ASX Announcement & Media Release
Monday, 29 June 2015
Fast FactsASX Code: RNS
Shares on issue: 398.9 million
Market Cap: ~$15 million
Cash: $2.9 million (31 Mar 2015)
Board & ManagementAlan Campbell, Non-Exec Chairman
Dave Kelly, Non-Exec Director
Justin Tremain, Managing Director
Brett Dunnachie, CFO & Co. Sec. Vireak Nouch, Country Manager
Company HighlightsTargeting multi-million ounce gold systems in an emerging Intrusive Related Gold province in Cambodia
First mover advantage in a new frontier
Okvau Deposit (100% owned): Indicated and Inferred Mineral Resource Estimate of 15.6Mt @
2.4g/t Au for 1.2 Million ounces
(refer Table One)
Mineralisation is from surface, amenable to open pit mining and remains 'open'
Multiple high priority, untested targets
Registered Office78 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
Cambodian Project Update
Renaissance Minerals Ltd ("Renaissance") remains on schedule to deliver the results of a Pre-feasibility Study ("PFS") for the development of the Okvau Gold Deposit as part of its 100% owned Cambodian Gold Project ("Project") in the coming weeks.
Resource estimate modelling, pit optimisations, mine design, process design and operating cost estimates are well advanced along with geotechnical and hydrology studies. Final capital cost estimates and financial modeling are expected to be completed over the course of the next month, following which the results will be announced to the market. An initial Environmental and Social Impact Assessment ("ESIA") has been compiled and, together with a proposed Terms of Reference for the full ESIA, submitted to the Cambodian government.
Renaissance acquired the Project in May 2012 via the acquisition of OZ Minerals (Cambodia) Limited, a wholly owned Cambodian subsidiary of OZ Exploration Pty Ltd ("OZ Exploration"), which in turn was a wholly owned subsidiary of OZ Minerals Limited ("OZ Minerals").
Upon completion of the acquisition, OZ Minerals (Cambodia) Ltd became a wholly owned subsidiary of Renaissance and underwent a company name change to Renaissance Minerals (Cambodia) Ltd, with this subsidiary directly holding 100% ownership of the Project.
Renaissance was recently advised by OZ Minerals that a potential encumbrance may have existed over the Project. This potential encumbrance related to an historical agreement ("Agreement") entered into by a separate former subsidiary of OZ Minerals, pursuant to which that former subsidiary of OZ Minerals agreed that in certain circumstances a third party could acquire a 10% interest in Cambodian mining projects pursued by that former subsidiary. At the time of the acquisition of the Project from OZ Exploration, Renaissance was not aware of the existence of the Agreement. Renaissance (including the Cambodian subsidiary it acquired) was not a party to and had no prior knowledge of this potential encumbrance.
Renaissance has now been advised by OZ Minerals that the Agreement has been terminated and therefore the potential encumbrance ceases to have any effect.
ENDS
Table One | Okvau Deposit Resource Estimate
Notes
1 The Inferred resources are reported at a 0g/t gold cut-off as volumes are already restricted by a 2.0 g/t gold threshold
2 Tonnes are rounded to nearest 0.1 Mt, grade to 0.01 g/t, and contained gold to 10,000 oz. Totals may appear different from th e sum of their components because of rounding
The Mineral Resource estimate for the Okvau Gold project was prepared by Robin Simpson of SRK Consulting (Australasia) Ltd. Mr Simpson 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 conside ration and to the activity with which he was involved 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 Simpson conse nts to the inclusion of the matters based on his information in the form and context in which it appears.
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