|November 28, 2016|
Renaissance Gold Reports First Quarter 2017 Results
|Renaissance Gold Inc. (TSX.V: REN) ("RenGold" or the "Company") reports its operational and financial results for the three months ended September 30, 2016. |
Details of the Company's financial results are described in the unaudited condensed consolidated interim financial statements for the three months ended September 30, 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.
Ronald Parratt, President and CEO comments: "Since being re-appointed as the President and CEO on July 25, 2016, and with the healthier cash treasury of the Company as a result of the private placement of C$1.7 million closed on June 30, 2016, I can report that fiscal year 2017 is off to a great start. The drill program, at the Wildcat project in Utah announced on August 9, 2016, has tested three of the targets developed by our exploration team and has confirmed both the geologic concepts we developed and the fact that the rocks are mineralized with gold and other Carlin-type pathfinder elements. It has also reinforced our ideas about the strong structural controls- both pre and post mineral- and provides encouragement for further testing in particular to test the hanging wall side of the Joy Fault. We and our partner are now considering an additional series of exploration holes to test this and other targets further. The long surface assay intervals at Buffalo Canyon, announced October 31, 2016, appear to provide validation and support for the numerous lengthy historic drill intercepts, several of which contained 150+ meters of near continuous gold mineralization. We view these results as very encouraging and are continuing and expanding our evaluation efforts at Buffalo Canyon. We expect to see more drilling in 2017 than we did in 2016 including a drill program at the Arabia project funded by Coeur. I feel confident in confirming our positive outlook for the Company's future for fiscal 2017."
Cash at September 30, 2016 was $1,865,609, including $139,700 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 three months ended September 30, 2016, totaled $368,387 down from $785,148 in the prior three month period. Of this amount partners funded $137,828 (2015 - $582,532) and RenGold funded the balance of $230,559 (2015 - $202,616).
General and administrative expenses, adjusted for foreign exchange and non-cash items, totalled $202,503 for the three months ended September 30, 2016 compared to $169,694 in the comparative three month period. When added to total exploration and evaluation expenditures this represents only 47% (2015 -- 45%) of total expenditures.
The consolidated net loss for the three months ended September 30, 2016 was $489,479 compared to $331,845 in the prior three 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: Ronald Parratt, President and CEO
For further information, contact:
Ronald Parratt, 775-337-1545 or email@example.com
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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