Renaissance Gold Reports Third Quarter Results
(firmenpresse) - VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 05/14/12 -- Renaissance Gold Inc. (TSX: REN) ("RenGold") reports financial results for the three and nine months ended March 31, 2012. Details of the Company's financial results are described in the condensed interim consolidated financial statements (the "Financial Report') and corresponding management discussion and analysis for the same period. These and further details on each of RenGold's projects and activities can be found on the Company's website at and on the Company's profile on . All amounts presented are in Canadian dollars unless otherwise stated.
Selected financial data
The following selected financial data is derived from the Financial Report as prepared in accordance with International Financial Reporting Standards.
The consolidated net loss for the nine months ended March 31, 2012, was $2,801,674 (2011- $3,775,871).
Working capital at March 31, 2012 was $8,440,799 of which $7,782,834 is cash. There are no long-term liabilities.
Total assets at March 31, 2012, of $9,704,757 of which $8,665,636 are current and $1,039,121 are exploration and evaluation assets, property plant and equipment and reclamation bonds.
Operations
RenGold is an exploration stage business engaged in the acquisition and exploration of mineral properties located in the USA, Argentina and Spain. RenGold's business model is to identify and secure mineral resource properties for which it seeks suitable joint venture partners. Once partners are found, an exploration and option to earn-in agreement is entered into on the property so that the earn-in partner will conduct and fund exploration on that property to earn an interest.
RenGold currently has 14 properties under exploration earn-in agreements:
Exploration highlights in the quarter on the Company's Nevada projects
In addition, assays and compilation of results are pending from drilling underway on each of the Wild Cat project in Utah and the Baza project in Spain.
New earn-in agreements signed
Generative exploration programs
Generative exploration is the core of RenGold's business. RenGold's technical team employs leading edge exploration techniques and technology for ore deposit vectoring including: proprietary remote sensing, spatial probability modeling and multivariate statistical analysis. Data is combined with field geology and alteration mineralogy for the purpose of target selection, property acquisition and joint venture development.
During the three months ended March 31, 2012, RenGold conducted geologic mapping and rock-chip sampling programs and has now developed target concepts on the Arabia and Broken Hills projects in Nevada. In addition, permitting was applied for and received to re-open the drill road and prepare two drill sites at the Black Canyon, Nevada project. The Company is seeking partners for these projects.
Newly acquired projects being prepared for joint venture
During the three months ended March 31, 2012 and up to the date of this MD&A, RenGold has acquired the following projects in Nevada either by direct staking or leases.
Comment
Richard Bedell, President and CEO, commented: "This has been a solid quarter of activity including press releases on five properties with encouraging results. We also had five projects put into new agreements and acquired two more projects. This is a result of the momentum built up in AuEx Ventures and continues through into the spinout of RenGold. Many projects are in motion and each quarter should see multiple press releases with new results. The RenGold business model with extensive work funded by partners, maintains a low burn rate and tight share structure."
Qualified Person
All technical data disclosed in this press release, including sampling, analytical and test data, have been reviewed by the Company's qualified person Mr. Eric M. Struhsacker, M.Sc., and Certified Professional Geologist as recognized by the American Institute of Professional Geologists.
Renaissance Gold Inc.
Renaissance Gold Inc. is a gold/silver exploration company that has a large portfolio of exploration projects in Nevada, Utah, Argentina and Spain. Many 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 and team members to search for and acquire new precious metal exploration projects that are then offered for joint venture.
Renaissance Gold Inc.
Richard L. Bedell, President and CEO
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.
Contacts:
Renaissance Gold Inc.
Richard L. Bedell
775-337-1545
Renaissance Gold Inc.
Eric Struhsacker
775-337-1545
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Datum: 14.05.2012 - 11:30 Uhr
Sprache: Deutsch
News-ID 145862
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contact information:
Town:
VANCOUVER, BRITISH COLUMBIA
Kategorie:
Mining & Metals
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