Renaissance Gold Inc.: Leonid & Gypsum Valley Project Agreements Executed
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 11/17/10 -- Renaissance Gold Inc. ('RenGold' or the 'Company') (TSX VENTURE: REN) is pleased to announce that it has entered into two exploration earn-in agreements with Golden Peaks Resources Ltd. ('Golden Peaks') of Vancouver, British Columbia. One agreement covers the Company's Leonid project located south of Carlin, Nevada and the other covers the Gypsum Valley project located north of Fernley, Nevada. This brings the total number of active exploration agreements for RenGold in Nevada and Utah to 10 and 15 worldwide.
The Leonid Property is in the Pinion Range and straddles the boundary of Elko and Eureka County. The project was originally discovered using proprietary satellite imaging that highlighted anomalously altered Woodruff Shale underlain by carbonate locally replaced by jasperoids with highly anomalous trace element chemistry and gold. A series of complex graben-bounding faults preserve the Woodruff Shale, which comprises the upper plate of the Roberts Mountains Thrust. The structural setting presents the potential to preserve, at shallow depths in the lower plate, the Web formation, which is a productive host to gold mineralization in the Rain deposit located at the northern end of the Pinion Range and along the southern extension of the Carlin gold trend. The Gypsum Valley project contains the upper level expression of a hot springs epithermal system indicated by intense argillic alteration, the development of disseminated gypsum and siliceous sinters. Surface sampling has encountered anomalous pathfinder geochemistry and geologic mapping has identified likely feeder structures for the mineral system hosted within felsic volcanics.
Under the terms of the agreements, Golden Peaks paid the Company US$5,000 for each project on signing and is required to spend a minimum of US$2,850,000 within a 6 year period on each project and complete a bankable feasibility study to earn an undivided 70% interest in the property. If Golden Peaks elects to terminate its interest without vesting, but has expended US$2,850,000, it shall be entitled to a 3% NSR capped at twice its expenditure. Golden Peaks is the operator and it may request RenGold to conduct exploration programs on its behalf under a work agreement funded by Golden Peaks.
Richard L. Bedell, Certified Professional Geologist, is the Company's designated Qualified Person for this news release.
About Renaissance Gold Inc.
RenGold 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. RenGold 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.
Ronald L. Parratt, President and CEO
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