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Renaissance Gold Reports Fiscal Year 2012 Results

Renaissance Gold Inc. (TSX: REN) (“ RenGold”) reports financial results for the year ended June 30, 2012. Details of the Company’s financial results are described in the annual audited 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 www.rengold.com and on the Company’s profile on www.sedar.com. 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 year ended June 30, 2012, was $3,951,607 (2011- $5,258,239).

Working capital at June 30, 2012 was $7,359,029 of which $7,443,385 is cash. There are no long-term liabilities.

Total assets at June 30, 2012, are $8,889,021 of which $7,773,809 are current assets and $1,115,212 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:

Project       Funding partner
Nevada:
Big Gossan Summit Mining Exploration, Inc.
Leonid, Pasco Canyon and Gold Star Lynx Resources (US) Inc., a US subsidiary of Cassini Resources Ltd. (ASX:CZI)
Reef Golden Dory Resources Corp. (TSXV: GDR)
Rose Mine Rose Gold LLC, a subsidiary of Navaho Gold Pty Ltd. (ASX:NVG)
Spruce Mountain Summit Mining Exploration, Inc., a US subsidiary of Sumitomo Corporation
Trinity Silver Liberty Silver Corp. (TSX: LSL)
Wood Hills South NuLegacy Gold Corporation (TSXV:NUG)
Utah:
Wildcat Newmont Mining Corporation. (TSX: NMC)
Argentina:
El Monte Agnico-Eagle Mines Limited (TSX:AEM)
Gertrudis Agnico-Eagle Mines Limited (TSX:AEM)
Meridiano Atala Resource Corporation
Covadonga Atala Resource Corporation
 

RenGold’s current portfolio of precious metal exploration targets is located in Nevada/Utah, Argentina and Spain. Many of these projects are in earn-in agreements with different industry partners providing funding for exploration activities. The details of the Company’s expenditures on these activities, both before and after recoveries from funding partners, are found in the Financial Report. The highlights of activity by RenGold and its funding partners on its exploration properties during the year ended June 30, 2012 and to September 26, 2012, follow in alphabetical order.

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