VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 24, 2011) - Concordia Resource Corp. (News - Market indicators) ("Concordia") and Renaissance Gold Inc. (TSX VENTURE:REN) ("Renaissance") are pleased to announce the start of drilling on the Baza Project in Spain. Up to five holes with an average depth of 300 metres are planned, with a total budget of approximately C$420,000. Concordia is earning from Renaissance a 70 per cent interest in Baza through ongoing work commitments including a combination of drilling, geophysical surveys and geologic mapping.
The Baza project includes three large land positions covering over 12 000 hectares. Drilling is currently underway at the Solano prospect, one of several areas that contain highly prospective gold and copper from rock samples at surface. Mineralization consists of veins and breccias of siderite and albite with chalcopyrite, arsenopyrite, pyrite and quartz.
The area was worked as recently as the 1950s for iron with minor copper production. There is no modern exploration or drilling evident.
To date the geologic program has outlined a large coincident copper and gold system that can be traced for upwards of 20 kilometres and is characterized by discontinuous zones hosting copper and gold mineralization with values up to 10% copper and 20 g/t gold. While the geologic model remains somewhat enigmatic, the discovery of mineralized intrusive dikes suggests that there is a magmatic source for the metals.
The targets at Solano are veins and breccias coincident with these felsic dikes. It is hoped that the veins will grade into a proximal intrusive environment that could yield a variety of forms of mineralization.
Regionally, the mineralization occurs as undeformed linear zones cutting a thick sequence of metamorphosed sedimentary rocks associated with the Betic Orogeny. The Betics formed when Africa collided into Europe and is effectively near the western terminus of the Carpathian Arc.
President and CEO of Concordia, Ed Flood comments, "Concordia believes this is a unique opportunity to explore a property with widespread indications of hosting a large mineralized system that has not been subject to modern exploration methods. Significant quantities of gold and copper are found in many samples taken from various small iron mine workings and dumps scattered over the entire 20 kilometre length of the project area."
ABOUT Concordia
Concordia Resource Corp. is a mineral exploration company with property holdings in North and South America and Spain. The Company holds the Albisu gold discovery in Nevada, and is earning from Renaissance Gold Inc. a 70% interest in the Baza gold-copper project in Spain. Through its wholly owned South American subsidiary, Meryllion Minerals Corp, the Company is earning 100% of the historic La Providencia silver mine located in the Puna of northwestern Argentina and has also acquired an option to purchase the 14 000 ha Cerro Amarillo-Cajon Grande copper-gold property located in the Malargüe District of Argentina. Concordia has its head office and executive management team in Vancouver, Canada; and its technical team is based in Reno, Nevada.
ABOUT Renaissance
Renaissance Gold Inc. is a gold/silver exploration company that has a large portfolio of exploration projects in Nevada, Utah, Argentina and Spain. 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 to search for and acquire new precious metal exploration projects that are then offered for joint venture.
This press release has been reviewed for Concordia by Ms. Pamela Klessig, having sufficient experience to review this release and is a Qualified Person as defined by NI 43-101. Also, Richard L. Bedell, Certified Professional Geologist, is Renaissance's designated Qualified Person for this news release.
On behalf of the Board of:
Concordia Resource Corp.
R. Edward Flood, Chairman
Renaissance Gold Inc.
Richard L. Bedell, President and CEO
Forward-Looking Statements
Certain of the statements made and information contained herein is "forward-looking information" within the meaning of the Ontario Securities Act, including the receipt of necessary permits to conduct exploration and construction, timing of anticipated exploration program, the number of the holes and meters to be drilled and future plans of the Company. Forward-looking information is subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking information, including, without limitation, risks and uncertainties relating to risks inherent in mining including environmental hazards, industrial accidents, unusual or unexpected geological formations, ground control problems and flooding; risks associated with the estimation of mineral resources and reserves and the geology, grade and continuity of mineral deposits; the possibility that future exploration, development or mining results will not be consistent with the Company's expectations; the potential for and effects of labour disputes or other unanticipated difficulties with or shortages of labour or interruptions in production; actual ore mined varying from estimates of grade, tonnage, dilution and metallurgical and other characteristics; the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses, commodity price fluctuations; uncertain political and economic environments; changes in laws or policies, delays or the inability to obtain necessary governmental permits; and other risks and uncertainties, including those described in each management discussion and analysis. Forward-looking information is in addition based on various assumptions including, without limitation, the expectations and beliefs of management, the assumed long term price of metals; appropriate equipment and sufficient labour and that the political environment where the Company operates will continue to support the development and operation of mining projects. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in the forward-looking information. Accordingly, readers are advised not to place undue reliance on forward-looking information.
The TSX-V has neither approved nor disapproved the contents of this press release. Neither the TSX-V nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this press release.