Wednesday, May 23, 2007
Golden Reign Resources Ltd. Options British Columbia Uranium Prospect

News Release - #07-04

Golden Reign Resources Ltd. (the "Company") is pleased to announce that it has signed a Letter Agreement with Foxcorp Holdings Ltd. ("Foxcorp") to acquire a 100% undivided interest in the Moray mineral claims (the "Claims"), located south-east of Vernon, British Columbia in the Okanagan Plateau. The Claims, covering 2,532 hectares, host the potential for a discovery of a basal type uranium deposit.

The most prominent basal type uranium deposit in south-central British Columbia is the Blizzard property. Discovered in the 1970's, exploration led to an estimated, historical resource of 2,200,000 tonnes grading 0.214% U₃O₈, using a cut-off grade of 0.025% U₃O₈ for an estimated 10,400,000 pounds of U₃O₈. This resource estimate predates, and therefore does not conform to, NI 43-101 reporting standards and should not be relied upon according to those standards.

Similar to the Blizzard uranium deposit, the Moray 1-5 claims appear to have favourable parameters for the formation of basal type uranium deposit. These features include: a source of leachable uranium mineralization in granitic or volcanic intrusions; weathering or faulting for oxidizing groundwater or other leaching solution; an aquifer of carbonaceous stream and lake sediments that allow trapping of groundwater solutions and formation of a reducing environment; and, an impermeable cap of basalt that protects the potential deposit from erosion and from oxidizing surface waters. Technological advances in recent years include in-situ leaching ("ISL"), which eliminates the necessity for an open-pit, is environmentally friendly and economically attractive.

The Moray 1& 2 claims were introduced to the Company by Dr. Peter E. Fox, P.Eng, Geology, a highly respected, award-winning geologist who has been involved in mineral exploration within British Columbia since 1967. Based upon his knowledge of and expertise in uranium, as well as over 50 years of exploration leadership, Donald K. Mustard, P.Eng., technical advisor to Golden Reign, strongly recommended that the Company acquire the Claims. Mr. Mustard founded BP Minerals (Canada) in 1972, which was active in uranium exploration for several decades.

Upon further review, discussion and the recommendation of Dr. Fox and the Company's advisors, the Moray 3, 4 and 5 claims were staked on behalf of the Company for inclusion in the overall mineral property package.

Under the terms of the Letter Agreement, Golden Reign may earn its interest in the Claims by:

1. making cash payments totalling $30,000 to Foxcorp, as follows:
   1. $5,000 (paid) on signing of the Letter Agreement;
   2. $10,000 on the first anniversary of the Letter Agreement;
   3. $15,000 on the second anniversary of the Letter Agreement;

2. incurring aggregate exploration expenditures of $225,000 on the Claims, as follows:
   1. $50,000 on or before the first anniversary of the Letter Agreement;
   2. $75,000 on or before the second anniversary of the Letter Agreement;
   3. $100,000 on or before the third anniversary of the Letter Agreement;

3. issuing a total of 50,000 common shares of the Company, as follows:
   1. 25,000 common shares to be issued on the first anniversary of the Letter Agreement; and
   2. 25,000 common shares to be issued on the second anniversary of the Letter Agreement.

In addition, Foxcorp will retain a 2% NSR, 1% of which the Company may purchase for $100,000 within three years of earning its 100% undivided interest in the Claims. Golden Reign will act as Operator during the earn-in period.

A formal option agreement will be completed shortly. This transaction is subject to the acceptance of regulatory authorities.

About Uranium (U₃O₈)

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.

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.