Rainy River Resources Files Technical Report to Support Preliminary Economic Assessment Dated August 29, 2012
TORONTO, Oct. 15, 2012 /CNW/ - Rainy River Resources Ltd. ("Rainy River" or the "Company" (TSX: RR)) advises that it has filed on SEDAR a Technical Report dated October 12, 2012, and entitled "Preliminary Economic Assessment Update of the Rainy River Gold Property, Ontario, Canada", ("PEA") as referenced in Rainy River's press release of August 29, 2012. The Technical Report was prepared by BBA Inc. ("BBA", Montreal, QC), in collaboration with SGS Canada Inc. ("SGS", Lakefield, ON), SRK Consulting (Canada) Inc. ("SRK", Toronto, ON), Golder Associates ("Golder", Vancouver, BC), and AMEC Environmental & Infrastructure ("AMEC", Mississauga, ON), and in compliance with National Instrument 43-101: Standards of Disclosure for Mineral Projects. The technical report will also be available on Rainy River's web site.
As announced in Rainy River's August 29, 2012 news release, the Technical Report contains details supporting the PEA for the Rainy River Gold Project ("RRGP" or the "Project"). The Project is an advanced stage gold exploration project situated in the southern half of Richardson Township (part of Chapple Township), approximately 65 kilometres northwest of Fort Frances, in western Ontario.
This updated PEA for the RRGP includes drill data received up to December 16, 2012. Rainy River has since updated the Resource Statement to include drill data received to June 10, 2012, as noted in the news release dated October 10, 2012 and entitled "Rainy River Resources Announces 6.2 Million Ounces of Gold in Measured and Indicated Resources, and 2.3 Million Ounces of Gold in Inferred Resources". This latest resource update will be reflected in the Feasibility Study, to be issued in 1H 2013.
About Rainy River
Rainy River Resources Ltd. is a Canadian precious metals exploration company whose key asset is the Rainy River Gold Project, a large gold system centred in Richardson Township (part of Chapple Township). As of June 30, 2012, the Company had approximately $81 million in cash and cash equivalents and short-term investments, and remains well funded for its 2012 plans to 1) commence a feasibility level study on the RRGP; 2) continue growing the existing resource through exploration; 3) conduct a condemnation program in areas identified for potential mine facilities; and 4) continue regional exploration. RRGP is very 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 in Canada. The Company is working to advance the early-stage discoveries at its TPK Joint Venture Property, also in Ontario, where it can earn a 51% interest in the property from Northern Superior Resources Inc. 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 W. Threlkeld
President & CEO
CAUTIONARY NOTE REGARDING FORWARD LOOKING-STATEMENTS
This release includes certain statements that may be deemed to be "forward-looking statements". All statements in this release, other than statements of historical facts, that address events or developments that management of the Company expects, are forward-looking statements. Although management believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may differ materially from those in the forward-looking statements. The Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change. Factors that could cause actual results to differ materially from those in forward-looking statements, include market prices, exploration and development successes, continued availability of capital and financing, and general economic, market or business conditions. Please see the public filings of the Company at www.sedar.com for further information.
SOURCE: Rainy River ResourcesFor further information:
Director, Investor Relations