Rainy River Resources Ltd. Reports Platinum and Palladium Values at Pinewood South
TORONTO, ONTARIO -- (Marketwire) -- 09/29/11 -- Rainy River Resources Ltd. (TSX: RR) (the 'Company' or 'Rainy River') is pleased to announce the platinum and palladium assay results from the new nickel discovery at the Rainy River Gold Project ('RRGP') in northwest Ontario, where the Company is completing 170,000 metres of diamond drilling in 2011. Results are summarized in Tables 1 and 2.
HIGHLIGHTS
-- As noted in the September 19, 2011 news release, Rainy River has
intersected a new zone of nickel-enriched magmatic massive sulphides at
RRGP.
-- NR11822 includes 2.01 g/t platinum and 6.43 g/t palladium over 2.35
metres.
PLATINUM AND PALLADIUM RESULTS FOR NR11822
Pinewood South
TABLE 1: Assay Details for the Grouped Averages
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HOLE-ID FROM TO Length Ni % Cu % Co % Pt g/t Pd g/t Au g/t Ag g/t
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NR11822 119.25 122.10 2.85 3.060 1.190 0.062 1.76 5.55 1.23 8.68
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Including 119.75 122.10 2.35 3.626 1.316 0.064 2.01 6.43 1.38 9.69
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As noted in the earlier news release, Rainy River has mobilized a borehole electromagnetics crew and has contracted Eastern Geophysics Ltd. to carry out a gravity survey to better outline the new discovery. This information coupled with a new Fugro Helitem Survey will better enable Rainy River to target the new nickel discovery for future follow up.
COMMENTARY
Raymond Threlkeld, President and CEO, commented: 'We are pleased to report a significant occurrence of platinum and palladium mineralization associated with the nickel-copper-rich massive sulphide intrusion in the Pinewood South discovery, reported in the September 19th news release. The inclusion of significant platinum and palladium values enhances its overall potential value; we calculate that at current metal prices, the metal value of this intercept exceeds $900 per tonne.
We believe we are in a mineral-rich district as evidenced by this recent discovery. Our plan is to continue with an aggressive exploration campaign targeting highly prospective areas.'
Qualified Persons
Rainy River's exploration program in Richardson Township is being supervised by Kerry Sparkes, P.Geo., Vice-President Exploration, a Qualified Person as defined by National Instrument 43-101. Garett Macdonald, P.Eng., Vice President Operations, and Kerry Sparkes P.Geo., are the persons responsible for the content of this news release. The Company has a rigorous QA/QC program in place to ensure best practices in sampling and analysis of drill core. All drill core is marked for sampling and then split in half with a diamond saw blade. Samples are placed in sealed bags with security tags. All samples were assayed using a standard fire assay, 30 gram nominal sample weight with an AA finish. Over-limit samples were re-assayed with a gravimetric finish. Samples with visible gold were automatically analyzed for Ore Grade by 1000g screen fire assay, with coarse and fine fractions being combined proportionately and the fine fraction being assayed twice. Standards, blanks and duplicates are inserted every 25 metres. ALS Canada Ltd. performed primary assaying, with duplicates being analyzed at Activation Laboratories Ltd. ALS Canada Ltd. and Activation Laboratories Ltd. implements independent QA/QC protocols that include the insertion of certified blanks and standards as part of their routine analysis.
About Rainy River Resources Ltd.
Rainy River Resources is a Canadian precious metals exploration company whose key asset is the Rainy River Gold Project. With approximately $115 million in cash and short term investments, 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 pre-feasibility 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. The Company is also 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
This release includes certain statements that may be deemed to be 'forward-looking statements'. All statements in this release, other than statements of historical fact, that address events or developments that the Company expects to occur, are forward looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words 'expects', 'plans', 'anticipates', 'believes', 'intends', 'estimates', 'projects', 'potential' and similar expressions, or that events or conditions 'will', 'would', 'may', 'could' or 'should' occur. Although the Company 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 may differ materially from those in forward looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include gold prices, results of exploration and development activities, regulatory changes, defects in title, availability of materials and equipment, timeliness of government approvals, continued availability of capital and financing and general economic, market or business conditions. The Company cautions that the foregoing list of important factors is not exhaustive. Investors and others who base themselves on the Company's forward-looking statements should carefully consider the above factors as well as the uncertainties they represent and the risk they entail. The Company believes that the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct. Please see the public filings of the Company at www.sedar.com for further information.
Table 2: Detailed Assay Intervals
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Vertical
HOLE-ID FROM TO Length Section Depth Ni %
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NR11822 117.80 119.25 1.45 425472 104.50 0.139
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NR11822 119.25 119.75 0.50 425472 105.34 0.399
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NR11822 119.75 120.80 1.05 425472 106.00 3.770
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NR11822 120.80 122.10 1.30 425472 107.01 3.510
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NR11822 122.10 123.00 0.90 425472 107.96 0.007
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HOLE-ID Cu % Co % Pt g/t Pd g/t Au g/t Ag g/t
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NR11822 0.17 0.009 0.25 0.52 0.23 1.39
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NR11822 0.60 0.052 0.60 1.43 0.53 3.90
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NR11822 0.95 0.063 2.08 6.78 2.40 7.39
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NR11822 1.61 0.065 1.96 6.15 0.55 11.55
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less than less than
NR11822 0.01 0.002 0.005 0.01 0.005 0.08
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A map is available at the following address: http://media3.marketwire.com/docs/PinewoodSouth.pdf
The TSX has not reviewed and does not accept the responsibility for the adequacy or accuracy of this news release.
Contacts:
Rainy River Resources Ltd.
Indi Gopinathan
Director, Investor Relations
(416) 645-7289
igopinathan@rainyriverresources.com
www.rainyriverresources.com