2012-10-23 13:34:45 -
White Rock, British Columbia CANADA, October 23, 2012 /FSC/ - Renaissance Gold Inc. (REN - TSX), ("RenGold") is pleased to announce the closing of the acquisition of claims at the Trinity Silver Project from Primus Resources, L.C. and a second property owner (collectively, "Primus"). The claims comprise the "Hi Ho Silver Property" and cover approximately 100 acres located adjacent to Rengold's Trinity Silver property in Pershing County, Nevada. The Hi Ho Silver Property was the only acreage not controlled by RenGold or its joint venture partner, Liberty Silver (TSX:LSL) on the Trinity Silver land package. Liberty Silver has completed the purchase of the Hi Ho claims in the name of RenGold. Liberty must spend all monies through bankable feasibility to
vest 70% in the Trinity Silver property including the Hi Ho claims.
The current resource at the Trinity Silver project reported on February 28, 2011:
The classified oxide mineral resource estimate is quoted at a cutoff grade of 0.65 oz/ton silver and consists of;
an inferred resource of 2,605,000 ounces silver at an average grade of 1.37 oz/ton (1,901,000 tons).
The classified sulfide mineral resource estimate is quoted at a cutoff grade of 1.30 oz/ton silver consists of;
an inferred resource of 9,036,000 ounces silver at an average grade of 1.69 oz/ton (5,336,000 tons).
Richard Bedell, President & CEO, comments: "The addition of the Hi Ho properties by our joint venture partner completes the Trinity Silver land package and restores significant historical drill- documented silver mineralization to the project. The current resource of course excludes the mineralization on the Hi Ho property. The current resource estimate was prepared by Mine Development Associates of Reno, Nevada and has inferred status in-part because of its reliance on a historic database of approximately 200 drill-holes, most of which were drilled prior to or during the profitable open-pit mining at Trinity Silver by US Borax and Santa Fe during the late 1980s. The supporting database, which includes detailed metallurgical studies, has subsequently been augmented by 10 core and 15 RC holes drilled by AuEx Ventures, Inc. in 2006 and 2007 respectively, and an additional 18 RC holes drilled by Liberty Silver in 2012 (see RenGold press release dated July 11th, 2012). A new NI 43-101-compliant resource is being prepared by SRK Associates and will incorporate the drill-documented mineralization on the Hi Ho property. In summary, based off well defined historic data covering the HiHo claims, and new drill holes, we expect a considerable addition to the new resource model."
All technical 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.
Renaissance Gold Inc.
Renaissance Gold Inc. is a gold/silver exploration company that has a large portfolio of exploration projects in Nevada, Utah, Argentina and Spain. 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
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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