TORONTO, May 24, 2013 /CNW/ - Rainy River Resources Ltd. ("Rainy River"
or the "Company" (RR.TSX)) is pleased to announce that it has made
significant progress on key aspects of the development of its namesake
Rainy River Gold Project ("RRGP" or "Project"). Details are provided
The Company has filed on SEDAR a Technical Report dated May 23, 2013 and
entitled "Feasibility Study of the Rainy River Gold Project, Ontario,
Canada", as summarized in the Company's press release of April 10,
2013, 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.
The Company anticipates commencing basic and detailed engineering in the
second half of 2013.
Site geotechnical studies are being conducted this summer to support
both the engineering and environmental assessments.
Rainy River has commenced the system impact assessment with Ontario's
Independent Electricity System Operator (IESO) for the 17 km 230 kV
Environmental Assessment Process:
The Company has received federal and provincial clearance to submit its
Environmental Assessment report in support of mine permitting:
The federal Environmental Impact Statement ("EIS") guidelines were
issued in December of 2012. The Government of Canada's Assistant Deputy
Minister of the Major Projects Management Office ("MPMO") will post the
project agreement on the MPMO's website (www.mpmo-bggp.gc.ca). The posting of the project agreement is intended to ensure that
departments meet their timelines in support of the Environmental
Assessment. Information will be tracked over time on the MPMO website.
The Ontario Ministry of the Environment approved the RRGP Terms of
Reference ("ToR") in May of 2013.
The Company is in the process of preparing the RRGP Environmental
Assessment report for submission to federal and provincial environment
ministries in the third quarter of 2013, and continues to be on
schedule with respect to its permitting process.
Rainy River is continuing with its community engagement programs and
consultation with local Aboriginal communities.
The Company is continuing its exploration of the Intrepid Zone through
to mid-2013, with four drill rigs currently active.
Results to date demonstrate excellent continuity within the Intrepid
Completion of the first National Instrument 43-101-compliant mineral
resource estimate on the Intrepid Zone is targeted for Q3/13.
Regional exploration will continue to test several promising, shallow
While working to advance the Project through strategic drilling,
permitting and basic engineering this year, Rainy River will maintain
its commitment to fiscal prudence. The Company closed the first
quarter of 2013 with $90 million in cash and cash equivalents, and
expects to end the year with a strong balance sheet.
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 at
March 31, 2013, the Company had approximately $90 million in cash and
cash equivalents, and it remains well funded for its ongoing
activities, including: 1) commencement of basic and detailed
engineering work and ongoing permitting and environmental assessment
work; 2) continuing to grow the existing resource through exploration;
3) conducting a condemnation program in areas identified for potential
mine facilities. RRGP is very well located in northwestern Ontario. 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.
RAINY RIVER RESOURCES LTD.
Raymond W. Threlkeld
President and 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. 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 actua l 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