Golden Reign Acquires El Jicaro Mining Concession, Nicaragua
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 02/01/12 -- Golden Reign Resources Ltd. (the 'Company' or 'Golden Reign')(TSX VENTURE: GRR) is very pleased to announce that is has acquired a new property, the El Jicaro Concession (the 'Concession'), which is located adjacent to and south of the Company's flagship San Albino-Murra Property, Nueva Segovia, Nicaragua.
The El Jicaro Concession encompasses the southwest extension of the mineralized structures currently being drill tested by three active drill rigs on the San Albino-Murra Property. The Concession covers an area of 5,071 hectares (51 km2), nearly doubling the Company's current land package to an aggregate 13,771 hectares (138 km2). Numerous historical mines and workings exist along a structural corridor approximately 3 kilometres wide by 20 kilometres long which spans the entirety of the Company's land package.
Aggregate costs incurred to purchase and transfer title of the mining exploration and exploitation license were USD$150,000. The El Jicaro Concession license is valid for a period of twenty-five years, until September 28, 2033. The Concession was acquired from a third party, individual Nicaraguan title holder.
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
