Renforth Resources Inc.

Renforth Resources Inc.

October 14, 2009 09:43 ET

Renforth Resources Acquires Joint Venture Interest in New Alger Gold Property

TORONTO, ONTARIO--(Marketwire - Oct. 14, 2009) - Renforth Resources Inc. ("Renforth") announced today that it has entered into a joint venture agreement with Cadillac Ventures Inc. ("Cadillac") whereby Renforth shall have the right to acquire from Cadillac a 51% interest in the New Alger gold property in Quebec (the "Property"). Renforth may acquire a 51% interest in the Property through (a) the payment of $250,000 in cash over a period of 3 years to Cadillac, (b) the issuance of 2,500,000 common shares over a period 2 years to Cadillac and (c) upon spending a minimum of $2,500,000 in exploration on the Property over a period of 3 years. Upon completion of its obligations, the parties shall be contributing as to the property – 51% Renforth and 49% Cadillac.

The joint venture ("Joint Venture") is to become effective on November 1, 2009 pending board, shareholder and regulatory approvals, as required, and other usual closing conditions.

Renforth will be the operator and supervisor of exploration for the Joint Venture. Renforth may determine not to proceed at any time, and in that case shall have no further right or interest provided that upon $1,500,000 in exploration expenditures and pro rata payments to Cadillac and share issuances ($150,000 and 1,500,000 common shares), Renforth shall have earned a 30% interest in the Joint Venture which may be repurchased by Cadillac for $150,000 at the end of 36 months if Renforth has not earned the full 51% interest.

The Property encompasses the historically productive Thomson-Cadillac mine. It is located in Mining Concession No C.M. 0240PTA. The Property covers an area of 317.4 hectares and is located within the Cadillac Mining Camp, only several hundred meters from the currently operating LaRonde Mine.

Thompson Cadillac Mining Co. Ltd. mined the property from 1936-1939, producing 512 kg of gold and 26 kg of silver from 158,775 tons of ore at an average grade of 3.22 g/t Au. Various companies carried out limited amounts of underground and surface exploration work from 1940 – 1990.

Renforth also announces that Neil Novak resigned from the company's Board of directors on September 29, 2000. Mr. Novak will continue to serve as a technical advisor to the Renforth. The Board of Directors of Renforth thanks Mr. Novak for his time and service on the Board.

About Renforth

Renforth Resources Inc. is a Toronto-based diamond, base metals and precious metals exploration company with significant concessions in the McFaulds Lake "Ring of Fire" discovery area of north-eastern Ontario. Renforth has five diamondiferous kimberlites: two are at the commercial bulk-sampling stage; the remaining three are targeted for specific follow-up drilling and economic evaluation. These claims lie between ten and twenty kilometres from Noront Resources Ltd.'s recent base metal discoveries at its Double Eagle Project. Renforth intends to explore high-priority sulphide targets and kimberlite targets in 2010. Renforth is also planning significant drilling of the New Alger Gold project in 2010.

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 economic conditions; and changes in laws, rules and regulations applicable to Renforth. 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. Renforth 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.

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