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Press release from Marketwire

Rainy River Resources Intersects 1.7 g/t Gold & 7.9 g/t Silver Over 37.5 Metres in Cap Zone, and Establishes Continuity of Cap at Depth, With 4.0 g/t Gold & 15.1 g/t Silver Over 12.0 Metres

Thursday, February 02, 2012

Rainy River Resources Intersects 1.7 g/t Gold & 7.9 g/t Silver Over 37.5 Metres in Cap Zone, and Establishes Continuity of Cap at Depth, With 4.0 g/t Gold & 15.1 g/t Silver Over 12.0 Metres06:00 EST Thursday, February 02, 2012TORONTO, ONTARIO--(Marketwire - Feb. 2, 2012) - Rainy River Resources Ltd. ("Rainy River" or the "Company") (TSX:RR) is pleased to announce assay results from the Rainy River Gold Project ("RRGP") in northwest Ontario. Results are summarized in Table 1. HIGHLIGHTS Drilling intersects significant grade and width within the open pit in the CAP Zone, including 37.5 metres of 1.7 g/t gold and 7.9 g/t silver in NR11860CAP Zone drilling shows excellent continuity at depth, with NR11937 intersecting 19.5 metres of 3.2 g/t gold and 11.8 g/t silver at 480 metres depthStrong results continue at the ODM Zone in-pit infill program, with NR111013 intersecting 25.5 metres of 4.7 g/t gold and 2.0 g/t silver, and NR11844 intersecting 1.9 g/t gold and 1.9 g/t silver over 87.0 metres NR11971 intersected 19.5 metres of 4.2 g/t gold and 2.6 g/t silver in the ODM Zone below the pit bottomTo view the maps associated with this release, please visit the following links: Map 1: http://media3.marketwire.com/docs/RR%20Map%201.pdfMap 2: http://media3.marketwire.com/docs/RR%20Map%202.pdfMap 3: http://media3.marketwire.com/docs/RR%20Map%203.pdfMap 4: http://media3.marketwire.com/docs/RR%20Map%204.pdfMap 5: http://media3.marketwire.com/docs/RR%20Map%205.pdfMap 6: http://media3.marketwire.com/docs/RR%20Map%206.pdf CAP ZONE Drilling in 2011 on the CAP Zone was designed to bring a substantial amount of inferred mineralization around the southern pit wall into higher confidence categories, while expanding the CAP Zone within the pit and at depth. A total of nineteen new holes were drilled, successfully encountering mineralization within the open pit, and at depth, with widths amenable to underground mining. CAP ZONE IN-PIT NR11860 intersected 1.7 g/t gold and 7.9 g/t silver over 37.5 metres, at a vertical depth of 216 metres. Ten metres to the west, and at a vertical depth of 219 metres, NR11850 intersected 1.7 g/t gold and 6.4 g/t silver over 28.3 metres. Other in-pit results include NR11877, which graded 0.7 g/t gold and 2.6 g/t silver over 24.0 metres, at a vertical depth of 275 metres, and NR11926, which intersected 1.2 g/t gold and 5.6 g/t silver over 25.5 metres, at a vertical depth of 75 metres. The historical average grade for the CAP Zone is 0.68-0.70 g/t gold. CAP ZONE BELOW-PIT Deeper drilling below the pit has been highly successful in expanding the CAP Zone at depth, with NR11937 grading 3.2 g/t gold and 11.8 g/t silver over 19.5 metres, at a vertical depth of 480 metres, including 4.0 g/t gold and 15.1 g/t silver over 12 metres, at a vertical depth of 477 metres. This is one of the thickest and highest grade CAP Zone intersections encountered to date. The new intersection is open at depth, and creates a new and potentially significant underground target.Additional holes drilled to intersect deep CAP Zone mineralization included NR11971, which intersected 2.8 g/t gold and 32.0 g/t silver over 3.0 metres, at a vertical depth of 310 metres, and NR11974, which intersected 2.1 g/t gold and 9.3 g/t silver over 4.5 metres, at a vertical depth of 410 metres, with a deeper CAP intersection of 4.8 g/t gold and 23.6 g/t silver over 3.0 metres, at a vertical depth of 519 metres. ODM - IN PIT The Company continued drilling within the pit to convert inferred resources to measured and/or indicated resources. Several holes intersected had grades above the resource grade of the pit, including NR111013, which intersected 25.5 metres at 4.7 g/t gold and 2.0 g/t silver, including 19.9 g/t gold and 3.3 g/t silver over 4.5 metres, at a vertical depth of 366 metres. Notably, NR111013 continues to demonstrate higher grades towards the pit bottom. Additional highlights within the pit included NR11844, which intersected 87.0 metres of 1.9 g/t gold and 1.9 g/t silver at a vertical depth of 107 metres, and NR11916, which intersected 1.4 g/t gold and 2.1 g/t silver over 24.0 metres, at a vertical depth of 413 metres. ODM - BELOW PIT Drilling below the planned open pit has continued to show better continuity of deep ODM Zone mineralization. NR11971 intersected 19.5 metres grading 4.2 g/t gold and 2.6 g/t silver at a vertical depth of 641 metres. Additional highlights include 7.5 metres grading 4.0 g/t gold and 8.1 g/t silver, at a vertical depth of 617 metres in NR11917, and higher grade intersections in NR11860 of 67.1 g/t gold and 11.3 g/t silver over 1.1 metres at a vertical depth of 546 metres, as well as 35.0 g/t gold and 4.8 g/t silver over 1.5 metres, at a vertical depth of 682 metres in NR11813. 17 Zone Drilling within the 17 Zone has also continued to return good results with typical higher grades of silver. NR11918 intersected 1.5 g/t gold and 3.7 g/t silver over 30.0 metres, at a vertical depth of 341 metres, and NR11909 returned 1.5 g/t gold and 17.4 g/t silver over 11.7 metres. East of the pit boundary, NR111004 returned 1.9 g/t gold and 24.6 g/t silver over 7.5 metres. 17 Zone Eastern Extension One additional hole has been completed in the target area for underground development: NR11859 intersected 6.1 g/t gold and 7.4 g/t silver over 3.0 metres, at a vertical depth of 670 metres. COMMENTARY Raymond Threlkeld, President and CEO of Rainy River Resources commented: "The continued strong intersections in the ODM in-pit and now the CAP in-pit appear to support the addition of resource ounces and conversion of material into higher confidence levels for the next resource update, scheduled for the end of this quarter. Further, the new CAP zone intersections at depth are exciting as they add to the underground potential of the Rainy River Gold Project." 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. Mr. Sparkes, P.Geo., is also the person 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 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 of September 30, 2011, the Company had $115 million in cash and securities, and is well funded for its 2012 plans to 1) commence a feasibility level study on the RRGP; 2) continue growing the existing resource through exploration; 3) conduct a condemnation program in areas identified for potential mine facilities; and 4) continue regional exploration. RRGP 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 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.HOLE-IDSECTIONVERTICAL DEPTHFROMTOLENGTHAU (G/T)AG (G/T)ZONENR117784253995249.556.67.10.97.2CAPNR117784254008688.590.52.00.52.3CAPNR11778425401120124.5128.03.51.04.7CAPNR11778425402127132.5134.52.02.911.7CAPNR11789No significant assayNR11812425323662693.0697.54.53.12.4ODM DEEPNR11812425329703738.0745.57.53.814.4ODM DEEPNR11812425331715754.5756.01.510.34.8ODM DEEPNR11812425332724763.5766.42.93.72.6ODM DEEPNR11813425449531565.5568.53.04.81.3ODM HWNR11813425478682744.0745.51.535.04.8ODM DEEPNR11834No significant assayNR1184442558110787.0174.087.01.91.9ODMIncluding4255807791.593.01.550.315.4ODMAnd4255808493.0109.516.52.03.0ODMNR11845No significant assayNR11846No significant assayNR118494256066959.6109.049.41.01.5ODMNR11850425380219207.5235.828.31.76.4CAPIncluding425380211207.5219.512.03.211.3CAPNR11850425383261255.5275.019.50.51.7CAPNR118554256275762.075.013.00.61.0ODMNR11855425628102118.5132.013.50.51.0ODMNR11855425629125145.5163.518.01.01.1ODMNR11855425630157189.0202.513.50.54.7ODMNR11857No significant assayNR11859426166670871.5879.07.53.55.317 EAST DEEPIncluding426166670873.0876.03.06.17.417 EAST DEEPNR11860425389216200.5238.037.51.77.9CAPIncluding425389216218.8224.05.25.021.9CAPNR11860425447546578.0579.11.167.111.3ODM DEEPNR11861426304285340.0355.015.00.48.817 EASTNR118664254984650.051.51.522.8415.0ODM FWNR11871426313212274.5292.518.00.417.117 EASTNR11871426314237315.0319.54.50.632.317 EASTNR118734256785966.076.510.51.93.1ODMNR11873425674122132.0165.033.01.11.2ODMNR11873425671157189.0198.09.01.815.3ODMNR11877425146275286.5310.524.00.72.6CAPNR11877425212579666.0667.51.54.755.4ODMNR11879No significant assayNR11884No significant assayNR11897425098539586.5589.53.03.41.7ODMNR119044257714952.569.016.51.02.2ODMNR119044257706984.087.03.09.714.6ODMNR119094259585466.069.03.05.121.417NR119094259588699.0109.510.50.62.517NR11909425958103117.0129.012.00.83.217NR11909425958153178.5184.56.01.81.717NR11909425957217250.8262.511.71.517.417NR11916425267413445.5469.524.01.42.1ODMIncluding425267417459.0465.06.02.51.3ODMNR11917425235617669.0676.57.54.08.1ODMNR11918425945341385.0415.030.01.53.717Including425945340392.5404.512.02.04.017NR11921425778136175.5178.53.02.03.0ODMNR11921425776176219.0240.021.01.51.2ODMNR11921425774226297.0301.54.52.20.7ODMNR119264254817566.091.525.51.25.6CAPIncluding4254816566.069.03.05.225.9CAPNR11926425492328345.1357.011.90.80.9ODMNR11926425499407432.0444.012.01.31.1ODMNR11926425502435462.0477.015.01.41.0ODMNR11926425506474505.5520.314.80.91.6ODMNR11926425507490529.5531.01.518.34.4ODMNR11926425508498538.5540.01.5162.029.3ODMNR11929425834293362.5376.514.01.02.017NR11929425837313394.8399.04.21.71.417NR119334262006688.596.07.50.819.8ODMNR11937425003171171.0174.03.01.91.2SOUTHNR11937425042480504.0523.519.53.211.8CAP DEEPIncluding425041477504.0516.012.04.015.1CAP DEEPNR11941No significant assayNR11942425659276330.0357.027.00.72.6ODMNR11942425663330409.5415.56.01.13.3ODMNR11943425584178219.0235.516.50.61.0ODMNR11943425587193243.0252.09.01.21.6ODMNR11943425597251325.5328.53.06.96.0ODMNR11949No significant assayNR11958No significant assayNR11962426063267342.5350.07.51.38.117NR1196442626675111.0112.51.54.581.617 EASTNR11967No significant assayNR11968No significant assayNR11970425316590654.0660.06.02.81.4ODMNR11971425238310333.0336.03.02.832.0CAPNR11971425273641721.5741.019.54.22.6ODMIncluding425274648739.5741.01.516.76.8ODMNR11974425250410457.5462.04.52.19.3CAPNR11974425271519592.5595.53.04.823.6CAP FWNR11976No significant assayNR11978426255200282.0291.09.00.615.317 EASTNR11981No significant assayNR11985No significant assayNR11991No significant assayNR11992426148185259.5276.016.51.119.517NR11993No significant assayNR11999425313333370.5378.07.51.26.8CAPNR111002No significant assayNR111004426202185250.5258.07.51.924.617 EASTNR1110134252076365.475.09.60.81.9CAPNR111013425233340406.5408.01.532.11.0ODMNR111013425237374439.5465.025.54.72.0ODMIncluding425236366439.5444.04.519.93.3ODMFOR FURTHER INFORMATION PLEASE CONTACT: Indi GopinathanRainy River Resources Ltd.Director, Investor Relations416-645-7289igopinathan@RainyRiverResources.com