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.
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 7, 2012) - Golden Reign Resources Ltd. (News - Market indicators) (the "Company" or "Golden Reign") is very pleased to announce that it has received approval of its Environmental Impact Study (EIS) for its flagship San Albino-Murra Gold Property (the "Property"), Nicaragua.
Under the EIS, Golden Reign applied for and is now authorized to continue exploration and development activities, inclusive of up to:
- 25,000 metres (25 kilometres) of trenching; and,
- 150,000 metres of drilling.
The Company plans to continue its progressive exploration of the Property, with a view to delineating potential gold and silver resources and expanding the San Albino/Arras resource presently being assessed by an independent engineering firm.
San Albino-Murra Property
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.
On behalf of the Board,
Kim Evans, CGA, President & CEO
About Golden Reign:
Golden Reign Resources Ltd. is a publicly listed (News - Market indicators) 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 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.