Mar. 24, 2011 (Filing Services Canada) -- Renaissance Gold Inc. (REN - TSX Venture), ("RenGold" or the "Company") is pleased to announce that it has acquired three new exploration projects in Nevada with excellent gold and silver potential. These properties represent the continued growth of proprietary exploration concepts at Renaissance and add materially to the Company's portfolio of new projects.
The Broken Hills Project is a silver dominant property located about 40 miles east of Fallon in Mineral and Nye Counties within the Walker Lane mineral belt and contains multi-ounce silver and some gold. During due diligence by Renaissance a surface sample of a half meter wide breccia vein assayed 250.3 parts per million ("ppm") silver, 141 parts per billion ("ppb") gold and 1.24% lead. This is in an area of old workings following a well mineralized broad structural zone covered in part by post mineral volcanics. There has been no modern exploration conducted on the property. The Company made a $20,000 payment on signing and has continuing annual payments which are creditable against a $1.5 million buyout prior to production. In addition, there is a 3% NSR royalty which can be purchased for $1.5 million.
The Fourth of July and Black Canyon Projects are located northeast of Lovelock in the Humboldt Range of Pershing County. The Fourth of July property has extensive workings and development but no modern drilling. Numerous surface samples at the Fourth of July property assayed over 10 ppm gold with one sample assaying over 16 ppm gold. The property is located just north of Midway Gold's Spring Valley project which is under an earn-in option to Barrick Gold Exploration, Inc. The Black Canyon Project is just east of the Florida Canyon gold mine and is well know as a specimen gold locality. Visible gold has been identified in multiple samples and one surface sample from a vein, assayed 239 ppm gold.
The Company made a $10,000 payment on signing for each of the Fourth of July and Black Canyon leases and reimbursed a portion of the prior year claim fees. RenGold will make annual advance royalty payments that are creditable against a 3% NSR royalty. RenGold has the option to purchase 1% of the NSR royalty at any time up to the end of the fifth agreement year for a minimum of $2 million dollars. An additional one-half of 1% can also be purchased at the Company's election if a federal royalty is imposed.
These new projects combined with those obtained from AuEx Ventures make for an extensive, high quality portfolio of exploration opportunities. This portfolio includes Carlin-type, epithermal-type, and intrusive related gold and silver precious metal systems. The RenGold website (www.rengold.com) contains a near current list of projects by area, deposit type, and a summary of the target concepts.
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
For further information, contact:
Ronald L. Parratt, 775-337-1545 or email@example.com
Richard L. Bedell, 775-337-1545 or firstname.lastname@example.org
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.
This news release may contain information about adjacent properties on which we have no right to explore or mine. We advise U.S. investors that the SEC's mining guidelines strictly prohibit information of this type in documents filed with the SEC. U.S. investors are cautioned that mineral deposits on adjacent properties are not indicative of mineral deposits on our properties.
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.
Source: Renaissance Gold Inc. (TSX-V: REN) http://www.rengold.com
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