Make Kitco Your Homepage

AngloGold Ashanti purchases Nevada silicon project

Kitco News

Renaissance Gold (TSX.V:REN) said today that AngloGold Ashanti completed their option to purchase a Nevada-based Silicon project.

AngloGold will acquire 100% interest in the project by paying RenGold a total of $3 million within 36 months.

AngloGold's Plan of Operations (PoO) permit application was submitted to the Bureau of Land Management. 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.

"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," said Robert Felder, president and CEO of Renaissance.

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

Precious Metal Charts

Follow Kitco News