Renaissance Gold Signs Agreement With Sumitomo

WHITE ROCK, BC - Renaissance Gold Inc. reported the execution of an agreement with Summit Mining Exploration II, Inc., (Summit II) a US subsidiary of Sumitomo Corporation (Sumitomo). This is the second agreement with Sumitomo. Summit II is committed to spend a minimum of US$570,000 within the first agreement year and a minimum of US$500,000 per year thereafter. Bankable Feasibility must be obtained by year eight before vesting 70% in the Big Gossan copper project, Pershing County, Nevada.

RenGold's technical staff recognized the Big Gossan copper project by proprietary satellite alteration mapping, which identified a gossan on the margin of a skarn-bearing Cretaceous granodiorite at the south end of the Sahwave Mountains in southern Pershing County, Nevada. The gossan is exposed for about 1.5 km along strike and overlaps with the southeast end of a magnetic low that trends to the northwest for about 3 km. Continuing to the northwest is one km strike of exposed copper workings with a similar northwest structural trend.

The project is copper dominant, but grab samples with up to half gram gold and over 3 ounce silver have been obtained. Copper grades in the grab samples in excess of 5 percent have been obtained to date. The project contains a number of near-term drill targets at either end of the geophysical anomaly and the buried core allows for the possibility of significant growth.

Sumitomo has a similar agreement on RenGold's Spruce Mountain property through another subsidiary, Summit Mining Exploration, Inc., which has seen an initial round of drilling. To date Summit have spent over US$1.8 million on Spruce Mountain exploration and is expected to agree to a second round budget of US$1.7 million in additional expenditures. At Sumitomo's election, RenGold is conducting the Spruce Mountain programs for Summit and will do the same for the Big Gossan programs.