Rencore Resources Announces Closing of Brokered and Non-Brokered Private Placement and Debt Settlement

TORONTO, ONTARIO--(Marketwire - July 26, 2010) - Rencore Resources Ltd. ("Rencore" or the "Company") is pleased to announce that it has closed its brokered and non-brokered private placement and debt settlement announced on June 28, 2010.

Rencore placed 7,617,500 working capital units (the "WC Units") priced at $0.20 per WC Unit for gross proceeds of $1,523,500. Each WC Unit consisted of one (1) common share and one (1) share purchase warrant (a "WC Warrant") (the "WC Offering"). Each WC Warrant entitles the holder to acquire a further common share of the Company at a price of $0.30 per common share until the earlier of: (i) January 23, 2012; or (ii) in the event that the closing price of the common shares is at least $0.45 for ten (10) consecutive trading days, and the 10th trading day (the "Final Trading Day") is at least four (4) months from July 23, 2010, the date which is thirty (30) days from the Final Trading Day.

W.D. Latimer Co. Limited was paid a cash commission of $100,000 and issued 500,000 Broker Units to acquire 500,000 "WC Units" at a price of $0.20 per unit until January 23, 2012.

The Company also wishes to announce that it has settled debt with 6 creditors in consideration for the issuance of 1,338,725 common shares of the Company at $0.15 per share. As part of the debt settlement, Richard Nemis, President, C.E.O. and a director of the Company, settled $70,237 of debt for 468,247 common shares, Amy Stephenson, C.F.O., settled $26,179 of debt for 174,527 common shares and William R. Johnstone, Corporate Secretary and a director, settled $17,610 of debt for 117,397 common shares. In addition an insider subscribed for 50,000 WC Units for aggregate proceeds of $10,000. The insider debt settlements and the insider private placement are exempt from the valuation and minority shareholder approval requirements of OSC Rule 61-501 (the "Rule") by virtue of the exemptions contained in section 5.5(2) and 5.7(2) of the Rule in that the fair market value of the consideration for the securities of the Company to be issued does not exceed 25% of its market capitalization.

The funds from the WC Offering will be used for general working capital purposes.

ON BEHALF OF THE BOARD OF DIRECTORS

R. Nemis, President and Chief Executive Officer