Rainy River Appoints Kerry Sparkes as Vice President, Exploration
TORONTO, ONTARIO -- (Marketwire) -- 10/28/10 -- Rainy River Resources Ltd. ('Rainy River' or the 'Company') (TSX VENTURE: RR) is pleased to announce the appointment of Mr. Kerry Sparkes, as the Company's Vice President, Exploration. Mr. Sparkes succeeds Mr. Stuart Averill, who has tendered his resignation as Vice President, Exploration but will continue to serve as a Director of the Company and as an executive consultant.
Mr. Sparkes is a registered Professional Geologist who received both his M.Sc. and B.Sc. (Hons) from Memorial University in Newfoundland and brings over 22 years of experience in the mineral exploration industry to the Rainy River management team. He has a proven track record and was instrumental in the discovery and delineation of the Voisey's Bay nickel deposits while working with Archean Resources Ltd. and Voisey's Bay Nickel Co. Ltd. Mr. Sparkes will be based in the Company's Toronto office.
'We are delighted that Kerry has decided to join us and welcome him to the Rainy River team,' commented Raymond Threlkeld, President and CEO. 'His extensive experience with advanced exploration stage and development projects and his hands-on approach to project management will be critical in leading the Rainy technical team to further advance the Rainy River and TPK projects. On behalf of our Board, I would also like to thank Mr. Averill for his significant contributions to the Company since the inception of Rainy River, including his role in the discovery of the Rainy River deposit as well as his recognition of the TPK Project as a valuable addition to the Rainy River project portfolio. We are very pleased that Mr. Averill will continue on with Rainy in his roles as a director and executive consultant.'
In connection with his appointment, Mr. Sparkes has been granted options to acquire a total of 250,000 common shares of the Company at the exercise price of $9.15 per share for a period of 5 years, subject to vesting.
About Rainy River
Rainy River is a Canadian precious metals exploration company whose key asset is the Rainy River Gold Project. With approximately $75 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 centered 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
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.
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.
Liz Caridi
Director of Investor Relations and Corporate Governance
(604) 639-4497
lcaridi@rainyriverresources.com
www.rainyriverresources.com