Mr. Michael Mulberry reports
ENCORE RENAISSANCE ANNOUNCES ACCEPTANCE OF 75% INTEREST IN BONAPARTE GOLD PROPERTY
Encore Renaissance Resources Corp. has increased its interest to 75 per cent in the Bonaparte gold property.
This release confirms that TSX Venture Exchange has accepted for filing an amended agreement dated Nov. 10, 2010, between encore Renaissance Resources Corp. and BCT Mining Corp., whereby the company exercised its option to earn its 75-per-cent interest in the Bonaparte property.
Encore Renaissance has paid a total of $7-million, issued 12.5 million shares and incurred work costs of at least $3,405,401 and had earned a 51-per-cent interest in the property. In consideration of the excess work costs incurred by the company on the property, BCT has agreed to accept the issuance of 20 million shares by the company as the final payment required for the optionee to earn a 75-per-cent interest in the property and waive any further payment.
The company is also pleased to announce it has received from the Ministry of Environment authorization to extend its underground effluent discharge permit to April 17, 2011. This extension gives the company time to finalize its application for a full-discharge permit. All environmental impact information complied over the 15 months of operation has been submitted into the Ministry of Environment for the approval process.