Renaissance Gold Inc. (TSX.V:REN / OTCQB:RNSGF) ("RenGold" or the "Company") reports that in order to protect its employees, contractors and do our part for the safety of our communities, it has implemented a work from home strategy at both its Reno, Nevada and White Rock, B.C. offices until further notice.
Robert Felder, President & CEO states, "The COVID-19 threat has created a challenging situation around the world and we are fortunate to live at a time when our technical capabilities allow us to continue with our business remotely, with only minimal disruption. We are in good financial shape to carefully steer the Company through this uncertain time, and our generative activities are continuing and discussions with potential new partners remain ongoing."
Cash Position: The Company reported C$2.85M in cash as of December 31, 2019. A US$2.40M (C$3.48M) payment is due in June, 2020 from AngloGold Ashanti ("Anglo") should they choose to complete their option to acquire the Silicon Project in Nye County, Nevada. If Anglo completes their option, the Company will retain a 1% NSR on the project (See NR dated January 6, 2020).
Funded projects: The Company currently has 6 of its projects in option or earn-in agreements. Given the current uncertainty due to the COVID-19 threat and the highly volatile financial markets, drilling plans are uncertain at this time, but will be reported when plans materialize later in the year.
About Renaissance Gold Inc.
Renaissance Gold Inc. is a western US focused prospect generator utilizing a joint venture business model. RenGold applies the extensive exploration experience and high-end technical skills of its founders and team members to search for and acquire high quality precious metal exploration projects that are then offered for joint venture to industry partners who provide exploration funding. RenGold maintains a large portfolio of gold and silver exploration properties and has entered into over 70 exploration agreements over the past 16 years including those of its predecessor, AuEx Ventures Inc., and those from Kinetic Gold. RenGold's objective is to place its projects into exploration agreements, testing as many drill targets as possible and providing maximum exposure to success through discovery.
By: Robert Felder, President & CEO
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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.