Rainy River Further Increases Land Position
March 25 2009 - 10:04AM
Marketwired Canada
Nelson W. Baker, President and CEO of Rainy River Resources Ltd. (TSX
VENTURE:RR), is pleased to report that the Company has added one additional
parcel to its sizable land package in the Rainy River district of northwestern
Ontario.
The Company has entered into an option agreement to earn a 100% interest in
certain patented mineral rights totaling approximately 81 acres in Potts
Township. In consideration, the vendors will receive total cash payments of
$50,000 and will be issued a total of 25,000 shares over a five year period.
This option agreement is subject to acceptance by the TSX Venture Exchange.
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 a $26.5 million treasury, the
Company is well funded to conduct a dual-focused program consisting of: 1)
definition diamond drilling of the main gold resource with accompanying
scoping-style 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 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. 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.
Nelson W. Baker, President
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.
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