Renaissance Gold Reports Year-End 2016 Results
White Rock, British Columbia (FSCwire) - Renaissance Gold Inc. (TSX.V: REN) (“RenGold” or the “Company”) reports its financial results for the year ended June 30, 2016.
Details of the Company’s financial results are described in the audited consolidated financial statements for the year ended June 30, 2016 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 www.rengold.com and on the Company’s profile on www.sedar.com.
Cash at June 30, 2016 was $2,232,770, including $151,147 of cash advances received from funding partners which must be expended on the projects under agreements. On June 30, 2016, the Company completed a non-brokered private placement through the issuance of 4,900,000 units at a price of $0.35 per unit for gross proceeds of $1,715,000.
Exploration and evaluation expenditures on RenGold projects for the year ended June 30, 2016, totaled $1,777,749 up from $1,601,499 in the prior year. Of this amount partners funded $1,261,881 (2015 - $1,207,448) and RenGold funded the balance of $515,868 (2015 - $394,051).
General and administrative expenses, adjusted for foreign exchange and non-cash items, totalled $1,273,052 for the year ended June 30, 2016 compared to $1,129,828 in the comparative year. When added to total exploration and evaluation expenditures this represents only 42% (2015 - $41%) of total expenditures.
The consolidated net loss for the year ended June 30, 2016 was $1,377,314 compared to $1,858,296 in the comparative year.
About Renaissance Gold Inc.
Renaissance Gold Inc. is a gold/silver exploration company that has a large portfolio of exploration projects in Nevada and Utah. RenGold’s objective is to place the projects 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: Ronald Parratt, President and CEO
For further information, contact:
Ronald Parratt, 775-337-1545 or rparratt@rengold.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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.
To view this press release as a PDF file, click onto the following link:
public://news_release_pdf/Renaissance10262016.pdf
Source: Renaissance Gold Inc. (TSX Venture:REN)
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