VANCOUVER, BC / ACCESSWIRE / August 10, 2017 / Renaissance Gold Inc. (REN.V) ("RenGold" or the "Company") is pleased to summarize a number of significant positive developments over the past several months, which collectively define a transformational event for the Company. In the past three months, the Company has executed new deals on eight Nevada properties, completed the significant corporate acquisition of Kinetic Gold Corp., and entered into a strategic alliance with Coeur Mining, Inc. These transactions and private placements have brought an additional C$2.6 million into the Company. As a result, the Company expects to see up to ten of its projects drilled in the next year compared to drilling only one project in 2016.
The Company has recently attracted an impressive list of partners including Kinross, Coeur, AngloGold Ashanti North America Inc., Ramelius Resources Limited and S2 Resources Ltd. to add to its current partners including Troymet Exploration Corp. and Radius Gold Inc. Kinross and Coeur have also participated in private placements, and we welcome them as important new shareholders (see 2017 NRs dated May 15, May 23, May 26, June 21, June 30, and July 31).
Ronald Parratt, CEO, states, "Signals of an improving market for exploration-focused prospect generators in 2016 prompted the Company to seriously consider how it might prepare to most effectively position itself to take advantage of a rising market. The acquisition of Kinetic Gold Corp. (see 2017 NRs dated May 11 and May 29) brought in 10 high-quality gold projects in Nevada at a time when the demand for quality projects was increasing. It seems now that our vision was correct and we are quite pleased to have completed these recent transactions which have placed several existing and newly acquired projects into new earn-in agreements."
Drilling is scheduled for the second half of 2017 on the Spruce East, Buffalo Canyon, and Diamond Point projects. All three of these projects are in the earn-in agreement with Kinross (see NR May 15 2017). Troymet, our partner on the Wildcat project in Utah is planning a small core drilling program later in the year, and Radius is also planning a drill program on our Spring Peak Project for later this year, pending receipt of a permit from the U.S. Forest Service. AngloGold Ashanti has been conducting mapping, sampling and spectral work on the Silicon property and are advancing drill targets. Ramelius is planning to commence work on the Jupiter project in the coming weeks and have plans to conduct additional geologic mapping, a detailed gravity survey and a soil geochemical survey, with an aim to conduct a first drilling program later in the year. S2 Resources is planning the commencement of exploration activities on the South Roberts, Pluto and Ecru projects, beginning in the Fall. Generative activities under the Coeur alliance (see NR May 23, 2017) and elsewhere are ongoing.
Robert Felder, President, states, "We have seen a marked increase in interest to joint venture our exploration stage properties over the past several months, which has resulted in several very important transactions for the Company. We now have eleven of our projects in agreements and are having ongoing conversations that we are hopeful will result in additional business for us. Based on the recent deal flow we expect to see drilling on 8-10 of our properties over the next year. This significant increase in the level of activity and drilling of our projects is exactly the path we need to be on to maximize our chances for success and create real value for our shareholders."
Ivy Minerals Inc. Option Exercises
Pursuant to an option agreement between Ivy Minerals Inc. ("IMI") and Kinetic Gold (US) Inc., effective August 12, 2013 (as amended), the Company exercised its option to purchase 100% of the Ecru project from IMI for the agreed upon consideration of US$176,613 to be settled in full by the issuing of 477,331 common shares of the Company with no retained royalty. The Ecru project is included in the earn-in agreement with S2 Resources Ltd. (see NR July 31, 2017), and the exercise was a post-closing condition to that agreement. The shares will carry a hold period of 12 months from August 9, 2017, the date of issue.
Pursuant to an agreement dated May 8, 2017 among IMI, Kinetic US and the Company, the Company exercised its option to purchase the 49.9% of the Raven project not already owned by Kinetic US for the agreed upon consideration of US$100,000 settled in full by the issue of 370,767 common shares of the Company and the grant of a 0.5% net smelter returns royalty to IMI on the claims of the Raven property as they are currently constituted. The shares will carry a hold period of 12 months from August 9, 2017, the date of issue.
About Renaissance Gold Inc.
Renaissance Gold Inc. is a western US focused prospect generator utilizing a joint venture business model. The company is the spin-out of AuEx Ventures, Inc. - discoverer of the Long Canyon gold deposit in Nevada now in production by Newmont Mining Company. RenGold applies the extensive exploration experience and high-end technical skills of its founders and team members to search for and acquire high quality precious metal exploration projects that are then offered for joint venture to industry partners. RenGold maintains a large portfolio of gold and silver exploration properties and has entered into over 60 exploration agreements including those as AuEx.
All technical data disclosed in this press release has been verified by RenGold's Qualified Person, Robert Felder, M.Sc. and Certified Professional Geologist as recognized by the American Institute of Professional Geologists (AIPG).
By: Robert Felder, President
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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.
SOURCE: Renaissance Gold Inc.