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RENASCOR RESOURCES LIMITED — AGM Information 2013
Nov 28, 2013
65723_rns_2013-11-28_e8880d48-919a-4505-91aa-8b15604dfad9.pdf
AGM Information
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ASX Announcement
29 November 2013
Re: Chairman’s Address to Shareholders – AGM 2013
Attached please find a copy of the Chairman’s address to be delivered today at the company’s AGM in Adelaide.
BACKGROUND INFORMATION
Renaissance Uranium is an Australian-based company focused on the discovery and development of economically viable deposits containing copper, gold, uranium and associated minerals. Renaissance has an extensive tenement portfolio, holding interests in key mineral provinces of South Australia and the Northern Territory.
FOR FURTHER INFORMATION, PLEASE CONTACT:
Mr David Christensen
Mr Angelo Gaudio
Managing Director Company Secretary
+61 8 8363 6989 [email protected]
ACN 135 531 341 36 North Terrace, Kent Town, SA 5067 Phone: +61 8 8363 6989 • Fax: +61 8 8363 4989 Email: [email protected]
ASX code: RNU www.renaissanceuranium.com.au
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29 November 2012
Chairman’s Address – AGM 2013
It is with great pleasure that I welcome you to Renaissance Uranium’s Annual General Meeting.
Notwithstanding a very difficult year for junior explorers on the Australian share market, Renaissance enjoyed much success during the year in advancing key exploration projects and creating multiple opportunities for potential mineral discoveries. Whilst the significant progress that has been made by Renaissance during the past year has not been reflected in our current share price, we are optimistic that the upcoming exploration programs may provide a catalyst for the re-rating of the company by the equity markets.
Our strategy has been, and will continue to be, to focus on prospects for near-term, economic discoveries on projects where we are able to apply innovative, modern exploration techniques to quickly pass into cost-effective, targeted drill campaigns. During the year, this strategy led us to focus, in particular, on targeted copper-oriented prospects, where we have identified opportunities to leverage off significant drilling performed by earlier explorers and has identified new untested targets for large, economic ore-bodies.
Of particular note were achievements at Eastern Eyre, where we announced last month the discovery of a major, new copper-cobalt-silver zone. We are currently undertaking follow-up diamond core drilling at Eastern Eyre, and the data returned to date suggests that the area’s copper prospectivity is world-class.
In addition, we have established a pipeline of high quality exploration projects that offer further opportunities for mineral discovery. These projects include our Farina project in the Adelaide Fold Belt, where are targeting sedimentary copper. We also anticipate future value appreciation from our uranium projects, including our newly acquired Frome project in the Frome Basin and Warrior project in the Gawler Craton.
In formulating and executing our strategy, we have taken into account the uncertainty and volatility in the global markets over the past year. We are committed to maintaining an active exploration program, whilst also managing our expenses in a cost-effective manner. Our programs are focused in our home state of South Australia, where our exploration team has made significant mineral discoveries in the past. We have also minimised costs by focusing on accessible, near surface projects, where we can quickly advance toward targeted drill programs. As a result, we have succeeded in maintaining a strong cash position, with $2.2 million cash on hand as of 30 September 2013.
From a commodity perspective, we have focused on projects where our drilling is most likely to rapidly deliver economic deposits. This has resulted in pending discovery opportunities in copper, as well as additional prospects in other base and precious metals. At the same time, we have created mediumterm, low-cost opportunities in the uranium sector that offer the potential to benefit from changes in investor sentiment toward uranium going forward. With our current projects, as well as our experienced management team, we move forward with enthusiasm for our prospects in the current year.
On behalf on my Board and fellow shareholders, I thank our Managing Director, David Christensen and the entire Renaissance team for their dedicated work during an exciting and challenging year. I also extend my sincere thanks to you, our shareholders, for your continued support.
ASX Code: RNU
36 North Terrace Phone: +61(0)8 8363 6989 Kent Town SA 5067 Fax: +61(0)8 8363 4989
Renaissance Uranium Pty Ltd ACN 135 531 341