Renaissance Gold Reports Third Quarter 2015 Results
White Rock, British Columbia (FSCwire) - Renaissance Gold Inc. (TSX: REN) (“RenGold” or the “Company”) reports financial results for the nine months ended March 31, 2015. 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 nine months ended March 31, 2015 was $1,267,054 (2014 - $1,544,945).
Cash at March 31, 2015, was $2,115,574. This amount includes $202,389 of cash advances received from earn-in partners which is included in trade and other payables.
Total assets at March 31, 2015 are $2,957,586 of which $2,211,431 are current assets and $746,155 are exploration and evaluation assets, equipment, investment in private corporation 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 identify targets with significant growth potential. Accordingly, RenGold sold its Argentine subsidiary in February 2014, sold its Spanish subsidiary in August 2014, and dissolved its Chilean subsidiary in September 2014.
Exploration expenditures on RenGold projects for the nine months ended March 31, 2015, totaled $964,103 (2014 - $1,334,681). Of this amount partners funded $708,395 (2014 - $766,371) and RenGold funded the balance of $255,708 (2014 - $568,310). 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.
In February and March, 2015, the Company entered into four new exploration funding agreements on the Arabia, Golden Shears and Silicon projects in Nevada and the Wildcat project in Utah. In the third quarter the Company received US$70,000 in option payments related to these agreements, and subsequent to March 31, 2015, the Company received an additional US$78,000.
Overall Performance
At the date of this press release, RenGold has six properties under exploration earn-in agreements: