|Renaissance Gold Inc. (TSX.V: REN) ("RenGold") is pleased to announce that they have signed a non-binding letter of intent ("LOI") with Coeur Mining, Inc. (NYSE: CDE) ("Coeur") wherein Coeur will provide RenGold with US$250,000/year for two years to conduct grass roots exploration in select areas of Nevada.|
The LOI provides that Coeur will have a "right of first refusal" (ROFR) on all projects generated within defined exploration target areas. If Coeur decides to exercise their ROFR they will spend a minimum of US$250,000 the first year on the project and US$3 million within three years to vest an undivided 70% interest. In addition, RenGold will receive milestone payments based on defined project thresholds. If Coeur elects not to exercise their ROFR the project remains with RenGold with no continuing obligations to Coeur.
Ronald Parratt, President & CEO states "We are very excited to have a growing relationship with such a strong company as Coeur. Not only are they funding exploration of our Arabia project but are now willing to also finance grassroots exploration. We look forward to working with Coeur's exploration team on all these activities and also appreciate the confidence they have in the RenGold exploration team."
The definitive agreement for the generative exploration program is expected to be signed by early to mid-March 2017.
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.
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. Coeur also has a non-operating interest in the Endeavor mine in Australia. In addition, the Coeur owns the La Preciosa project in Mexico, a silver-gold exploration stage project. Coeur conducts ongoing exploration activities in Alaska, Nevada, South Dakota and Mexico.
By: Ronald Parratt, President and CEO
For further information, contact:
Ronald Parratt, 775-337-1545 or firstname.lastname@example.org
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