Toronto, Ontario (June 17, 2011) – Rencore Resources Ltd. (CNSX: RNC) (“Rencore” or the “Company”) is pleased to announce that it has signed an exploration agreement with the Webequie First Nation (“WFN”). This agreement is a sign of the cooperative relationship and mutual respect between Rencore and the people of the Webequie FirstNation.
“Webequie First Nation is pleased that more progressive exploration companies like Rencore Resources have made the effort for meaningful engagement and we look forward to a deeper participation and partnership as the exploration program evolves” said Chief Cornelius Wabasse.
Rencore President and CEO, Richard E. Nemis states, “We are very pleased to have reached his agreement and we look forward to a mutually beneficial relationship with the Webequie First Nation”.
During this summer Rencore plans to commence drilling its geophysical anomalies located on claims situated between approximately 30 km and 75 km northwest of the WFN. WFN is
located approximately 540 km north of Thunder Bay, in the James Bay Lowlands of Ontario.
Under the terms of the agreement, Rencore and WFN have set out their mutual respect for the rights of each party and the terms of their ongoing relationship, including Rencore’s right to proceed with exploration of the Property over the term of the agreement. The agreement remains in effect during the initial program or until both parties endorse an Advanced Exploration Agreement.
Rencore will contribute toward the WFN Community Sustainability Fund in amounts based on a percentage of its exploration expenditures on the mining claims within the ancestral, traditional and customary lands of the WFN on an annual basis. Initially, Rencore will issue warrants to purchase common shares of Rencore to WFN at the market price on the date of issue, exercisable for 5 years. Additionally, on an annual basis during the term of the agreement, Rencore will issue further warrants to the WFN equal to a percentage of the number of common shares issued by Rencore during the prior year. The warrants will be exercisable at the market price on the date of issue. The agreement also includes terms outlining environmental protection, employment, training and business opportunities, and the mitigation of impacts on the traditional pursuits of members of WFN.
For more information, please contact Rencore Resources Ltd. 416 864 1456
On behalf of the board of directors of Rencore Resources Ltd.,
“Richard E. Nemis”
Cautionary Note Regarding ForwardLooking Statements: This Press Release contains forward‐looking statements that involve risks and uncertainties, which may cause actual results to differ materially from the statements made. When used in this document, the words “may”, “would”, “could”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” and similar expressions are intended to identify forward‐looking statements. Such statements reflect our current views with respect to future events and are subject to such risks and uncertainties. Many factors could cause our actual results to differ materially from the statements made, including those factors discussed in filings made by us with the Canadian securities regulatory authorities. Should one or more of these risks and uncertainties, such actual results of current exploration programs, the general risks associated with the mining industry, the price of gold and other metals, currency and interest rate fluctuations, increased competition and general economic and market factors, occur or should assumptions underlying the forward looking statements prove incorrect, actual results may vary materially from those escribed herein as intended, planned, anticipated, or expected. We do not intend and do not assume any obligation to pdate these forward‐looking statements, except as required by law. Shareholders are cautioned not to put undue reliance on such forward‐looking statements.