FSC / Press Release
Renaissance Gold 2014 Exploration Update
White Rock, British Columbia CANADA, June 17, 2014 /FSC/ - Renaissance Gold Inc.
(REN - TSX), ("RenGold") is pleased to summarize its exploration plans for the
upcoming months of 2014.
On February 18th, 2014, RenGold announced an agreement with Newmont USA Limited
to explore the Wood Hills South Project, an extension of the Pequop gold
district in Elko County, Nevada. Data compilation and modeling of existing
drilling has been completed. Currently two crews are at work: one for CSAMT
geophysics and another for infill soils. The objective will be to process the
additional data and be drill ready by late summer or early fall.
On April 8th, 2014, RenGold announced an agreement with First Liberty Power
Corp. ("FLPC") on the Arabia Project in Pershing County, Nevada. FLPC is
advancing plans towards building a mill to treat antimony ores but also plan to
recover the precious and base metals from the Arabia Project and others. They
have announced that they expect the plant to be in production before year end.
In addition, FLPC is required to spend a minimum of US$50,000 on geologic work
through RenGold in the first year.
On June 5th, 2014, RenGold announced an agreement with Summit Mining Exploration
II, Inc. ("Summit II"), a US subsidiary of Sumitomo Corporation, on the Fourth
of July Project Pershing County, Nevada. Summit II has a minimum work commitment
of US$500,000 but US$750,000 have been allocated to continue geologic work and
do a phase one of drilling before the end of the year. The work is being
conducted by RenGold.
RenGold is advancing the Golden Shears Property in south west Clark County,
Nevada with Callinan Royalties Corporation ("Callinan") funding for a 1.5%
royalty. RenGold has been doing significant geologic work within a 2.5 km long
shear zone with high grade precious and base metals. Metal zoning and
porphyritic dikes suggest a productive shallow porphyry environment. The
property is available for joint venture.
RenGold has also been conducting further grass roots exploration in southern
Nevada funded by another agreement with Callinan. A new epithermal project
called Silicon has been generated and will be available for joint venture in the
RenGold is pleased to announce drill results from its 2013 drill program at the
Spruce Mountain exploration project, eastern Elko County, Nevada. The drilling
program at Spruce Mountain was funded by Summit Mining Exploration, Inc.
("Summit"), a US subsidiary of Sumitomo Corporation, in the third year of an
earn-in agreement. Drilling tested three areas in 2013: the periphery of the
Sprucemont porphyry molybdenum system (2 holes), a zone of anomalous gold in
soils and drilling approximately 1 km northwest of Sprucemont (5 holes) known
internally as the Santa Fe target zone, and a geophysical anomaly in shallow
pediment 3-5 km north along the range front (2 holes). Although the recent
drilling intersected anomalous mineralization in the Sprucemont and Santa Fe
target areas, Summit has determined that the drilling results are not
sufficiently robust enough to continue funding the exploration efforts at Spruce
Mountain and on June 9th, 2014 formally informed RenGold that it will withdraw
from the venture agreement. RenGold will curtail exploration activity in 2014
and consider appropriate options for the property.
RenGold also has ongoing discussion with potential future partners on various
projects within the Great Basin.
Richard Bedell, President and CEO of RenGold comments: "We are very happy to
have done so many new agreements in the last 6 months. This will keep us focused
on the Great Basin USA and keep our team funded. This will keep the burn rate
low, cash in the bank, and the potential to have meaningful drill results on a
variety of projects. Clearly we have the projects to attract major companies,
even in a weak market. We have working capital for two more years with no debt
and a tight 33.5 million fully diluted share structure. These are enviable
business metrics but we cannot grow share holder value without quality drill
holes. We are well poised to do so."
All data disclosed in this press release, including sampling, analytical and
test data, have been reviewed by the Company's qualified person Mr. Eric M.
Struhsacker, M.Sc., and Certified Professional Geologist as recognized by the
American Institute of Professional Geologists.
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. Many 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 firstname.lastname@example.org or Eric Struhsacker,
775-337-1545 or email@example.com
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.
To view this press release as a PDF file, click onto the following link:
Source: Renaissance Gold Inc. (TSX: REN) http://www.rengold.com
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-0- Jun/17/2014 11:00 GMT
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