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Renaissance Gold Inc
Symbol REN
Shares Issued 31,049,577
Close 2015-02-27 C$ 0.295
Market Cap C$ 9,159,625
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Renaissance Gold, Coeur enter earn-in deal for Arabia

2015-03-02 07:32 ET - News Release

Mr. Richard Bedell reports

RENAISSANCE GOLD ANNOUNCES EARN-IN ARRANGEMENT WITH COEUR MINING, INC. AT ITS ARABIA GOLD-SILVER PROJECT, NEVADA

Renaissance Gold Inc. has executed a letter of intent to enter into an earn-in agreement with Coeur Mining Inc. on the Arabia gold project in Pershing county, Nevada. The project is located just 20 kilometres northwest of the Coeur Rochester mine and 19 kilometres north of Lovelock, Nev.

Upon execution of the agreement, Coeur will make certain payments to RenGold and finance an exploration and development program to be conducted by RenGold in accordance with the specific terms and conditions to be included in the agreement. Coeur and RenGold plan to work together to complete a bankable feasibility study on or before the 11th anniversary of the execution of the agreement, in which case Coeur will have the option to acquire a 70-per-cent interest in the project for no additional consideration.

The Arabia project is a consolidation of the polymetallic Arabia district. It is a series of mesothermal quartz veins that may be intrusion related or orogenic in origin. It is composed of 15 patents and BLM mining claims. Historic mining records indicate high grades of lead, silver, antimony and gold. Sampling by RenGold has yielded up to 30.1 per cent lead, 1,811.5 parts per million silver, greater than 1.5 per cent antimony and 18.9 parts per million gold.

The Arabia district was organized in 1863 with production feeding the first silver-lead smelter in the western United States from which Pb was shipped in commercial quantities. A 1913 report from the Electric vein down to 150-foot depth reports assays averaging 0.15 ounce per ton Au, 18.7 ounce per ton Ag and 14.2 per cent Pb.

A new airborne magnetic and radiometric campaign has already been completed over the district, and a gravity survey will be carried out shortly. RenGold plans to drill at least two deep orientation holes later in the year, and total expenditures should be close to $400,000 (U.S.), nearly four times the initial work commitment.

Richard Bedell, president and chief executive officer of RenGold, commented: "This is a classic district that, as far as we know, has never been consolidated and has not received significant modern exploration. This is a natural fit for Coeur because it is so close to its existing operations at Rochester. These are similar to rocks in the Humboldt Range to the east, which not only hosts the Coeur Rochester mine but also some new resources headed to production, including the five-million-ounce Spring Valley gold deposit owned by Barrick and Midway Gold, the Relief Canyon gold deposit being brought into production by Pershing Gold and others. RenGold's evolving Fourth of July project in this range is funded by Sumitomo Corp., and so both RenGold and Coeur can bring that local expertise to bear."

Qualified person

All data disclosed in this news release, including sampling and analytical data, have been reviewed by the company's qualified person, Richard Bedell, MSc, a registered professional geologist as recognized by the Society for Mining, Metallurgy and Exploration.

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