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Press release from Marketwire

Rainy River Resources Files Technical Report to Support Preliminary Economic Assessment Dated November 9, 2011

Friday, December 23, 2011

Rainy River Resources Files Technical Report to Support Preliminary Economic Assessment Dated November 9, 201115:36 EST Friday, December 23, 2011TORONTO, ONTARIO--(Marketwire - Dec. 23, 2011) - Rainy River Resources Ltd. ("Rainy River" or the "Company") (TSX:RR) confirms that it has filed on SEDAR a Technical Report dated December 23, 2011, and entitled "Preliminary Economic Assessment of the Rainy River Gold Property, Ontario, Canada", ("PEA") as referenced in Rainy River's press release of November 9, 2011. The Technical Report was prepared by BBA Inc. ("BBA", Montreal, QC), in collaboration with SGS Canada Inc. ("SGS", Lakefield, ON), SRK Consulting (Canada) Inc. ("SRK", Toronto, ON), Golder Associates ("Golder", Vancouver, BC), and AMEC Environmental & Infrastructure ("AMEC", Mississauga, ON), and in compliance with National Instrument 43-101: Standards of Disclosure for Mineral Projects. The report will also be available on Rainy River's web site.As announced in Rainy River's November 9, 2011 news release, the Technical Report contains details supporting the PEA for the Rainy River Gold Project ("RRGP" or the "Project"). The Project is an advanced stage gold exploration project situated in the southern half of Richardson Township (part of Chapple Township), approximately 65 kilometres northwest of Fort Frances in western Ontario. The PEA for the RRGP includes drill data received up to February 27, 2011. Any new information following February 27, 2011 will be incorporated in the next resource update. Rainy River has concluded its 2011 drill program and aims to release a new resource statement and updated PEA in the first half of 2012. About Rainy River Rainy River is a Canadian precious metals exploration company whose key asset is the Rainy River Gold Project. With approximately $115 million in cash and securities as of September 30, 2011, the Company is well funded to complete a dual-focused drilling program consisting of: 1) definition diamond drilling of the main gold resources in preparation for further studies, and 2) selective diamond drill testing of high-priority gold targets defined primarily by RC drilling, as well as feasibility study work on the large gold system centred in Richardson Township (part of Chapple Township). The Company's property is very 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 in Canada. 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 & CEOThis 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.FOR FURTHER INFORMATION PLEASE CONTACT: Indi GopinathanRainy River Resources Ltd.Director, Investor Relations416-645-7289igopinathan@RainyRiverResources.com