Newmont (NYSE:NEM) Sells Pinjin Project to Renaissance Minerals (ASX:RNS)

Renaissance Minerals (ASX:RNS) announced they have made a deal to acquire the Pinjin gold project in Western Australia from US-based gold mining giant Newmont Mining (NYSE:NEM).

Renaissance said in a statement, "The board of Renaissance is extremely pleased to have reached agreement to acquire this highly prospective ground and looks forward to shortly announcing the commencement of drilling to follow up on Newmont's initial success."

"The board also welcomes Newmont as a shareholder of Renaissance."

Terms of the deal are upfront cash of $200,000, and an issuance of 1.5 million shares of Renaissance to Newmont.

Based on resource definition, Ranaissance will also pay two separate cash payments of $1 million each when milestones are met.