2014-04-08 13:04:45 -
Renaissance Announces New Purchase Agreement with First Liberty Power Corp. for The Arabia Polymetallic Project, Pershing County, Nevada
White Rock, British Columbia (FSCwire) - Renaissance Gold Inc. (TSX: REN) (“RenGold”) is pleased to announce a new purchase agreement with First Liberty Power Corp., (“FLPC”) on the Arabia Project in Pershing County Nevada.
The Arabia Project is a consolidation of the polymetallic Arabia District just north of Lovelock Nevada. It is a series of mesothermal quartz veins that may be intrusion related or orogenic in origin. It is composed of 15 patents and BLM mining claims. Historic mining records indicate very high grades of lead, silver, antimony and gold. Sampling by RenGold has yielded up to 30.1% Pb, 1811.5 ppm Ag, >1.5%
Sb and 18.9 ppm Au. FLPC is interested in near term mining for antimony and are planning a processing mill 4 miles to the east to make antimony concentrates and to recover the other metals.
The Arabia District was organized in 1863 with production feeding the first Ag-Pb smelter in the United States from which Pb was shipped in commercial quantities. A 1913 report from the Electric vein down to 150 foot depth reports assays averaging Au 0.15 opt, Ag 18.7 oz., and Pb 14.2%.
The purchase includes a series of minimum payments of $100k per year and a 10% NSR. Once FLPC has paid RenGold one million dollars the NSR is reduced from 10% to 7% with a buy down provision to 4%. Half of the one million dollar payment is an advance royalty. In addition, there is a minimum $50k work commitment during each of the first two years to be carried out by RenGold staff.
Richard Bedell President and CEO of RenGold comments: “This agreement is a little different than our typical earn-in to joint venture. Because FLPC wants to go into production soon and bypass a standard bankable feasibility study, we have made a sale conditional to payments and a NSR. We like the diversification of having a potential small scale mining operation in our portfolio, because if successful it can provide income in the near term. With the low burn rate and tight share structure of RenGold this could be very meaningful. The project has significant upside potential to be much larger than is currently obvious."
All data disclosed in this press release, including sampling, analytical and test data, have been reviewed by the Company’s qualified person Mr. Eric M. Struhsacker, M.Sc., and Certified Professional Geologist as recognized by the American Institute of Professional Geologists.
About Renaissance Gold Inc.
Renaissance Gold Inc. is a gold/silver exploration company that has a large portfolio of exploration projects in Nevada, and Utah. Many 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 and team members to search for and acquire new precious metal exploration projects that are then offered for joint venture.
Renaissance Gold Inc.
By: Richard L. Bedell, President and CEO
For further information, contact:
Richard L. Bedell, 775-337-1545 or firstname.lastname@example.org
or Eric Struhsacker, 775-337-1545 or email@example.com
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.
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Source: Renaissance Gold Inc. (TSX:REN) www.rengold.com
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