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TORONTO, ONTARIO--(Marketwire - Dec. 30, 2010) - Rencore Resources Ltd. (CNSX:RNC) ("Rencore" or the "Company") is pleased to announce that it has completed the first tranche of the financing previously announced on December 7, 2010 to facilitate the closing of the flow-through financing. The Company has issued 278,000 Units ("Units") at a price of $0.35 per Unit and 335,000 Flow-Through Units ("FT Units") at a price of $0.40 per FT Unit for aggregate gross proceeds of $231,300.


Each Unit shall be comprised of one (1) common share of the Company and one (1) common share purchase warrant ("Warrant"). Each Warrant entitles the holder to purchase one (1) Common Share of the Corporation at a price of $0.45 per Common Share until the date which is the earlier of: (i) December 30, 2012; and (ii) in the event that the closing price of the Common Shares on the Canadian National Stock Exchange ("CNSX") is at least $0.55 for ten (10) consecutive trading days, and the 10th trading day (the "Final Trading Day") is at least four (4) months from December 30, 2010, the date which is thirty (30) days from the Final Trading Day (the "Trigger Date").


Each FT Unit shall be comprised of one (1) flow-through share and one half (1/2) of one common share purchase warrant (each full warrant, a "FT Warrant"). Each full FT Warrant entitles the holder thereof to purchase one (1) Common Share of the Corporation at a price of $0.45 per Common Share until the date which is the earlier of: (i) December 31, 2012; and (ii) the Trigger Date.


A selling group led by IBK Capital Corp. ("IBK") received a cash commission of $18,504, options to acquire 22,240 at $0.35 per Unit and options to acquire 26,800 compensation units (a "Compensation Unit") at a price of $0.40 per Compensation Unit all exercisable until December 31, 2012. Each Compensation Unit consists of one Common Share and one-half of one Warrant.


All securities issued pursuant to the above first closing are legended and restricted from trading until May 1, 2011.


The proceeds from the Offering will be used to fund Rencore's exploration projects and for general working capital.


On Behalf of the Board of Directors


Richard Nemis, President and CEO