survey.
Liberty Silver Corp. is planning to do Preliminary Economic Assessment level work on the Company's Trinity Silver Oxide heap leach project this year. Liberty is earning an interest in the project from the Company.
Summit Mining Exploration II, Inc. a US subsidiary of Sumitomo Corp., is evaluating a recent report by RenGold with the anticipation that a drill program will proceed later this year with a minimum work expenditure of US$500,000.
Richard Bedell, President and CEO of RenGold, comments: "This year is already looking better than 2014. As a joint venture company it is always a challenge to find quality partners with cash to fund exploration to earn an interest in the Company's projects. Our partners fund all the costs which allow us to maintain a tight share structure with a low burn rate. Since 2004, including the predecessor company AuEx Ventures (who drilled Long Canyon and was bought by Fronteer at a significant profit to AuEx shareholders), we have now executed 57 agreements to fund exploration. Never in the history of either company have we managed to execute this many agreements in such a short time frame. We look forward to executing more agreements and a productive year in the Great Basin of Nevada and Utah."
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 email@example.com or 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.
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