Renaissance Gold Inc.: Leonid & Gypsum Valley Project Agreements Executed
November 17 2010 - 7:00AM
Marketwired
Renaissance Gold Inc. ("RenGold" or the "Company") (TSX VENTURE:
REN) is pleased to announce that it has entered into two
exploration earn-in agreements with Golden Peaks Resources Ltd.
("Golden Peaks") of Vancouver, British Columbia. One agreement
covers the Company's Leonid project located south of Carlin, Nevada
and the other covers the Gypsum Valley project located north of
Fernley, Nevada. This brings the total number of active exploration
agreements for RenGold in Nevada and Utah to 10 and 15 worldwide.
The Leonid Property is in the Pinion Range and straddles the
boundary of Elko and Eureka County. The project was originally
discovered using proprietary satellite imaging that highlighted
anomalously altered Woodruff Shale underlain by carbonate locally
replaced by jasperoids with highly anomalous trace element
chemistry and gold. A series of complex graben-bounding faults
preserve the Woodruff Shale, which comprises the upper plate of the
Roberts Mountains Thrust. The structural setting presents the
potential to preserve, at shallow depths in the lower plate, the
Web formation, which is a productive host to gold mineralization in
the Rain deposit located at the northern end of the Pinion Range
and along the southern extension of the Carlin gold trend.
The Gypsum Valley project contains the upper level expression of
a hot springs epithermal system indicated by intense argillic
alteration, the development of disseminated gypsum and siliceous
sinters. Surface sampling has encountered anomalous pathfinder
geochemistry and geologic mapping has identified likely feeder
structures for the mineral system hosted within felsic
volcanics.
Under the terms of the agreements, Golden Peaks paid the Company
US$5,000 for each project on signing and is required to spend a
minimum of US$2,850,000 within a 6 year period on each project and
complete a bankable feasibility study to earn an undivided 70%
interest in the property. If Golden Peaks elects to terminate its
interest without vesting, but has expended US$2,850,000, it shall
be entitled to a 3% NSR capped at twice its expenditure. Golden
Peaks is the operator and it may request RenGold to conduct
exploration programs on its behalf under a work agreement funded by
Golden Peaks.
Richard L. Bedell, Certified Professional Geologist, is the
Company's designated Qualified Person for this news release.
About Renaissance Gold Inc.
RenGold 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.
RenGold 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.
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
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