Renaissance Gold Reports First Quarter 2015 Results

White Rock, British Columbia (FSCwire) - Renaissance Gold Inc. (TSX: REN) (“RenGold” or the “Company”) reports financial results for the three months ended September 30, 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 three months ended September 30, 2014 was $550,184 (2013 - $868,521). 

Cash at September 30, 2014, was $2,405,332, which amount includes $157,287 cash advances received from earn-in partners.  There are no long-term liabilities. 

Total assets at September 30, 2014 are $3,290,804 of which $2,523,274 are current assets and $767,530 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 is in the process of winding up its Chilean subsidiary.

Exploration expenditures on RenGold projects for the three months ended September 30, 2014 totaled $624,754 (2013 - $534,703).   Of this amount partners funded $402,091 (2013 - $175,873) and RenGold funded the balance of $222,663 (2013 - $358,830).  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 agreement.

Overall Performance

At the date of this press release, RenGold has four properties under exploration earn-in agreements: