RENAISSANCE MINERALS LIMITED ASX Announcement & Media Release
Wednesday, 30 March 2016
ASX Code: RNS
Shares on issue: 574.4 million Market Cap: A$20 million Cash: ~A$4.2 million
Hamish Halliday, Non-Exec Chairman Dave Kelly, Non-Exec Director
Ross Williams, Non-Exec Director Justin Tremain, Managing 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
Execution of Joint Venture Agreement
Renaissance Minerals Limited (ASX: RNS) ('Renaissance') is pleased to announce that it has executed the Joint Venture Agreement with Emerald Resources NL ('Emerald') in accordance with the terms of the Memorandum of Agreement announced on 3 February 2016. The Joint Venture Agreement remains conditional upon:
Approval by the shareholders of Renaissance (meeting to be held 30 March 2016)
Approval by the shareholders of Emerald (meeting to be held 31 March 2016)
ASX granting Emerald conditional approval for the securities in Emerald to be re- instated to trading on the ASX following re-compliance by Emerald with Chapters 1 and 2 of the ASX Listing Rules
Renaissance and Emerald obtaining necessary approvals and consents from the Cambodian Government
Detailed information on all aspects of Renaissance and its 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
Significant resource growth potential. Okvau Deposit remains 'open' and multiple nearby high priority, untested targets
1 Ownership subject to change under the 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
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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.
The information in this report that relates to Exploration Results is based on information compiled by Mr Craig Johnson, who is an employee of the Company and who is a Member of The Australasian Institute of Geoscientists. Mr Craig Johnson has sufficient experience which is relevant to the style of mineralisation and type of deposits under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr Craig Johnson consents to the inclusion in the report 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 30 March 2016 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 29 March 2016 22:44:20 UTC
Original Document: http://www.renaissanceminerals.com.au/index.php/investor-centre/asx-announcements?task=document.download&id=933
