Thursday, June 28, 2007
Golden Reign Resources Ltd. Adds Additional Claims To British Columbia Uranium Prospect
Golden Reign Resources Ltd. (the "Company") is pleased to announce that, further to its news release of May 23, 2007, an additional 2,074 hectares, representing the Moray 6 to 10 claims, were staked on behalf of the Company for inclusion in the overall Moray mineral property. The Moray property, located south-east of Vernon, British Columbia in the Okanagan Plateau, now encompasses 4,606 hectares and is prospective for uranium and gold.
The additional claims were staked to cover an existing paleo-channel of Tertiary age, located to the west and southwest of the original Moray claim block. Composed of white channel gravels, the paleo-channel has been traced for 8 kilometres on the Moray property, varies in depth from 70 to 90 metres and is at least 100 metres wide. Exploration work in the area dates back to the 1930's, with the discovery of placer gold. A number of old adit workings remain.
The first phase of exploration, comprised of geochemical sampling and reconnaissance, has recently been completed. A number of silt and water samples have been collected and will be submitted for assay shortly.
About Uranium (U3O8)
In the last year, the price of uranium has increased dramatically, from under US$50/lb to over US$130/lb. With demand exceeding supply, there is a strong upward price pressure that shows no signs of abating anytime soon.
Canada is the world's leading uranium producer with about 30% of annual global production. Currently, all of this production comes from mines in Saskatchewan; however, a global supply/demand imbalance and the rising uranium price provide impetus to uranium explorers to broaden exploration horizons.
Uranium is used to fuel 18% of the world's electricity and this percentage is growing. The United States, Japan and China recently announced plans to construct more nuclear power plants. Uranium, an extremely concentrated and efficient fuel, is the cleanest form of energy available and expected to play an increasing role in solving energy shortages and global warming.
About Golden Reign:
Golden Reign Resources Ltd. is a publicly listed (TSX-V: GRR) mineral exploration company engaged in the business of exploring and developing a portfolio of precious metals and mineral assets in Far East
Russia and Canada.
Qualified Person
Donald K. Mustard, P.Eng., technical advisor to the Company and an independent geologist and qualified person (as defined under National Instrument 43-101) has reviewed the technical information contained in this news release.
For additional information please visit our website at www.goldenreign.com and SEDAR www.sedar.com.
On behalf of the Board,
"Kim Evans"
Kim Evans, CGA
Director & CFO
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 in Russia, 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.