WHITE ROCK, British Columbia--(BUSINESS WIRE)--
Renaissance Gold Inc. (REN.TO) (“RenGold” or the “Company”) reports
financial results for the six months ended December 31, 2014. Details of
the Company’s financial results are described in the unaudited condensed
consolidated interim financial statements (the “Financial Report”) and
corresponding management discussion and analysis for the same period.
These and further details on each of RenGold’s projects and activities
can be found on the Company’s website at www.rengold.com
and on the Company’s profile on www.sedar.com.
All amounts presented are in Canadian dollars unless otherwise stated.
Selected financial data
The following selected financial data is derived from the Financial
Report as prepared in accordance with International Financial Reporting
Standards.
The consolidated net loss for the six months ended December 31, 2014 was
$1,030,411 (2013 - $1,201,960).
Cash at December 31, 2014, was $1,962,552, which amount includes
$102,916 cash advances received from earn-in partners. There are no
long-term liabilities.
Total assets at December 31, 2014 are $2,871,011 of which $2,080,647 are
current assets and $790,364 are exploration and evaluation assets,
equipment, investments and reclamation bonds.
Operations
RenGold is an exploration stage business engaged in the acquisition and
exploration of mineral properties located in Nevada and Utah. RenGold’s
business model is to identify and secure mineral resource properties for
which it seeks suitable joint venture partners. Once partners are found,
an exploration and option to earn-in agreement is entered into on the
property enabling the earn-in partner to obtain an interest by
conducting and funding exploration on that property.
The level of the Company’s exploration expenditures is largely
determined by the strength of the resource capital and commodity markets
and its ability to obtain funding partners and investor support for its
projects. The Company anticipates there will be less capital available
for exploration joint ventures in the immediate future. RenGold is
therefore concentrating activities in Nevada and Utah to upgrade current
projects and define significant growth potential. Accordingly, RenGold
sold its Argentine subsidiary in February 2014, its Spanish subsidiary
in August 2014, and wound up its Chilean subsidiary in September 2014.
Exploration expenditures on RenGold projects for the six months ended
December 31, 2014 totaled $758,061 (2013 - $1,059,882). Of this amount
partners funded $455,631 (2013 - $607,339) and RenGold funded the
balance of $302,430 (2013 - $452,543). In addition to the exploration
expenditures recorded in RenGold’s accounts, funding partners also
conducted additional exploration programs directly on RenGold’s projects
as required under the particular exploration earn-in agreements.
Overall Performance
At the date of this press release, RenGold has four properties under
exploration earn-in agreements:
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Project
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Funding partner
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Fourth of July
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Summit Mining Exploration, Inc., a US subsidiary of Sumitomo
Corporation
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Golden Shears
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Callinan Royalties Corporation (CAA.V)
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Trinity Silver
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Liberty Silver Corp. (LBSV:US)
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Wood Hills South
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Newmont USA Limited, a subsidiary of Newmont Mining Corporation
(TSX:NMC)
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The highlights of activity by RenGold and its funding partners on its
exploration properties during the six months ended December 31, 2014 and
to the date of this press release follow in alphabetical order.
Nevada projects with funding partners:
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Fourth of July
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In October 2014, RenGold staff completed a three core hole 2,009
foot drill program at the Fourth of July project in the Humboldt
Range of Pershing County Nevada funded by Summit Mining
Exploration II, Inc., (“Summit II”) a US subsidiary of Sumitomo
Corporation. Results of this drill program are expected to be
released in late February 2015, the results of which will guide a
much larger drill program later in 2015.
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Golden Shears
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RenGold is advancing the Golden Shears property in Clark County
Nevada with Callinan Royalties Corporation ("Callinan") funding
the work in exchange 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 metal values. Geologic mapping in
combination with ground magnetics and gravity indicate the
presence of continuous structures between the outcropping areas of
mineralization and suggest the potential for a large mineralized
system. In addition, the magnetic data indicate that a number of
shallow intrusions lie beneath cover with potential for two skarns
within this domain.
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Trinity Silver
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In Fiscal 2013, Liberty Silver Corp. (“Liberty Silver”) completed
their work commitment of US$5,000,000 on the Trinity Silver
project located in Pershing County, Nevada. In addition to the
US$5,000,000 work commitment, Liberty must complete a bankable
feasibility study by March 29, 2017 to earn an undivided 70%
interest in the property. Metallurgical studies are continuing in
preparation of a preliminary economic assessment on the oxide
deposit and this will be used to generate financing for
development of the oxide deposit.
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Woods Hills South
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The Wood Hills South project is under an earn-in agreement with
Newmont USA Limited (“Newmont”). Newmont completed significant
activity in 2014 including further surface sampling, geophysics,
and the completion of 5 reverse circulation holes totaling 3,460
feet. Results of these drill holes are expected to be released in
late February 2015, the results of which will guide follow-up
drilling in 2015.
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Nevada and Utah properties being prepared for joint venture
Work has continued on data compilation and target definition at the
Company’s projects being prepared for joint venture. These properties
include Arabia, Big Gossan, Buffalo Canyon, Bunce, Fireball Ridge, JPW,
Leonid, Reef, Secret Canyon, Silicon, Sinter, Spruce Mountain, Whistler,
and Wildcat projects.
Generative
Generative exploration is the core of RenGold’s business. Property
submittal evaluations and generative programs in Nevada and Utah are
ongoing but the current focus is on upgrading projects with quality
drill intercepts. RenGold’s technical team employs leading edge
exploration techniques and technology for ore deposit vectoring
including: proprietary remote sensing, spatial probability modeling and
multivariate statistical analysis. Data is combined with field geology
and alteration mineralogy for the purpose of target selection, property
acquisition and joint venture development.
On October 30, 2014, RenGold announced the execution of a six year
extension of the large Pequop and Woodhills land package in northeastern
Nevada with New Nevada Resources, LLC ("NNR"). This includes 34,408
acres (13,924 Hectares) of important exploration terrain in the evolving
Pequop Gold District. A good portion of the NNR land is included within
the Woodhills South land package that is currently under an exploration
earn-in agreement with Newmont USA Limited.
Qualified Person
All technical data, as disclosed in this press release, has been
verified by the Company’s qualified persons Ronald L. Parratt, M.Sc. and
Certified Professional Geologist, Richard L. Bedell, M.Sc. and Certified
Professional Geologist and Eric M. Struhsacker, M.Sc. and Certified
Professional Geologist.
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 rbedell@rengold.com
or Eric Struhsacker, 775-337-1545 or estruhsacker@rengold.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.