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Press release from Marketwire

Rainy River Resources Intersects 4.5 g/t Gold Over 55.5 Metres in ODM Zone, and 3.3 g/t Gold Over 349 Metres

Tuesday, May 29, 2012

Rainy River Resources Intersects 4.5 g/t Gold Over 55.5 Metres in ODM Zone, and 3.3 g/t Gold Over 349 Metres16:36 EDT Tuesday, May 29, 2012TORONTO, ONTARIO--(Marketwire - May 29, 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 Down plunge drilling designed to demonstrate grade continuity within both the starter pit and main pit returns 4.5 g/t gold and 5.7 g/t silver over 55.5 metres and 3.3 g/t gold and 2.1 g/t silver over 349 metres. Down plunge drilling within the CAP Zone also demonstrates excellent grade continuity. Infill drilling program for Feasibility Study now complete, with project drilling in 2012 totalling 108 km. High Grade Silver Zone continues to produce consistent silver grades over significant widths. To view Map 1, please visit the following link: http://media3.marketwire.com/docs/RRRMap1.pdfTo view Map 1A, please visit the following link: http://media3.marketwire.com/docs/RRRMap1A.pdfTo view Map 1B, please visit the following link: http://media3.marketwire.com/docs/RRRMap1B.pdfTo view Map 2, please visit the following link: http://media3.marketwire.com/docs/RRRMap2.pdfTo view Map 3, please visit the following link: http://media3.marketwire.com/docs/RRRMap3.pdfTo view Map 4, please visit the following link: http://media3.marketwire.com/docs/RRRMap4.pdf GRADE CONTINUITY DRILLING IN-PIT As part of an ongoing effort to demonstrate continuity along the plunge trend of the deposit and to continue to move high quality ounces to the measured category, several down plunge holes have been drilled within the ODM Zone (medium grade to high grade zones) and within the CAP Zone. Results are tabulated for the first holes in each of these zones, and demonstrate excellent grade continuity.NR121236 was drilled for 702 metres along the plunge of the ODM Zone and entirely within the open pit. Controlled drilling was employed to steer the hole; however, the hole did exit and re-enter the main trend throughout its course. NR121236 intersected 4.5 g/t gold and 5.7 g/t silver over 55.5 metres from 55.5 to 111.0 metres down-hole and within the envisioned starter pit. The hole re-entered the higher grade portion of the ODM Zone at 255 metres down hole, and remained on target for the next 349 metres, returning an average grade of 3.3 g/t gold and 2.1 g/t silver over the entire length.NR121176 was designed to test for down plunge continuity within the CAP Zone. Significant intersections included 40.5 metres grading 1.4 g/t gold and 5.3 g/t silver from 31 to 71.5 metres down-hole, 22.5 metres grading 1.1 g/t gold and 4.6 g/t silver from 97.5 to 120 metres down-hole, and 1.0 g/t gold and 4.7 g/t silver over 29.5 metres from 252.5 to 282 metres down hole. INFILL DRILLING Since the February 24, 2012 National Instrument 43-101 compliant resource estimate, Rainy River Resources has continued to systematically target all remaining inferred resources within the open pit for upgrading, and possible inclusion in, the Feasibility Study. Approximately 675,000 ounces of inferred material remained to be targeted for the conversion to the higher confidence categories of measured and indicated, including the above noted holes. The Company has now completed its infill program in preparation for its Feasibility Study, with drilling in 2012 totalling 108 km and project drilling to-date totalling 686 km. Selected results within the open pit include:ODM5.8 g/t gold and 2.8 g/t silver over 51.0 metres at a vertical depth of 100 metres in NR121024; 1.7 g/t gold and 1.7 g/t silver over 47 metres at a vertical depth of 110 metres in NR121030; 2.9 g/t gold and 1.5 g/t silver over 37 metres at a vertical depth of 116 metres in NR121050; and 1.8 g/t gold and 2.0 g/t silver over 57.0 metres at a vertical depth of 104 metres in NR121177. BP Zone8.1 g/t gold and 4.6 g/t silver over 16.5 metres at a vertical depth of 99 metres in NR121152, including 78.6 g/t gold and 10.7 g/t silver over 1.5 metres; and 34.9 g/t gold and 24.8 g/t silver over 3.0 metres at a vertical depth of 253 metres in NR121130. 433 Zone1.1 g/t gold and 2.9 g/t silver over 67.5 metres at a vertical depth of 124 metres in NR121117; 2.0 g/t gold and 0.8 g/t silver over 12.0 metres at a vertical depth of 304 metres in NR121164; and 1.6 g/t gold and 2.9 g/t silver over 18.0 metres at a vertical depth of 90 metres in NR121131. HS1.4 g/t gold and 0.5 g/t silver over 25.5 metres at a vertical depth of 124 metres in NR121143; and 1.9 g/t gold and 2.6 g/t silver over 6.0 metres at a vertical depth of 131 metres in NR121162. 17 Zone2.2 g/t gold and 19.2 g/t silver over 17.0 metres at a vertical depth of 158 metres in NR121061; and 0.9 g/t gold and 1.7 g/t silver over 51.0 metres at a vertical depth of 190 metres in NR121190. Cap Zone25.2 g/t gold and 124.0 g/t silver over 1.5 metres at a vertical depth of 162 metres in NR121174; and 1.9 g/t gold and 6.2 g/t silver over 21.0 metres at a vertical depth of 302 metres in NR121214. South ZoneSouth Zone is located to the southwest and adjacent to the Cap Zone. South Zone diamond drilling within the pit intersected:12.9 g/t gold and 2.8 g/t silver over 4.5 metres at a vertical depth of 33 metres in hole NR121032; and 74.1 g/t gold and 4.4 g/t silver over 1.5 metres at a vertical depth of 40 metres in hole NR121235. Silver Zone Infill drilling continued to confirm consistent silver grades over significant widths within the newly discovered Silver Zone. The February 24, 2012 NI 43-101 Mineral Resource Statement calculated 654,790 ounces of silver in the indicated category at a 1.07 g/t gold-equivalent grade totaling 14,570 gold-equivalent ounces. Significant new results include NR11944E intersecting 119.8 g/t silver and 0.2 g/t gold over 17.0 metres at a vertical depth of 202 metres and NR12188 intersecting 110.1 g/t silver and 0.2 g/t gold over 15.0 metres at a vertical depth of 246 metres. Exploration Update With the infill program complete, Rainy River Resources will now focus its exploration efforts on developing deeper targets and extensions of all mineralized zones at depth. The Company will immediately begin the demobilization of the drill fleet dedicated to the infill program. Six diamond drill rigs will be demobilized by May 31, and a seventh rig will be demobilized in early September. The Company will continue its exploration activities with the five diamond drill rigs at site. COMMENTARY Raymond Threlkeld, President and CEO of Rainy River Resources Ltd., commented: "The infill results released today continue to show the consistency of the mineralization within the conceptualized pit of the Rainy River Gold Project. In particular, the intersection of 3.3 g/t gold over 349 metres in NR 121236 shows how continuous the mineralization is down plunge; this is an excellent result for the project. We are very excited to have concluded our infill program with all of the required drilling completed for the Feasibility Study. We will release the remaining assays from the program when we receive those results.""Most recently, we commenced the Project Environmental Assessment with the filing of our proposed Terms of Reference for the Provincial process, and the filing of the draft Project Description for the Federal process. As Rainy River continues down the development track, we anticipate releasing our revised Preliminary Economic Assessment in early Q3, followed by a resource update, incorporating the infill program to-date, by late summer. The Feasibility Study will in turn incorporate this resource update and is targeted for release in the first half of 2013." 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 March 31, 2012, the Company had approximately $100 million in cash and cash equivalents, 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 & CEOCAUTIONARY NOTE REGARDING FORWARD LOOKING-STATEMENTSThis 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. These statements include the possible conversion of inferred resources into higher confidence categories of resources. 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 IDHOLE-IDSECTIONVERTICAL DEPTH (m)FROM (m)TO (m)LENGTH (m)AU (g/t)AG (g/t)ZONENR11944ENR11944E425807202246.0263.017.00.2119.8ODM FWNR121022NR121022425660106110.0145.035.01.71.6ODMNR121022NR121022425667139159.0179.020.00.710.0ODMNR121023NR1210234256916474.083.09.01.31.7ODMNR121023NR12102342569894101.0133.032.01.41.4ODMNR121023NR121023425707133165.0166.01.031.29.9ODMNR121024NR12102442575210099.0150.051.05.82.8ODMNR121024INCL4257478099.0100.01.033.16.7ODMNR121024AND42575092112.7115.02.339.411.3ODMNR121024AND425753105130.2131.21.0120.525.4ODMNR121024NR121024425761138171.0175.04.04.71.4ODMNR121026NR1210264257218495.0112.017.01.42.4ODMNR121026NR121026425729118143.0149.06.01.61.4ODMNR121026NR121026425732131161.0165.04.05.27.3ODMNR121028NR121028425684102109.0145.036.01.30.7ODMNR121029NR121029425721105104.0158.054.01.21.7ODMNR121029INCL42571989104.0116.012.03.23.9ODMNR121029INCL42571884104.0105.01.025.225.8ODMNR121029AND425724122149.0157.08.01.31.2ODMNR121030NR121030425745110110.0157.047.01.71.7ODMNR121030NR121030425751155181.0200.019.01.12.4ODMNR121030NR121030425753167205.0206.01.045.222.1ODMNR121032NR1210324252603331.536.04.512.92.8SouthNR121032INCL4252603434.536.01.536.27.2SouthNR121032NR121032425295668780.0783.03.09.62.6ODM DeepNR121036NR1210364256608381.0125.044.00.81.1ODMNR121036NR121036425669114133.0151.018.01.81.4ODMNR121037NR121037425678107117.0149.032.01.81.2ODMNR121038NR1210384256838979.0145.066.01.11.3ODMNR121038INCL4256776580.081.01.017.29.4ODMNR121038AND42568599117.0132.015.01.71.2ODMNR121041NR1210414257136375.076.01.015.48.0ODMNR121041NR121041425720104111.0138.027.01.01.7ODMNR121041NR121041425729154184.0187.03.03.76.5ODMNR121042NR1210424257297383.093.010.01.02.1ODMNR121042NR121042425737114134.0140.36.32.63.6ODMNR121043NR1210434257245566.067.01.08.92.5ODMNR121043NR121043425734109105.0157.052.01.12.1ODMNR121045NR1210454259997787.0101.014.01.02.217 ZoneNR121046NR121046426019102116.0135.019.00.622.817 ZoneNR121046INCL426019105124.0133.09.01.840.017 ZoneNR121050NR121050425740116122.0159.037.02.91.5ODMNR121050INCL425737101122.0123.01.015.01.6ODMNR121050AND425741120145.0146.01.045.33.4ODMNR121050NR121050425748152182.0187.05.01.93.3ODMNR121051NR1210514259975554.979.024.10.81.517 ZoneNR121053NR121053425084196235.5240.04.51.37.3CapNR121054NR121054426017130159.0168.09.01.625.317 ZoneNR121058NR121058426000174207.0220.013.01.716.117 ZoneNR121061NR121061426016158199.0216.017.02.219.217 ZoneNR121105NR121105425832135138.0175.537.51.01.117 EastNR121105NR121105425834191220.5228.07.51.75.017 EastNR121117NR121117425812125109.5177.067.51.12.9433 ZoneNR121117INCL425813104117.0120.03.05.345.6433 ZoneNR121118NR1211184258736463.085.522.51.10.8HSNR121120NR1211204258704546.361.515.21.41.8433NR121121NR121121425093213243.0253.510.51.89.7CapNR121122NR121122425161132144.0154.510.51.79.0CapNR121123NR121123425910118134.5142.58.01.02.3HSNR121124NR121124424905142172.5180.07.52.12.6BP ZoneNR121125NR121125424867277325.5370.545.00.77.0BP ZoneNR121126NR121126425683112127.5148.521.00.62.3433 ZoneNR121127NR1211274252727282.596.013.51.00.6HSNR121128NR1211284259094654.557.53.013.91.7433 ZoneNR121129NR12112942572092114.0117.03.013.63.0433 ZoneNR121130NR121130424871236292.5300.07.52.226.4BP ZoneNR121130NR121130424872253316.5319.53.034.924.8BP ZoneNR121131NR12113142575790101.0119.018.01.62.9433 ZoneNR121132NR121132425250161201.5203.01.56.110.7HSNR121133NR1211334253655248.271.022.81.24.2ODMNR121133INCL4253654748.257.59.32.02.2ODMNR121135NR1211354254095448.583.034.51.01.7ODMNR121135AND4254085663.572.59.01.52.7ODMNR121136NR121136424889281340.5358.518.00.87.7BP ZoneNR121138NR121138424953169201.0210.09.01.06.8BP ZoneNR121139NR1211394250764045.048.03.02.02.9BP ZoneNR121139NR121139425076211262.5270.07.51.31.3BP ZoneNR121143NR121143425299124140.0165.525.51.40.5HSNR121143INCL425299116140.0144.54.54.30.5HSNR121144NR1211444254544548.560.512.00.92.4ODMNR121144NR12114442545296116.0119.03.01.419.0ODMNR121145NR121145424936253310.5315.04.50.732.6HSNR121145NR121145424938273331.5345.013.51.16.9HSNR121146NR1211464249695868.578.09.51.24.6BP ZoneNR121146NR1211464249687991.5108.016.50.97.4BP ZoneNR121147NR121147424950132151.5171.019.50.76.2BP ZoneNR121149NR1211494255284949.557.07.51.818.5ODMNR121149NR12114942552697105.0114.09.01.33.1ODMNR121149NR121149425523206234.0250.516.50.81.5HSNR121150NR1211504248697885.5107.321.80.70.7BP ZoneNR121150NR121150424874151186.0198.012.01.66.6BP ZoneNR121150INCL424873148186.0190.54.53.513.9BP ZoneNR121152NR12115242490799112.5129.016.58.14.6BP ZoneNR121152INCL42490796115.5117.01.578.610.7BP ZoneNR121153NR1211534249367885.5105.019.51.04.2BP ZoneNR121154NR12115442555896116.0117.51.5188.011.4433 ZoneNR121156NR1211564255784139.058.519.50.81.7HSNR121157NR1211574255307485.590.04.51.42.0HSNR121158NR121158425579126138.5143.04.51.41.2HSNR121158NR121158425579151162.5177.515.00.81.3HSNR121159NR121159424910155190.5196.56.01.74.0BP ZoneNR121159NR121159424910177211.5232.521.00.45.2BP ZoneNR121160NR121160424976250301.0320.519.50.63.1BP ZoneNR121160NR121160424978273340.0341.51.518.11.4BP ZoneNR121161NR121161425013211252.0264.012.00.57.1BP ZoneNR121162NR121162425862131143.0149.06.01.92.6HSNR121162NR121162425862164176.0191.015.00.91.1HSNR121164NR1211644257088193.0102.09.02.51.7ODMNR121164NR121164425707102117.0133.516.51.10.9ODMNR121164INCL425707106127.5133.56.01.61.3ODMNR121164NR121164425707121147.0153.06.01.37.4ODMNR121164NR121164425706241310.5318.07.50.80.5HSNR121164NR121164425706304396.0408.012.02.00.8433NR121166NR1211664258479186.0126.540.50.60.8HSNR121167NR121167425136192237.0247.510.51.12.2ODMNR121168NR121168425996221259.5267.07.50.953.717 ZoneNR121168NR121168425999312351.0402.051.00.83.317 ZoneNR121169NR121169426039185201.0232.531.50.529.117 ZoneNR121169INCL426039178201.0216.015.00.831.817 ZoneNR121170NR121170425093205253.5255.01.56.81.9BP ZoneNR121170NR121170425095260318.0333.015.00.50.6BP ZoneNR121171NR121171425924135162.0163.51.561.322.417 ZoneNR121171NR121171425924142163.5177.013.50.70.217 ZoneNR121171INCL425924143166.7177.010.30.92.817 ZoneNR121171NR121171425925186219.0226.57.50.33.917 ZoneNR121171NR121171425926227267.0274.57.51.32.117 ZoneNR121172NR1211724257398999.0119.520.50.81.7ODMNR121172NR121172425737315398.5412.013.51.01.4HSNR121172NR121172425738356455.5467.512.00.70.6433 ZoneNR121173NR1211734257096570.591.521.02.23.2ODMNR121173INCL4257097388.591.53.010.85.4ODMNR121173NR121173425708111117.0160.543.50.91.1ODMNR121173NR121173425712317412.5429.016.50.90.8433 ZoneNR121174NR121174425192108115.5127.512.00.63.3CapNR121174NR121174425197162183.0184.51.525.2124.0CapNR121176NR1211764254524231.071.540.51.45.3CapNR121176NR1211764254278697.5120.022.51.14.6CapNR121176NR121176425399136162.5167.04.51.25.3CapNR121176NR121176425395142172.0174.02.01.87.8CapNR121176NR121176425393147177.5180.53.01.34.8CapNR121176NR121176425389154184.5189.55.01.56.1CapNR121176NR121176425370189227.0229.52.56.09.0CapNR121176NR121176425351221252.5282.029.51.04.7CapNR121177NR12117742573810499.0156.057.01.82.0ODMNR121177INCL425738109123.0142.519.52.63.3ODMNR121177NR121177425738164198.0208.510.51.61.8ODMNR121188NR121188425816155196.5202.56.01.10.4ODMNR121188NR121188425816202250.5279.028.51.02.8ODMNR121188NR121188425817246318.0333.015.00.2110.1ODM FWNR121188INCL425817246328.5333.04.50.4271.0ODM FWNR121188NR121188425817276366.0372.06.01.21.4HSNR121189NR121189425778146181.5184.53.02.59.9ODMNR121189NR121189425781206258.0262.54.52.00.6ODMNR121189NR121189425787302382.0390.08.00.441.9HSNR121189NR121189425789333426.0429.03.03.28.6HSNR121190NR121190425884125145.5147.01.58.655.917 ZoneNR121190NR121190425890190201.0252.051.00.91.717 ZoneNR121193NR1211934252009997.5120.022.50.71.6CapNR121194NR121194425124142157.5162.04.51.89.8CapNR121194NR121194425126166181.5195.013.50.62.8CapNR121195NR1211954257105971.072.51.516.95.2ODMNR121195NR121195425710101113.0132.519.51.92.7ODMNR121195NR121195425710149179.0183.54.52.12.8ODMNR121197NR121197425270127136.5150.113.60.810.3CapNR121197NR121197425272200222.0229.57.50.93.7CapNR121198NR121198425419167177.0196.519.51.36.4CapNR121198NR121198425418191202.5225.022.50.52.7CapNR121201NR121201425184215236.0252.516.50.82.5CapNR121202NR121202425678172181.5252.070.51.01.7ODMNR121202NR121202425690323409.5430.521.00.90.7HSNR121202NR121202425694356465.0468.03.02.21.4HSNR121202NR121202425697384499.5513.013.51.36.0HSNR121203NR121203425690196228.0271.543.51.41.4ODMNR121203NR121203425694253313.5339.025.51.01.9ODMNR121204NR121204425746140166.5180.013.52.21.7ODMNR121204NR121204425747169196.5223.527.03.43.3ODMNR121204NR121204425749209258.2264.05.81.82.1ODMNR121204NR121204425749227277.5292.515.01.93.7ODMNR121204NR121204425754302370.5399.028.50.91.7HSNR121207NR1212074256696676.584.07.51.25.1ODMNR121207NR121207425667145175.5187.512.02.01.5ODMNR121208NR121208425497117124.5137.613.10.75.8CapNR121209NR121209425629175210.5219.59.04.43.1ODMNR121209NR121209425631205249.5257.07.52.22.4ODMNR121209NR121209425632230264.5304.339.82.21.9ODMNR121209INCL425632230276.5279.53.022.412.0ODMNR121209NR121209425634255312.5320.07.51.62.0ODMNR121213NR121213425639135144.0151.47.41.913.5CapNR121214NR121214425343284327.0331.54.52.99.1CapNR121214NR121214425344302342.0363.021.01.96.2CapNR121214INCL425344300347.2352.55.34.116.4CapNR121215NR121215425457258286.0290.54.55.225.8CapNR121216NR121216425474288330.0331.51.514.562.2CapNR121235NR1212354251594040.542.01.574.14.4SouthNR121235NR121235425165339364.5368.43.91.411.7Cap DeepNR121235NR121235425167357381.0393.012.01.010.9Cap DeepNR121236NR1212364254816955.5111.055.54.55.7ODMNR121236INCL4254787891.597.56.030.612.9ODMNR121236NR121236425409367255.0604.0349.03.32.1ODMNR121236INCL425433238255.0320.465.49.53.1ODMNR121236INCL425430249293.0310.017.033.78.5ODMNR121236AND INCL425414331388.0398.510.522.212.1ODMNR121236AND INCL425396443496.0536.540.51.91.8ODMNR121236AND INCL425387510575.5604.028.50.71.2ODMFOR FURTHER INFORMATION PLEASE CONTACT: Indi GopinathanRainy River Resources Ltd.Director, Investor Relations416-645-7289igopinathan@RainyRiverResources.com