Nov 22 2010
Renaissance Gold Inc. (TSX VENTURE:REN) has reported that it has entered into an exploration earn-in agreement with Rose Gold LLC, a subsidiary of Navaho Gold Pty Ltd of Brisbane, Australia on the Company's Rose Mine silver/gold exploration property located approximately 8 miles west of the city of Eureka in Eureka County, Nevada.
The Rose Mine property is controlled 100% by the Company.
Under the terms of the agreement, Rose Gold has the right to earn a 51% interest in the Rose Mine property by expending a minimum of US$3,000,000 within 4 years. Should Rose Gold vest an initial 51% interest, it would then have the option to earn an additional 19% interest by expending US$6,000,000 or completing a Bankable Feasibility study, whichever occurs first, within 6 years. Rose Gold paid RenGold US$17,529 on signing for reimbursement of claim fees and lease payments and is obligated to expend US$150,000 during the first year of the agreement.
The Rose Mine property contains numerous carbonate-hosted jasperoids that have consistently returned multi-ounce silver and, in addition, there are areas of bleached limestone that have returned anomalous gold with anomalous pathfinder element values. Drilling conducted on the property by a previous venture partner returned anomalous values in gold supporting further exploration. The currently producing Ruby Hill heap leach gold mine operated by Barrick Gold Corp. is located approximately 7 miles east of the Rose Mine property.
Source: Renaissance Gold Inc.