|May 26, 2016|
Renaissance Gold Reports Third Quarter 2016 Results
|Renaissance Gold Inc. (TSX.V: REN) ("RenGold" or the "Company") reports its financial results for the nine months ended March 31, 2016. |
Details of the Company's financial results are described in the unaudited condensed consolidated interim financial statements for the nine months ended March 31, 2016 and corresponding management discussion and analysis -- quarterly highlights 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.
Cash at March 31, 2016 was $973,753, including $190,230 of cash advances received from funding partners which must be expended on the projects under agreements.
Exploration and evaluation expenditures on RenGold projects for the nine months ended March 31, 2016, totaled $1,363,462 up from $964,103 in the prior nine month period. Of this amount partners funded $910,933 (2015 - $708,395) and RenGold funded the balance of $452,529 (2015 - $255,708).
General and administrative expenses, adjusted for foreign exchange and non-cash items, totalled $568,158 for the nine months ended March 31, 2016 compared to $670,677 in the comparative nine month period. When added to total exploration and evaluation expenditures this represents only 56% of total expenditures which is down from 80% in the prior nine month period.
The consolidated net loss for the nine months ended March 31, 2016 was $1,115,118 compared to $1,267,054 in the prior nine month period.
About Renaissance Gold Inc.
Renaissance Gold Inc. is a gold/silver exploration company that has a large portfolio of exploration projects 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 firstname.lastname@example.org
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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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