12:23 PM EDT, 09/20/2018 (MT Newswires) -- RNC Minerals (RNX.TO) hit a fresh 52-week high of $0.475 after it released an updated estimate of gold production from the "Father's Day Vein" discovery at its Beta Hunt Mine.

It is now estimated that 24,000 ounces of high-grade gold has been produced from development on the 15 level at the Beta Hunt Mine. The updated estimate includes additional in-process material from the initial discovery area, specimen stones and coarse gold recovered from the expanded development area, and an increase in production over original estimates based on final out-turns received from the Perth Mint. Estimated production from the Father's Day Vein is expected to increase as the remaining material from the expanded development area is processed and development continues to be extended. Final gold ounces from the discovery area will be determined after the remaining coarse gold and specimens are processed and/or sold over the short term.

"The cash flow from this increase in gold production from the Father's Day Vein at Beta Hunt will fundamentally improve RNC's balance sheet to a substantial net cash position, which will allow RNC to begin to aggressively explore the largely untested high-grade gold potential at Beta Hunt," said Mark Selby, President and CEO of RNC

Price: 0.425, Change: +0.04, Percent Change: +10.39