AngloGold Ashanti purchases Nevada silicon project
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.