Business & Finance
Business and Finance
Business and Finance
Thu, April 19, 2012 
April 19, 2012 08:30 ET
Renforth Acquires Mink Lake Gold Property
TORONTO, ONTARIO--(Marketwire - April 19, 2012) - Renforth Resources Inc. ("Renforth" or the "Company") (CNSX:RFR) is pleased to announce it has acquired an option to acquire the Mink Lake Gold Project, located approximately 110 kms east-northeast from the Town of Red Lake in the Birch- Uchi Greenstone Belt. The Project is comprised of 9 unpatented mining claims totalling 123 units over 1658 hectares (the "Property").
Nicole Brewster, President and CEO of Renforth states: "We are pleased to have been able to acquire this property, which encompasses several known gold showings that have been the subject of historic exploration. The Mink Lake Gold Project represents accessible exploration for Renforth, and, along with Renforth's New Alger Gold Project, an opportunity to build shareholder value through basic exploration on prospective ground with historically identified gold occurrences."
Renforth acquired the option on the Mink Lake Gold Project from Accolade Resources Corporation ("Accolade") through the assumption of Accolade's rights and obligations under a Purchase Option Agreement (the "Option Agreement") between Accolade and an arm's length exploration and development company (the "Optionor"). Renforth now has the right to earn 100% ownership in the Property, subject to a 2% Net Smelter Return Royalty in favour of the Optionor (half of which can be purchased back for a payment of one million dollars to the Optionor), by making the following payments to the Optionor:
| 1) | $15,000 by September 30, 2012; | ||
| 2) | $20,000 by September 30, 2013; and | ||
| 3) | $25,000 by September 30, 2014. | ||
| This is a total of $60,000 in payments, which can be accelerated at the election of Renforth. | |||
| Renforth also announces that the Company intends, subject to compliance with the policies of the CNSX and applicable securities laws, the following share issuances: | |||
| 1) | 1,070,000 common shares of the Company at a price of $0.05 to two independent directors and a former director for outstanding director fees of $53,500; and | ||
| 2) | 1,612,060 common shares of the Company at a price of $0.05 to Billiken Management Services Inc. ("Billiken"), a geological consulting company for the settlement of outstanding fees in the amount of $80,603 (the "Fees"). The Company's CEO, Nicole Brewster, is a shareholder of Billiken. The services relating to the Fees were rendered by Billiken prior to Ms. Brewster becoming CEO of the Company. | ||
ABOUT RENFORTH
Renforth Resources Inc. is a Toronto-based exploration company pursuing the development of the Company's optioned New Alger project, located in the prolific Cadillac break between Rouyn and Val d'Or Quebec. The Company is also evaluating additional exploration opportunities on an ongoing basis.
Forward-Looking Statements
Results presented in this press release are exploratory in nature. Historical data, if mentioned, should not be relied upon, as they are not admissible under NI 43-101 rules and the Company has not conducted sufficient testing to verify this type of information. In addition, this press release includes certain forward - looking statements within the meaning of Canadian securities laws that are based on expectations, estimates and projections as of the date of this press release. There can be no assurance that such statements will prove accurate, and actual results and developments are likely to differ, in some case materially, from those expressed or implied by the forward-looking statements contained in this press release. Readers of this press release are cautioned not to place undue reliance on any such forward- looking statements.
Forward-looking statements contained in this press release are based on a number of assumptions that may prove to be incorrect, including, but not limited to: timely implementation of anticipated drilling and exploration programs; the successful completion of new development projects, planned expansions or other projects within the timelines anticipated and at anticipated production levels; the accuracy of reserve and resource estimates, grades, mine life and cash cost estimates; whether mineral resources can be developed; title to mineral properties; financing requirements, general market conditions, and the uncertainty of access to additional capital; changes in the world-wide price of mineral commodities; general economic conditions; and changes in laws, rules and regulations applicable to the Company. In addition to being subject to a number of assumptions, forward-looking statements in this press release involve known and unknown risks, uncertainties and other factors that may cause actual results and developments to be materially different from those expressed or implied by such forward-looking statements. The Company has no intention or obligation to update the forward-looking statements contained in this press release.
No securities regulatory authority has approved or disapproved of the contents of this news release.
