Renaissance Gold 2014 Exploration Update
WHITE ROCK, British Columbia -- June 17, 2014
Renaissance Gold Inc. (TSX: REN) (“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 near future.
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
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,
For further information, contact:
Renaissance Gold Inc.
Richard L. Bedell, 775-337-1545
Eric Struhsacker, 775-337-1545
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