Renaissance Gold Inc. (TSX.V: REN) ("RenGold" or the "Company") is pleased to announce that the Company's subsidiary has signed a definitive agreement with Coeur Exploration, Inc. ("Coeur Explorations"), a subsidiary of Coeur Mining, Inc. (NYSE: CDE) ("Coeur Mining") for the generative exploration program as announced on February 9, 2017. Under this agreement, Coeur Explorations will fund US$250,000 per year in generative exploration expenses for a minimum of two years, during which the Parties will identify and explore potential precious metals mining opportunities on lands in the States of Nevada and Utah within defined areas of interest. The Agreement may be extended on an annual basis after the initial 2-year term by the written agreement of the Parties.
RenGold will use this funding to identify and stake properties that will then be presented to Coeur Explorations, which will then have 50 calendar days to elect to enter into an exploration earn-in agreement on a form that has been agreed to by the parties. If Coeur Explorations elects to accept the opportunity to earn into the property, RenGold will receive a one-time payment of US$50,000 on signing, and Coeur Explorations would be required to spend US$3 million within 3 years to earn into an undivided 70% interest in the property. Additional payments from Coeur Explorations to RenGold would be triggered upon completion of a bankable feasibility study and upon achieving commercial production.
If Coeur Explorations does not elect to exercise its earn-in option regarding a property, the property will remain a100% owned property of the Company.
Coeur Mining intends to subscribe for one (1) million common shares in the capital of RenGold for gross proceeds of C$350,000 or C$0.35 per share. The private placement and any modification to it are subject to compliance with applicable securities laws and to receipt of regulatory approval. The proceeds from the private placement will be used by RenGold for general corporate purposes.
Commenting on the agreement, Ronald Parratt, President & CEO stated "This is a great opportunity for RenGold to leverage its extensive database and experience in specific areas of interest to both parties. This agreement will help accelerate discovery for both Coeur and RenGold by having an industry partner poised to take on properties in the specific areas covered by the definitive agreement. We are very pleased Coeur is investing in the Company."
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. RenGold's objective is to place the projects 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.
By: Ronald Parratt, President and CEO
For further information, contact:
Ronald Parratt, 775-337-1545 or email@example.com
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 release.
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.
About Coeur Mining, Inc.
Coeur Mining is a well-diversified, growing precious metals producer with five precious metals mines in the Americas employing approximately 2,000 people. Coeur produces from its wholly-owned operations: the Palmarejo silver-gold complex in Mexico, the Rochester silver-gold mine in Nevada, the Kensington gold mine in Alaska, the Wharf gold mine in South Dakota, and the San Bartolomé silver mine in Bolivia. The Company also has a non-operating interest in the Endeavor mine in Australia. In addition, the Company owns the La Preciosa project in Mexico, a silver-gold exploration stage project. Coeur conducts exploration activities in North and South America.
For further information, contact:
Courtney R. B. Lynn, Vice President, Investor Relations and Treasurer
312-489-5837 or firstname.lastname@example.org