Renaissance Gold Receives US$2,400,000 Payment from AngloGold Ashanti to Complete Purchase of 100% Interest in Silicon Project
03.06.2020 | Accesswire
VANCOUVER, June 3, 2020 - Renaissance Gold Inc. (TSXV:REN) (OTCQB:RNSGF) ("RenGold" or the "Company") is pleased to announce that AngloGold Ashanti NA ("AngloGold") has made the final payment of US$2,400,000 to the Company to acquire 100% interest in the Silicon project, subject to RenGold's retention of a 1% NSR on a defined area of interest on the Silicon project.Robert Felder, President and CEO states, "We plan to put the money to work immediately in support of our generative exploration program, to identify and acquire strong targets. This also marks a significant development for the Company in the successful organic generation of a Nevada royalty which represents meaningful value at negligible cost to the Company."
AngloGold entered into an agreement with RenGold in 2017, whereby it had the option to acquire a 100% interest in the project by paying RenGold US$3,000,000 by June 21, 2020, which AngloGold has now paid in full. RenGold retains a 1% net smelter return royalty on future production from the project area comprising approximately 15,000 acres (6,070 hectares). (see NRs dated June 30, 2017, May 1, 2018, March 27, 2019 and May 21, 2020).
About Renaissance Gold Inc.
Renaissance Gold Inc. is a western US focused prospect generator utilizing a joint venture business model. RenGold applies the extensive exploration experience and high-end technical skills of its founders and team members to search for and acquire high quality precious metal exploration projects that are then offered for joint venture to industry partners who provide exploration funding. RenGold maintains a large portfolio of gold and silver exploration properties and has entered into over 70 exploration agreements including those as its predecessor, AuEx Ventures Inc. and those from Kinetic Gold. RenGold's objective is to place its projects into exploration agreements, testing as many drill targets as possible and providing maximum exposure to success through discovery.
Qualified Person
All technical data disclosed in this press release has been verified by RenGold's Qualified Person, Robert Felder, M.Sc. and Certified Professional Geologist as recognized by the American Institute of Professional Geologists (AIPG).
By: Robert Felder
President & CEO
For further information, contact:
Renaissance Gold Inc.
Robert Felder
775-337-1545 or bfelder@rengold.com
Ronald Parratt
775-337-1545 or rparratt@rengold.com
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 release.
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.
SOURCE: Renaissance Gold Inc.