RENAISSANCE MINERALS LIMITED ASX Announcement & Media Release
Thursday, 25 February 2016
ASX Code: RNS
Shares on issue: 574.4 million Market Cap: A$17 million
Cash: A$4.3 million (post placement)
Hamish Halliday Non-Exec Chairman Justin Tremain, Manaaging Director Dave Kelly, Non-Exec Director
Ross Williams, Non-Exec Director Craig Johnson, Exploration Manager Brett Dunnachie, CFO & Co. Sec.
Vireak Nouch, Country Manager
Targeting large gold systems in an emerging Intrusive Related Gold province in Cambodia
First mover in a new frontier
Okvau Deposit (100% owned1): Indicated and Inferred Mineral Resource Estimate of 1.13Moz at 2.2g/t Au (refer Appendix One)
PFS completed and demonstrates high grade, low cost, compelling development economics:
830,000ozs in single pit
Production to 100,000ozs pa over 8yr mine life (average 91,500oz pa LOM)
AISC US$611/oz first 5 years (average US$735/oz LOM)
NPV(5%) US$174M
IRR 35% pa
Payback ~2.6 years
Clear pathway to development
Significant resource growth potential. Okvau Deposit remains 'open' and multiple nearby high priority, untested targets
1 Ownership subject to change under the proposed Joint Venture with Emerald Resources NL, refer to ASX Announcement dated 3 February 2016.
78 Churchill Avenue
SUBIACO WA 6008
T: +61 8 9286 6300
F: +61 8 9286 6333
W: www.renaissanceminerals.com.au E: admin@renaissanceminerals.com.au
Renaissance Board Changes
Renaissance Minerals Limited (ASX: RNS) ('Renaissance') advises that its Non-Executive Chairman, Mr Alan Campbell, has resigned from the Board due to his relocation overseas to pursue other business interests. Renaissance has appointed Mr Hamish Halliday as the replacement Non-Executive Chairman. Renaissance has also appointed Mr Ross Williams to the Board as a Non-Executive Director representing Renaissance's 10% shareholder, Emerald Resources NL ('Emerald'). As announced on 3 February 2016, under the terms of an equity placement and joint venture arrangement with Emerald, Emerald is entitled to appoint a representative to the Board of Renaissance.
Managing Director Justin Tremain, on behalf of the Renaissance Board and Management, has paid tribute to Mr Campbell "The Board and management thank Mr Campbell for his guidance and significant contribution to Renaissance as the Company progressed from explorer through to feasibility studies. We wish Mr Campbell well with his business endeavors and relocation overseas".
Mr Halliday is a Geologist with a Bachelor of Science from the University of Canterbury and has over 20 years of corporate and technical experience in the mining industry. Mr Halliday has been involved in the discovery and acquisition of numerous projects over a range of commodities throughout four continents. Mr Halliday has founded and held executive and non-executive directorships with a number of successful listed exploration companies including Venture Minerals Ltd and Adamus Resources Ltd ('Adamus'). He was CEO of Adamus from its inception through to successful completion of a feasibility study on its gold project in Ghana which is now in production. His experience in working in developing countries, combined with his proven gold exploration skills and extensive corporate experience, will be of benefit to Renaissance.
Mr Williams is a founding shareholder of mining and civil contractor, MACA Limited ('MACA'), and up until July 2014 held the position of CFO and Finance Director with responsibility for capital management, finance, financial reporting and corporate strategy. He played a key role in the highly successful initial public offering of MACA in 2010 and was pivotal to its subsequent success as a publicly listed company. Mr Williams is a Non- Executive Director of Emerald and Neon Capital Limited.
Detailed information on all aspects of Renaissance Minerals projects can be found on the Company's website: www.renaissanceminerals.com.au.
For further information please contact Renaissance Minerals Limited
Justin Tremain, Managing Director
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Appendix One | Okvau Mineral Resource Estimate - July 2015
July 2015 JORC Resource (0.6g/t gold cut-off) | |||
Tonnage (Mt) | Grade (g/t Au) | Gold (Koz) | |
Indicated | 13.2 | 2.3 | 962 |
Inferred | 2.7 | 2.0 | 169 |
Total | 15.8Mt | 2.2g/t | 1,131 |
The information in this report that relates to the Mineral Resources for the Okvau Gold Deposit was prepared by International Resource Solutions Pty Ltd (Brian Wolfe), who is a consultant to the Company, who is a Member of the Australian Institute of Geoscientists (AIG), and has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined by the 2012 edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves". Mr Wolfe consents to the inclusion of the matters based on his information in the form and context in which it appears.
Reference is made to the Company's ASX release dated 27 July 2015 titled Okvau PFS Demonstrates Compelling Project Economics. All material assumptions underpinning the production target or the forecast financial information continue to apply and have not materially changed.
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Renaissance Minerals Limited issued this content on 25 February 2016 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 25 February 2016 07:15:22 UTC
Original Document: http://www.renaissanceminerals.com.au/index.php/investor-centre/asx-announcements?task=document.download&id=794
