2013-02-20 18:26:43 -
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 02/20/13 -- Golden Reign Resources Ltd. (TSX VENTURE:GRR) (the "Company" or "Golden Reign") is very pleased to announce that drilling has re-commenced at its San Albino Gold Deposit located in the Southern District of its San Albino-Murra Property (the "Property"), Nueva Segovia, Nicaragua.
Preliminary drilling will focus on expanding open-pittable resources at the San Albino Gold Deposit and adding potentially open-pittable resources at Las Conchitas, some 1.5 kilometres to the south.
San Albino Gold Deposit
The San Albino Gold Deposit, outlined after only 15 months of drilling, is a high-grade, near surface open-pit/underground resource with significant expansion potential. All three mineralized zones at the San Albino Gold Deposit are open both at depth and along strike. The upper, San Albino zone lies within 100 metres of surface and has only been tested and extended down-dip for 250 metres. The underlying, parallel Arras mineralized zone has already been traced 925 metres down-dip.
Only a small portion of the San Albino Gold Deposit, roughly 0.6 square kilometres of a total 2.0 square kilometre area, has been drill tested and comprises the current resource. The NI 43-101 technical report and resource estimate is available on www.sedar.com : www.sedar.com or the Company's website at www.goldenreign.com.
Additionally, a trenching program designed to further delineate and extend the surface exposure of the San Albino zone, increasing potential open-pittable resources, is currently underway.
Trenching has outlined 4 parallel NE/SW trending structurally controlled mineralized zones ranging from 300 to 1,500 metres in length, located approximately 1.5 kilometres south of the San Albino Gold Deposit and covering a 2.5 square kilometre area.
Prior to 2011, Las Conchitas had never been drill tested. A highly successful 2011 trenching program exposed a gold-bearing quartz vein in trench LC11-TR-01 that returned three mineralized intervals, the best of which was 2.0 metres of 26.27 g/t gold and 17.4 g/t silver. In late 2011, Golden Reign drill tested the down-dip extension of this vein. The best drill intercept was 3.0 metres of 62.96 g/t gold and 61.7 g/t silver in hole LC11-01.
Presently, the Company has identified 40 drill sites for the planned 2013 diamond drilling campaign.
John M. Kowalchuk, P.Geo, a geologist and Company qualified person (as defined under NI 43-101) has read and approved the technical information contained in this news release on behalf of the Company.
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 and the El Jicaro Property, both of which are located in Nueva Segovia, Nicaragua.
The Company's land package comprises 13,771 hectares (138 km2) of highly prospective ground. Hundreds of historical mines and workings exist within the Corona de Oro Gold Belt, which is approximately 3 kilometres wide by 20 kilometres long and spans the entirety of the Company's land package.
For additional information please visit our website at www.goldenreign.com : 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.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Golden Reign Resources Ltd.
Kim Evans, CGA
President & CEO
(604) 685-4655 or Toll Free: 1-888-685-4655
(604) 685-4675 (FAX)
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