Resource World Magazine

RENAISSANCE GOLD INC. [REN-TSX] VMS VENTURES INC. [VMS-TSXV] Market Capitalization............ $6,839,445 Shares Outstanding............... 30,739,077 52-week high-low..............$0.88-$0.223 Commodity........................................gold Executive Chairman.......... Ronald Parratt Region...................... .Nevada/Utah/Spain Market Capitalization..........$20,756,944 Shares Outstanding.............129,730,899 52-week high-low........... $0.275-$0.155 Commodity..................copper-gold-silver President.......................John Roozendaal Region.......................................Manitoba Renaissance Gold Inc. could be considered a prospect generator type of company as it minimizes exploration risk by joint venturing its portfolio of exploration projects with partners. While this business strategy results in dilution in its exploration property positions, it lowers dilution for its shareholders. The company's current exploration projects are located in Nevada, Utah, Argentina, and Spain, many of which are in earn-in agreements with industry partners. For example, the drilling program at the base metal-precious metal Spruce Mountain Project 80 km east of Elko, Nevada, was funded by Summit Mining Exploration, Inc., a US subsidiary of Sumitomo Corporation, now in the second year of a 70% earn-in agreement. In April, RenGold recently reported drill results from its 2012 drill program at the Spruce Mountain Project. RenGold completed 13 drill holes totaling 15,057 feet at Spruce Mountain in late 2012. The drilling intersected porphyry-style molybdenum mineralization including 189.5 feet of 0.06% molybdenum from 329.5-519 feet. Other holes drilled northwest of the porphyry intercepted multiple intervals of highly anomalous polymetallic mineralization including, in RSM-15, 25 feet of 20 g/t silver and 0.23% copper from 1,050 to 1,075 feet within a 195-foot interval of 0.28% zinc. More drilling is planned. In Juab County, Utah, at the Wildcat gold prospect, Newmont Mining Corp. [NEM-NYSE] is earning a 70% interest. Another joint venture is in Santa Cruz, Argentina where Agnico-Eagle Mines Ltd. [AEM-TSX, NYSE] has a 70% interest and RenGold, the operator, has a 30% interest in the Meridiano, La Rosita, Gertrudis and Covadonga projects. VMS Ventures Inc. has a joint venture arrangement on the Reed underground copper project near Snow Lake, Manitoba. Under the agreement, Hudbay Minerals Inc. [HBM-TSX], the operator, has earned a 70% interest in the project while VMS retains a 30% carried interest and is funded to production. Following a 2012 Pre-Feasibility Study, the Reed copper deposit had reserves of 2.16 million tonnes grading 3.83% copper, 0.48 g/t gold and 6.02 g/t silver. Development operations are under way at the Reed copper project. During April, underground development advanced 171 metres and represents the greatest monthly advance rate since development began; underground development is now 534 metres. Based on the Pre-Feasibility Study, there is a proposed mine life of five years at 1,300 tonnes per day with a two-year payback. Average operating costs would be $89.90 per tonne over the life of mine. Initial capital expenses are calculated to be $71.9 million. Pre-tax cash flow is $102.4 million and the NPV (8% discount) is $57.4 million. IRR is 34.7%. Total copper concentrates are expected to be 323,176 tonnes at a grade of 24% copper. Net payable revenue from copper concentrate is $423.2 million of which 95% is derived from copper and the remainder from gold and silver. VMS Ventures reports that development activities continue to be on track and on budget. It is expected that mining operations will start by Q4 of this year and are anticipated to ramp up to full production of approximately 1,300 tonnes per day by Q1 2014. n JULY 2013 Innovative mining equipment and technology www.miningworld.com www.resourceworld.com 25

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