Official News ReleasedEncore Renaissance Receives a Joint Venture Offer on the Bonaparte Gold Project
Press Release Source: Encore Renaissance Resources Corp.
On Friday May 27, 2011, 12:50 pm
VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 27, 2011) - ENCORE RENAISSANCE RESOURCES CORP. (TSX VENTURE:EZ - News; FRANKFURT:OUH1 - News; PINK SHEETS:ERRCF - News) announces it has signed a non- binding agreement with Caribou Copper Resources Ltd (TSX VENTURE:CKR - News) whereby Caribou can earn up to 45% of the Bonaparte Mine located in Kamloops, B.C.
The Bonaparte Property was first explored in 1973 for molybdenum mineralisation consisting of mapping, soil sampling, geophysics and drilling two holes (300 meters). In 1984, regional silt sampling discovered gold mineralisation in quartz float over a diorite intrusion on the property. A diamond drill hole, drilled in 1986, intersected .79m (2.8 feet) of quartz vein assaying 35.6 g/t gold, confirming that the boulders were derived from local bedrock. Trenching and drilling between 1985-1989 encountered high grade gold values in veins up to two meters in width. A bulk sample of 3,700 tonnes from the vein system taken in 1994 and tested at the Cominco smelter in Trail, B.C., grading at 26.5 g/t and yielding 3,160 ounces of gold. Source: Shaun Dykes of Geologic Systems Ltd. in his report "Status Report - Bonaparte Gold Property" written in November, 2003.
In 2009, a decline was put in place to test the same vein material that was bulk sampled in the 1990's, with a permit in place to extract a 10,000 tonne bulk test sample. To date, an initial shipment of 364.61 short tons was processed, yielding 161.95 troy ounces of gold. Laurence Stephenson P. Eng. a qualified person, has reviewed the foregoing disclosure.
Terms of the agreement call forCaribou to pay to Encore $100,000 after a 30 day due diligence period, pay $5 million over six years and issue up to 5 million shares of the Company over five years. In addition, the Company is required to spend $5 million in property expenditures over the next five years in order to earn its interest. This transaction is subject to a 30 day due diligence period, the preparation and execution of a formal agreement and also approval by the TSX Venture Exchange.
Akash Patel, Director
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Does not add anything to the companies reputation and this official release is not that great of news ... just waiting for more delution in the shares ... this may give some relief to the monies required for furthur explorations
JMO
IB