Golden Reign Resources Ltd.: Proposed Private Placement Oversubscribed; Subscriptions Closed

VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 05/23/13 -- Golden Reign Resources Ltd. (the "Company" or "Golden Reign")(TSX VENTURE: GRR), is pleased to announce that it has received an overwhelming response to the non-brokered private placement unit offering announced yesterday, May 22, 2013. As a result, the private placement has been oversubscribed and the Company is not accepting any further subscriptions. A final tally is being completed and will be announced as soon as possible.

The Company initially proposed the issuance of up to 10,000,000 units at a price of $0.15 per unit via a non-brokered private placement to raise gross proceeds of up to $1,500,000. Each unit will be comprised of one common share and one share purchase warrant. Each share purchase warrant will entitle the holder thereof to purchase an additional common share at a price of $0.25 for a period of two years. Finders' fees may be paid in connection with this offering. The offering is subject to regulatory approval.

Proceeds of the placement will be applied to costs related to the San Albino-Murra Gold Property in Nicaragua and for general working capital.

On behalf of the Board,

Kim Evans, CGA, Director & CFO

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