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Renaissance Gold Receives US$2,400,000 Payment from AngloGold Ashanti to Complete Purchase of 100% Interest in Silicon Project

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Renaissance Gold Receives US$2,400,000 Payment from AngloGold Ashanti to Complete Purchase of 100% Interest in Silicon Project

 

 

 

 

 

Renaissance Gold Inc. (TSX-V:REN) (OTCQB:RNSGF) is pleased to announce that AngloGold Ashanti NA has made the final payment of US$2,400,000 to the Company to acquire 100% interest in the Silicon project, subject to RenGold’s retention of a 1% NSR on a defined area of interest on the Silicon project.

 

Robert Felder, President and CEO states, “We plan to put the money to work immediately in support of our generative exploration program, to identify and acquire strong targets. This also marks a significant development for the Company in the successful organic generation of a Nevada royalty which represents meaningful value at negligible cost to the Company.”

 

AngloGold entered into an agreement with RenGold in 2017, whereby it had the option to acquire a 100% interest in the project by paying RenGold US$3,000,000 by June 21, 2020, which AngloGold has now paid in full. RenGold retains a 1% net smelter return royalty on future production from the project area comprising approximately 15,000 acres (6,070 hectares). (see NRs dated June 30, 2017, May 1, 2018, March 27, 2019 and May 21, 2020).

 

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 including those as 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.

 

Qualified Person

 

All technical data disclosed in this press release has been verified by RenGold’s Qualified Person, Robert Felder, M.Sc. and Certified Professional Geologist as recognized by the American Institute of Professional Geologists (AIPG).

 

Posted June 3, 2020

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