Golden Reign Resources Ltd.: Expanded 2011/2012 Definition Drill Program Recommences, Independent Consulting Firm Retained for Resource Calculation
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 01/23/12 -- Golden Reign Resources Ltd. (the 'Company' or 'Golden Reign') (TSX VENTURE: GRR) is pleased to report that the 2011/2012 definition drilling program at the San Albino Mine area restarted on January 10, 2012, after a two week seasonal break. The San Albino Mine area represents approximately 2 square kilometres within the highly prospective 87 square kilometre San Albino-Murra Property (the 'Property'), Nicaragua.Within the San Albino Mine area, multiple mineralized zones were intersected, including two primary targets - the San Albino and Arras mineralized zones. All mineralized zones remain open along strike in both directions and at depth. To date, 14,360 metres have been cored in 68 drill holes. A further 10,000 metres are planned.
The 2011/2012 definition drill program is designed to extend the mineralized area outlined in 2010, refine the geological model, and obtain sufficient data to calculate a NI 43-101 compliant mineral resource for the San Albino Mine area. The Company expects to complete drilling in March 2012 and the NI 43-101 compliant resource calculation in the first half of 2012.
Golden Reign is also pleased to announce that it has retained P&E Mining Consultants Inc. ('P&E') of Brampton Ontario, Canada to prepare the NI 43-101 compliant Resource Estimate and Technical Report for the San Albino Mine area. P&E is a well established, internationally recognized geological and mine engineering consulting firm specializing in NI 43-101 resource estimate technical reports, NI 43-101 geological reports, preliminary economic analysis and pre-feasibility studies. P&E has considerable experience evaluating high-grade gold vein deposits, such as those at the San Albino Mine area.
Qualified Person
John M. Kowalchuk, P.Geo, a geologist and qualified person (as defined under NI 43-101) has read and approved the technical information contained in this news release.
On behalf of the Board,
Kim Evans
CGA, President & CEO
About Golden Reign:
Golden Reign Resources Ltd. is a publicly listed (TSX VENTURE: GRR) mineral exploration company engaged in exploring the San Albino-Murra Property located in Nueva Segovia, Nicaragua.
Nicaragua, a mining-friendly jurisdiction, is situated in the Central American Gold Belt, which extends from Costa Rica in the south to Guatemala in the north. Within this prolific gold belt, estimates of historical production total more than 20 million ounces.
For additional information please visit our website at www.goldenreign.com and SEDAR www.sedar.com.
Forward-Looking Statements: Some of the statements contained herein may be forward-looking statements which involve known and unknown risks and uncertainties. Such forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward-looking statements, including, without limitation, risks and uncertainties relating to political risks involving the Company's exploration and development of mineral properties interests, the inherent uncertainty of cost estimates and the potential for unexpected costs and expenses, commodity price fluctuations, the inability or failure to obtain adequate financing on a timely basis and other risks and uncertainties. Such information contained herein represents management's best judgment as of the date hereof, based on information currently available.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.
Contacts:
Golden Reign Resources Ltd.
Kim Evans, CGA
President & CEO
(604) 685-4655 or Toll Free: 1-888-685-4655
(604) 685-4675 (FAX)
www.goldenreign.com
