WHITE ROCK, British Columbia--(BUSINESS WIRE)--Renaissance Gold Inc. (TSX: REN) (“RenGold”) announced on January 7, 2013 an updated resource estimate with respect to its Trinity Silver Project that is under an option to earn-in agreement to Liberty Silver Corp. (“Liberty Silver”). The operator is Liberty Silver who has an option to vest 70% in the property after completing a “Bankable Feasibility” study.
As a result of a review by staff of the Ontario Securities Commission (“OSC”) of the technical report supporting the resource estimate in the January 7, 2013 press release, Liberty Silver Corp. was asked by the OSC to provide an update and clarification regarding its disclosure on the Trinity Silver Project. Because RenGold is the owner of the Trinity Silver Project and the technical report prepared by SRK Consulting (US) Inc. (“SRK”) was addressed to both Liberty Silver and RenGold, RenGold is providing that same update and clarification.
The report prepared by SRK, and submitted by Liberty Silver to staff of the OSC, built upon a previous resource estimate contained in the National Instrument 43-101 (“NI 43-101”) technical report dated December 1, 2011 and filed on SEDAR (www.sedar.com). The December 2011 inferred resource estimate utilized historic results from over 400 drill holes on the property, the data from which have been included in a GIS database. During 2012, Liberty Silver drilled 18 RC holes near the main Trinity Silver deposit area which assisted in validating the December 2011 inferred resource estimate. The new technical report prepared by SRK, and submitted to staff of the OSC, includes the results of Liberty Silver's 2012 RC drilling program and the unverified historical drilling on the Hi Ho Property, which is located immediately adjacent to the historical open pit area. The Hi Ho Property and Liberty Silver’s 2012 drilling results were not included in the December 2011 technical report.
The staff of the OSC expressed concerns with the uncertainly related to the mid-1980’s historical drilling from the Hi Ho Property acquired in 2012, it has been determined that additional confirmatory drilling, which was identified and recommended in the technical report, be completed to verify the historical drilling prior to preparing an updated resource estimate.
Liberty Silver reports to RenGold that it is evaluating an appropriate confirmatory drilling program to support the use of historical results in an updated resource estimate to be prepared in accordance with NI 43-101. Liberty Silver has engaged SRK, an independent engineering firm and one of the largest global firms of its kind, to prepare an updated resource estimate when the confirmatory drilling program is completed. There can be no assurance that any confirmatory drilling will be successful or that any results of confirmatory drilling will support an updated NI 43-101 resource estimate for the Trinity Silver Project.
Accordingly, RenGold retracts the announcement of an updated resource estimate made on January 7, 2013 and the technical report filed by RenGold on SEDAR on February 20, 2013 and cautions investors that no reliance should be made on this resource estimate disclosure. Please refer to the December 1, 2011 technical report for the inferred resource estimate on the Trinity Silver Project.
Qualified Person review
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, Chile 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.
By: Richard L. Bedell, President and CEO
For further information, contact:
Richard L. Bedell, 775-337-1545 or rbedell@rengold.com
Eric M. Struhsacker, 775-337-1545 or estruhsacker@rengold.com
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.