Renaissance Gold Enters Earn-In Agreement on Rose Mine Property with Navaho
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 11/19/10 -- Renaissance Gold Inc. ('RenGold' or the 'Company') (TSX VENTURE: REN) is pleased to report that it has entered into an exploration earn-in agreement with Rose Gold LLC ('Rose Gold'), a subsidiary of Navaho Gold Pty Ltd of Brisbane, Australia on the Company's Rose Mine silver/gold exploration property located approximately 8 miles west of the city of Eureka in Eureka County, Nevada. The Rose Mine property is controlled 100% by the Company.
Under the terms of the agreement, Rose Gold has the right to earn a 51% interest in the Rose Mine property by expending a minimum of US$3,000,000 within 4 years. Should Rose Gold vest an initial 51% interest, it would then have the option to earn an additional 19% interest by expending US$6,000,000 or completing a Bankable Feasibility study, whichever occurs first, within 6 years. Rose Gold paid RenGold US$17,529 on signing for reimbursement of claim fees and lease payments and is obligated to expend US$150,000 during the first year of the agreement.
The Rose Mine property contains numerous carbonate-hosted jasperoids that have consistently returned multi-ounce silver and, in addition, there are areas of bleached limestone that have returned anomalous gold with anomalous pathfinder element values. Drilling conducted on the property by a previous venture partner returned anomalous values in gold supporting further exploration. The currently producing Ruby Hill heap leach gold mine operated by Barrick Gold Corp. is located approximately 7 miles east of the Rose Mine property.
About Navaho Gold
Navaho Gold Pty Ltd is a subsidiary of ASX listed D'Aguilar Gold Limited (ASX: DGR). The company is focused on the exploration and development of 'Carlin' style gold mineralisation and is assembling a gold portfolio within the Carlin/Battle Mountain-Eureka trends in Nevada. The Board and Management of Navaho are all experienced resource industry professionals with a demonstrated track record in the discovery, project development and financing of precious and base metal projects
About Renaissance Gold Inc.
Renaissance Gold is a gold/silver exploration company that has a large portfolio of exploration projects in Nevada, Utah, Argentina and Spain. The majority of the projects are in exploration earn-in agreements with industry partners who provide exploration funding. Renaissance Gold 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.
Renaissance Gold Inc.
By: Ronald L. Parratt, President and CEO
This news release contains forward-looking statements that are based on the Company's current expectations and estimates. Forward-looking statements are frequently characterized by words such as 'plan', 'expect', 'project', 'intend', 'believe', 'anticipate', 'estimate', 'suggest', 'indicate' and other similar words or statements that certain events or conditions 'may' or 'will' occur. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause actual events or results to differ materially from estimated or anticipated events or results implied or expressed in such forward-looking statements. Such factors include, among others: the actual results of current exploration activities; conclusions of economic evaluations; changes in project parameters as plans to continue to be refined; possible variations in ore grade or recovery rates; accidents, labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing; and fluctuations in metal prices. There may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.
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 news release.
Contacts:
Renaissance Gold Inc.
Ronald L. Parratt
775-337-1545
rparratt@rengold.com
Renaissance Gold Inc.
Richard L. Bedell
775-337-1545
rbedell@rengold.com