Renaissance Gold Inc.: Wildcat Property Signed with Newmont
13 November 2010 - 12:00AM
Marketwired
Renaissance Gold Inc. (TSX VENTURE: REN) ("RenGold" or the
"Company") is pleased to report the signing of a new exploration
earn-in agreement with Newmont Mining Corporation on the Company's
Wildcat gold exploration property located approximately 35 miles
northwest of the city of Delta in Juab County, Utah. The Wildcat
property is owned 100% by the Company and was acquired by staking
as a result of the Company's ongoing generative program.
Under the terms of the agreement, Newmont has the right to earn
a 70% interest in the Wildcat property by expending a minimum of
US$4,100,000 and completing a bankable feasibility study within 7
years of signing the agreement. Newmont also has the election to
extend the date by which the study must be completed by expending
US$1,000,000 and paying RenGold US$100,000 per year until the study
is completed or the option agreement is terminated. Newmont paid
RenGold US$10,000 on signing and is obligated to expend US$100,000
during the first year of the agreement. If Newmont elects to
terminate its interest without vesting but has expended
US$4,100,000 it shall be entitled to a 3% NSR. Newmont will be
operator of the project.
The Wildcat property contains a Carlin-like, sediment hosted
epithermal gold system where surface geochemical evaluation by
RenGold has returned numerous samples with anomalous gold and
pathfinder element values over a broad area. Drilling was conducted
on the property by Gold Fields Mining Corp. in the 1980's and
although limited, returned anomalous values in gold supporting
further exploration. The former producing Drum gold heap leach mine
operated by Western States Minerals Corp. is located approximately
8 miles southeast of the Wildcat property.
About Renaissance Gold Inc.
Renaissance Gold is a gold/silver exploration company that has a
large portfolio of exploration projects in Nevada, Utah, Argentina
and Spain. The majority of the projects are in exploration earn-in
agreements with industry partners who provide exploration funding.
Renaissance Gold applies the extensive exploration experience and
high-end technical skills of its founders to search for and acquire
new precious metal exploration projects that are then offered for
joint venture.
Renaissance Gold Inc.
Ronald L. Parratt, President and CEO
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
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's management on the date the statements are
made. Except as required by law, Renaissance Gold undertakes no
obligation to update these forward-looking statements in the event
that management's beliefs, estimates or opinions, or other factors,
should change.
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 news release.
Contacts: Renaissance Gold Inc. Ronald L. Parratt 775-337-1545
rparratt@rengold.com Renaissance Gold Inc. Richard L. Bedell
775-337-1545 rbedell@rengold.com
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