Golden Reign Resources Ltd.: Regional Trenching Program Underway at San Albino-Murra Concession
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 09/10/12 -- Golden Reign Resources Ltd. (TSX VENTURE: GRR) (the "Company") is pleased to announce that a regional trenching program is underway at its flagship San Albino-Murra Property (the "Property"), Nueva Segovia, Nicaragua.
The extensive 2012/2013 program will consist of an aggregate 4.5 kilometres of trenching across approximately 150 trenches, spanning 18 kilometres of the Corona de Oro Gold Belt. The program proposes to:
-- target an initial 29 of the over 120 previously identified highly
mineralized gold structures
-- test structures that yielded assays of 5 g/t gold or better
-- expose and extend the strike length of the targeted mineralized
structures
-- expose the width and dip of targeted mineralized structures
-- confirm the grade of targeted mineralized structures
-- aid in the prioritization of drill ready targets
Due to the success of exploration programs to date and the numerous targets identified, the regional trenching program is the most efficient way for the Company to short list specific areas with the best potential. The program has been budgeted "all in" at $340,000 and is scheduled to be completed in the spring of 2013. Data collected will provide Golden Reign with the required geological footprint to aid in future exploration and strategic development of the Property.
As a follow up to the highly successful, initial trenching program completed in the Southern District during 2011, the 2012/2013 program plans to test 15 highly mineralized gold structures in the Northern (Murra) District, 5 targeted structures in the Central District and a further 9 mineralized structures in the Southern District. All targets are situated within the Corona de Oro Gold Belt.
Over the past two years, aggressive exploration programs conducted by the Company - including regional geological mapping, trenching, geochemical surveys and drilling - have resulted in the discovery of the Corona de Oro Gold Belt. A structural corridor approximately 3 kilometres wide by 25 kilometres long that stretches from the El Jicaro Concession in the south to the north-eastern boundaries of the San Albino-Murra Property, the Corona de Oro Gold Belt hosts over 170 quartz vein structures, 112 adits, 148 mine dumps and 354 exploration pits.
San Albino Mine Area Maiden Resource Calculation - Update
The Company has completed the 2011/2012 definition drill program at the San Albino Mine, which represents approximately 2 square kilometres within the highly prospective 87 square kilometre San Albino-Murra Property. Underground and open-pittable resources are currently being evaluated by P&E Mining Consultants Inc. ("P&E") of Brampton Ontario, Canada. P&E is preparing the NI 43-101 compliant Resource Estimate and Technical Report.
Stock option grant
The Company has granted, pursuant to its stock option plan and subject to regulatory approval, 80,000 options to a consultant at an exercise price of $0.80 per share for a term of five years. The securities represented by this grant will be subject to a four-month hold period.
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 recently earned an 80% interest in the San Albino-Murra Property, approximately 1.5 years ahead of schedule. The El Jicaro Property is 100% owned by Golden Reign.
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 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.
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