Renaissance Gold Receives Formal Notification From AngloGold Ashanti To Complete Option To Purchase Silicon Project

RENO, NV - Renaissance Gold Inc. has received formal notification from AngloGold Ashanti NA indicating their decision to make the final payment to the Company to complete their option to purchase the Silicon project.  The receipt of this payment by June 21, 2020 will satisfy the Option Requirement of the Agreement, which allows AngloGold to acquire 100% interest in the project by paying RenGold a total of US$3,000,000 within 36 months of signing the Agreement.

Following, completion of the Option and transfer of ownership, RenGold will retain a 1% NSR royalty within a defined area of interest (AOI) covering approximately 15,000 acres.

AngloGold's Plan of Operations (PoO) permit application was submitted to the Bureau of Land Management, who has prepared an Environmental Assessment (EA) which is currently in circulation for a 45-day public comment period lasting until June 5, 2020.  If approved, their PoO will allow for up to 155 acres of surface disturbance in phased exploration programs, and the proposed phase one program will include up to 109 drill sites within a 3,630 acre project area located on unpatented mining claims.  All of the permitted drilling is within the RenGold AOI.

Robert Felder, President & CEO said, "We are very pleased that AngloGold has received enough encouragement from their drilling to date to elect to complete the option and make the final payment to RenGold.  The payment is very meaningful to the Company and the royalty represents significant future value as well.  We look forward to seeing the advancement of this project in this exciting and quickly evolving district in Nevada. The payment for Silicon significantly strengthens the Company's treasury.  Building on our knowledge of the Silicon Project, we have recently acquired an additional 4000 acres in 2 new epithermal projects in Nevada, and plan to utilize the payment to continue an aggressive exploration program that could potentially lead to our next discovery."