Rainy River Resources Ltd. ("Rainy River" or the "Company") (TSX
VENTURE: RR) is issuing this news release as a result of a review
by the British Columbia Securities Commission, in order to clarify
certain details of its technical disclosure of resource estimates
at its Rainy River Gold Project situated in Richardson Township in
northwestern Ontario (the "Rainy River Gold Project"). In certain
of its corporate presentations and investor relations materials,
some of which were posted on the Company's website, the Company has
reported resource estimates for the Rainy River Gold Project that
included:
-- resource totals that were not reported separately by the applicable
mineral resource categories prescribed under National Instrument 43-101
("NI 43-101");
-- total resource numbers which added inferred resources to other
categories of mineral resources; and
-- the quantity of contained metal or mineral resources without stating the
grade or quality and quantity for each category of resources.
In addition, certain disclosures of technical information did
not identify the qualified person who approved, prepared or
supervised the preparation of that information and that person's
relationship to the Company.
The Company's resources disclosures were accurately reported in
a news release dated February 24, 2011 and these resource estimates
remain unchanged. This release is intended to provide greater
clarity with respect to the Company's recent corporate
presentations and investor relations materials.
The current resource estimate for the Rainy River Gold Project
is set out in the technical report dated April 8, 2011, entitled
"Mineral Resource Evaluation Rainy River Gold Project Western
Ontario, Canada" prepared for Rainy River by SRK Consulting
(Canada) Inc. (the "2011 SRK Technical Report"). The mineral
resource statement for the Rainy River Gold Project, as extracted
from the 2011 SRK Technical Report, is summarized in the table
below. The effective date of this resource estimate is February 24,
2011. This information was fully and accurately disclosed in the
Company's news release issued on February 24, 2011. The mineral
resource statement is reported at two cut-off grades. Open pit
mineral resources are reported at a cut-off of 0.35 grams per ton
gold, whereas underground mineral resources are reported at a
cut-off grade of 2.5 grams per ton gold.
Mineral Resource Statement(i), Rainy River Gold Project, Ontario, SRK
Consulting, February, 24, 2011.
Tonnes Au Au Ag Ag
Category '000s g/t ounces g/t ounces
----------------------------------------------------------------------------
Open Pit(ii)
Measured 14,707 1.21 572,272 1.84 869,332
Indicated 77,934 1.05 2,639,850 2.24 5,615,597
Measured and
Indicated 92,641 1.08 3,212,122 2.18 6,484,929
Inferred 104,591 0.80 2,702,754 2.31 7,781,272
----------------------------------------------------------------------------
Underground(ii)
Measured 39 5.66 7,149 2.38 3,009
Indicated 1,197 5.18 199,147 3.30 127,019
Measured and
Indicated 1,236 5.20 206,296 3.27 130,028
Inferred 3,831 3.83 472,029 2.62 322,811
----------------------------------------------------------------------------
Combined Mining
Measured 14,746 1.22 579,421 1.84 872,341
Indicated 79,131 1.11 2,838,997 2.26 5,742,616
Measured and
Indicated 93,877 1.13 3,418,418 2.19 6,614,957
Inferred 108,422 0.91 3,174,783 2.32 8,104,083
----------------------------------------------------------------------------
----------------------------------------------------------------------------
(i) Mineral resources are reported in relation to an elevation
determined from optimized pit shells. Mineral resources are not
mineral reserves and do not have demonstrated economic viability.
All figures are rounded to reflect the relative accuracy of the
estimate. All composites have been capped where appropriate.
(ii) Open pit mineral resources are reported at a cut-off grade
of 0.35 grams per ton gold and underground mineral resources are
reported at a cut-off grade of 2.50 g/t gold. Cut-off grades are
based on a price of US$1,025 per ounce of gold and gold recoveries
of 88 percent and 90 percent for open pit and underground
resources, respectively, without considering revenues from other
metals.
The resource estimation work was completed in Toronto by Ms.
Dorota El-Rassi P. Eng. (PEO #100012348) and Mr. Glen Cole, P. Geo.
(APGO #1416), both "independent qualified persons" as this term is
defined in NI 43-101. The complete 2011 SRK Technical Report is
available on the Company's website (www.rainyriverresources.com)
and under the Company's profile on SEDAR. Readers are urged to
refer to the complete 2011 SRK Technical Report for further
information on these mineral resource estimates, which are subject
to the qualifications and notes set forth therein. Prior
disclosures by the Company of mineral resource estimates should be
read together with the clarifications in this news release.
The Rainy River Gold Project exploration program is being
supervised by Kerry Sparkes, P.Geo., Vice-President Exploration, a
Qualified Person as defined by NI 43-101. Garett Macdonald, P.Eng.,
Vice President Operations and Kerry Sparkes, P.Geo. are the persons
responsible for the technical content of this news release.
The Company has amended its corporate presentations and investor
relations materials on its website to ensure that all information
contained therein is NI 43-101 compliant.
About Rainy River
Rainy River is a Canadian precious metals exploration company
whose key asset is the Rainy River Gold Project. With approximately
$125 million in its treasury, the Company is well funded to conduct
a dual-focused drilling program consisting of: 1) definition
diamond drilling of the main gold resources in preparation for
scoping and prefeasibility studies, and 2) selective diamond drill
testing of high-priority gold targets defined primarily by RC
drilling within the large gold system centre in Richardson
Township. The Company's property is extremely well located in the
southwestern corner of Northern Ontario near the U.S. border. It is
accessed by a network of roads and is close to hydro-electric
infrastructure. The Rainy River district has a skilled labour force
and is one of the lowest-cost areas for mineral exploration and
development. Ontario has low political risk and, according to the
annual Fraser Institute global survey of the mining industry, has
consistently ranked as one of the top jurisdictions embracing
mineral development.
RAINY RIVER RESOURCES LTD.
Raymond Threlkeld, President & CEO
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: Rainy River Resources Ltd. Gerald Shields Vice
President and General Counsel (604) 639-4456
gshields@rainyriverresources.com
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