TORONTO, Dec. 20, 2012 /CNW/ - Rainy River Resources Ltd. ("Rainy River"
or the "Company" (RR.TSX)) announces that the Company has elected not
to complete the exercise of its option to earn into a 51% interest in
Ti-pa-haa-kaa-ning ("TPK"), which is owned by Northern Superior
Resources Inc. ("Northern Superior" (SUP.TSXV)), in order to focus
efforts on developing its namesake Rainy River Gold Project in
Rainy River will continue to support Northern Superior by holding its
existing common shares of Northern Superior for the foreseeable future.
SUP's TPK project is located 190 km northeast of Pickle Lake in Northern
Ontario and is associated with one of the largest gold grain dispersal
trains in North America.
Raymond Threlkeld, President and CEO of Rainy River commented: "While
the drill program completed earlier this year exhibited some of the
high grade nature and potential of the TPK project, we have decided to
focus our efforts and resources on our Rainy River Gold Project in
Northwestern Ontario, which is moving into development. We thank Tom
and his team at Northern Superior for the partnership over the last two
years of our joint venture and wish him and Northern Superior well on
the TPK project."
Dr. Thomas F. Morris, President and CEO of Northern Superior commented:
"As we have previously noted, this latest drill program has provided
invaluable geological information that will assist in directing future
drill programs at TPK. Northern Superior remains confident in the
potential for future discoveries and will identify new targets for
About Rainy River Resources Ltd.
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
December 3, 2012, the Company had approximately $107 million in cash
and cash equivalents and short-term investments, and remains well
funded for its ongoing activities, including 1) completion of a
feasibility level study on the RRGP; 2) continuing to grow the existing
resource through exploration; 3) conducting a condemnation program in
areas identified for potential mine facilities; and 4) continuing
regional exploration. RRGP is very well located in northwestern
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. 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.
About Northern Superior Resources Inc.
Northern Superior is a junior exploration company exploring for gold in
the Superior Province of the Canadian Shield. The Company currently has
over $9.5 million in cash and is currently focused on exploring its
Croteau Est/Waconichi gold properties in Quebec. The Company has a
number of 100%-owned properties (see Company web site,
www.nsuperior.com) in the Stull, Wunnumin and Chibougamau gold
districts. Northern Superior is a reporting issuer in British Columbia,
Alberta, Ontario and Quebec, and trades on the TSX Venture Exchange
under the symbol SUP.
RAINY RIVER RESOURCES LTD.
Raymond W. Threlkeld
President & CEO
NORTHERN SUPERIOR RESOURCES INC.
Thomas F. Morris
President & CEO
The TSX and TSX Venture Exchange do not accept responsibility for the
adequacy or accuracy of this release. No stock exchange, securities
commission or other regulatory authority has approved or disapproved
the information contained herein.
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. These statements include the possible
conversion of inferred resources into higher confidence categories of
resources. 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 Resources
For further information:
Director, Investor Relations
Rainy River Resources Ltd.
Thomas F. Morris, PGeo., PhD., FGAC
President and CEO
Northern Superior Resources Inc.