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Renaissance Gold receives final payment from AngloGold Ashanti to complete purchase of Silicon project

The company said it will retain a 1% net smelter return royalty on the Nevada-based project, which it sold to AngloGold for a total of US$3 million

Renaissance Gold, Inc. - Renaissance Gold receives final payment from AngloGold Ashanti to complete purchase of Silicon project
The final payment amounted to US$2.4 million

Renaissance Gold Inc (CVE:REN) (OTCQB:RNSGF) revealed that AngloGold Ashanti has made the final payment of US$2.4 million to acquire a 100% interest in the Silicon project in Nevada.

The company said it will retain a 1% net smelter return royalty on the project, having entered into an agreement with AngloGold in 2017 which provided the option to acquire a 100% interest in the project by paying Renaissance US$3 million by June 21, 2020.

In a statement, Renaissance Gold president and chief executive Robert Felder said: "We plan to put the money to work immediately in support of our generative exploration program, to identify and acquire strong targets."

"This also marks a significant development for the Company in the successful organic generation of a Nevada royalty which represents meaningful value at negligible cost to the company,” he added.

Renaissance Gold is a western US-focused prospect generator using a joint venture business model.

Contact the author at [email protected]

Follow him on Twitter @Cal_Proac

Quick facts: Renaissance Gold, Inc.

Price: 0.54 CAD

TSX-V:REN
Market: TSX-V
Market Cap: $37 m
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