Rencore Resources Ltd.
CNSX : RNC

Rencore Resources Ltd.

February 03, 2011 18:41 ET

Rencore Resources Ltd. Establishes Advisory Board

TORONTO, ONTARIO--(Marketwire - Feb. 3, 2011) - Rencore Resources Ltd. (CNSX:RNC) ("Rencore" or the "Company") wishes to announce that it has established an advisory board to work with and bring value to Rencore's exploration efforts. The initial members of this board include Scott Hogg of Scott Hogg & Associates Ltd. and James E. Mungall of Picrite Consulting Inc. Richard Nemis, President and CEO of Rencore states: "I am very pleased to welcome Scott Hogg and Jim Mungall to the Rencore team of explorers. We have previously worked together with these world renowned experts and that resulted in a number of important discoveries. I expect that experience to continue and I feel we have more discoveries ahead of us. These appointments should truly enhance shareholder value."

James E. Mungall

Dr James Mungall, PGeo, holds the Norman Keevil Chair of Ore Genesis at the University of Toronto. He conducts research and offers consulting services in the field of magmatic ore deposits with an emphasis on Ni-Cu-PGE sulfide deposits and chromitite. Past and present field work has concentrated on Ontario's Ring of Fire, Sudbury, and Lac Des Iles deposits as well as South Raglan, the Labrador Trough, the Stillwater Complex, and the Bushveld Complex. Dr Mungall worked for one year as Chief Geologist at Noront Resources Ltd on their Eagle's Nest magmatic massive sulfide, Blackbird chromitite, and Thunderbird Fe-Ti-V deposits in the Ring of Fire. He has led or contributed to numerous short courses, has edited several special volumes on magmatic ore deposits, and served for five years as Leader of the IGCP Project 479 on platinum group element deposits.

Scott Hogg

Scott Hogg is a geophysicist and professional engineer. After graduation from Engineering Science at the University of Toronto in 1970 he began a career in airborne geophysics; first with Northway Survey until 1979, then as VP R&D at Aerodat until 1993. From 1994 to 1998 he helped develop High-Sense Geophysics. In 1998 he formed his own company that offers management, compilation and interpretation services to the exploration industry worldwide. Mr. Hogg has pioneered a number of geophysical developments in digital processing and interpretation as well as new airborne magnetometer and multi-axis transient helicopter EM systems. Mr. Hogg directed the Spider/KWG geophysical program that discovered 7 kimberlites in the Attawapiskat area of Northern Ontario. He also played an active technical role in the discovery of the Noront, Spider, KWG and Metalex base metal discoveries in the Ring of Fire area.

LIZAR PROJECT

In other news, the company is pleased to announce that it has recently completed 816 line km. of VTEM transient electromagnetic airborne at Rencore's Lizar project in Northern Ontario. The Lizar project is located approximately 100 km east of the Hemlo Gold Camp and approximately 57 km northeast of the town of White River. The Harte Gold Sugar Zone property lies 25 km to the west. Data is currently being processed. This survey was carried out by Geotech Ltd. of Newmarket, Ontario.

The results of this survey will be incorporated with the project's historical database and will assist in assessing the massive sulphide potential of this property. Management is currently finalizing plans for the 2011 field season. An overview of the Lizar Project is posted on the Rencore website at www.rencoreresources.com.

Bruce Mackie

The company has retained Bruce W. Mackie, MSc. P GEO. as a geological consultant. Mr. Mackie has carried out an initial review and recommended program to commence the exploration at the Lizar property. In the memorandum Mr. Mackie recommended a full data review, geological, geophysical and prospecting programs with an initial estimated two phase budget of $1,150,000. The phase two portion of the budget totalling $630,000 is predicated on the results of the phase one program. This memorandum may be viewed in its entirety on the Rencore website at www.rencoreresources.com.

The Company has granted two (2) Advisory Board members and two (2) consultants an aggregate of 375,000 stock options exercisable at $0.35 per share for two (2) years.

About Rencore

Rencore Resources Ltd. management and its team of consultants have had valuable and productive experience in the Ring of Fire. During their previous involvement with Noront Resources Ltd. in 2007, they led the discovery team for the Eagle One, Eagle Two and AT12 magmatic massive sulphide discoveries as well as the Blackbird high-grade chromite resources and the Thunderbird vanadium showing, all located within the Noront Resources Ltd. claims in the Ring of Fire area of the James Bay Lowlands, Ontario.

On Behalf of the Board of Directors

Richard Nemis, President and CEO

Cautionary Note Regarding Forward-­Looking 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 described herein as intended, planned, anticipated, or expected. We do not intend and do not assume any obligation to update these forward-looking statements, except as required by law. Shareholders are cautioned not to put undue reliance on such forward-looking statements.

Contact Information

  • Rencore Resources Ltd.
    Richard Nemis
    President and CEO
    416-864-1456