Thursday, June 21, 2007
Golden Reign Resources Ltd. Completes Formal Agreement with Russian Bank to Acquire Interest in Two Mining Licences in Far East Russia

News Release - #07-05

Golden Reign Resources Ltd. (the "Company") is pleased to announce that, subject to acceptance by the TSX Venture Exchange and further to the news release of May 14, 2007, it has completed a formal agreement (the "Agreement") with Status LLC ("Status"), the mining division of CentroCredit Bank of Moscow, wherein the Company has the right to acquire a 50% interest in the Butarni and Dorozhni mineral properties (the "Properties"), located in the Magadan Region of Far East Russia.

Under the terms of the Agreement, the Company may earn its interest in the Properties by incurring aggregate exploration expenditures totalling US$6,000,000 over a three-year period to acquire a 50% equity interest in Gold Mining Corporation LLC ("GMC"), a private Russian company which will hold the 20-year comprehensive exploration-mining licences for both properties, as follows:

1. one million U.S. dollars (US$1,000,000) must be paid to GMC on or before December 31, 2007;
2. three million U.S. dollars (US$3,000,000) must be paid to GMC on or before December 31, 2008; and,
3. two million U.S. dollars (US$2,000,000) must be paid to GMC on or before December 31, 2009.

Per the Agreement, the Company's interest in GMC will be earned as follows:

1. upon payment of two million U.S. dollars (US$2,000,000) to GMC the Company will have earned a conditional 16.6% interest in GMC;
2. upon payment of an aggregate four million U.S. dollars (US$4,000,00) to GMC the Company will have earned a further conditional 16.6% interest in GMC, for a total conditional interest in GMC of 32.2%; and,
3. upon payment of an aggregate six million U.S. dollars (US$6,000,000) to GMC the Company will have earned a further 16.8% interest in GMC, for a total unconditional or vested interest in GMC of 50%.

Status, in addition to the Properties, will contribute US$2,000,000 towards exploration expenditures as follows to earn its 50% interest in GMC:

1. one million U.S. dollars (US$1,000,000) must be paid to GMC on or before December 31, 2007; and,
2. an additional one million U.S. dollars (US$1,000,000) must be paid to GMC on or before December 31, 2008.

A joint management committee, comprised equally of Golden Reign and Status participants, will be responsible for strategic planning, development of programs and related budgets and other exploration and development activities of GMC for the term of the Agreement. Once the Company has met its obligations under the Agreement and earned its 50% equity interest in GMC, the parties have agreed to enter into and proceed under a joint-venture agreement.

A finder's fee of 75,000 common shares of the Company, at a deemed price of $0.22 per share, will be paid to a third party with respect to this transaction, subject to regulatory approval.

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.