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Rainy Mountain Royalty Corp.
Rainy Mountain Royalty Corp.
09/12/2012 | Press release
Drilling Continues on Marshall Lake Copper-Silver-Gold Property, Ontario
distributed by noodls on 09/12/2012 13:17
Trading symbol: TSX-V: RMO
News Release No. 12-08
Drilling Continues on Marshall Lake Copper-Silver-Gold Property, Ontario
West Vancouver, British Columbia - September 12, 2012 - Rainy Mountain Royalty Corp. (the "Company" or "Rainy Mountain") is pleased to announce that its joint venture partner, White Tiger Mining Corp. ("White Tiger" - TSX-V: WTC), has reported that successful results are continuing from the Marshall Lake copper, silver and gold exploration property. White Tiger has indicated that it has completed the first portion of its planned 4,000 metre drill program on the Property, which drilling program is expected to continue for a further 4 to 5 weeks. The Marshall Lake Property is located 30 km west of Nakina, Ontario, and is accessible via a good all weather gravel road from Hwy 11 and is 22 km north of the main CNR rail line.
As reported by White Tiger, the first drill hole (drill hole RMZ-12-31) was drilled at an azimuth of 205 degrees and dip of -45 degrees and intersected copper mineralization near surface from 49 metres to 98 metres. This first drill hole was collared 110 metres due north of RMZ-12-28, on nearly the opposing azimuth in an effort to further evaluate mineralization intersected in RMZ-12-28, as previously drilled by White Tiger. Drill hole RMZ-12-31 was advanced to a depth of 270 metres. Copper mineralization was intersected from 222 metres to 265 metres, which White Tiger believes may be the indication of a new zone of mineralization. Drill hole RMZ-12-31 ended approximately 190 metres vertically below surface.
White Tiger has indicated that the drill core is being sampled and prepared for shipping to ALS Minerals in Thunder Bay, Ontario and assays will be reported by White Tiger once received and reviewed.
This news release has been reviewed and approved by Mr. Gordon Gibson, P.Geo., who is acting as the Company's Qualified Person for the Marshall Lake property project, in accordance with regulations under NI 43-101.
White Tiger has the option to earn a 50% interest in the Marshall Lake property project from Rainy Mountain and Marshall Lake Mining PLC ("MLM") by spending $4 million in exploration expenditures over 5 years and issuing 2 million shares over 4 years to Rainy Mountain. As well, White Tiger has the additional option to increase its interest to 75% by incurring such additional expenditures as are necessary to take the project to bankable feasibility stage.
For further information, contact Mr. Clive Shallow, Shareholder Communications, at 604-922-2030, or visit the Company's website at www.rmroyalty.com
Rainy Mountain Royalty Corp.
"Douglas L. Mason"
_____________________________________
Douglas L. Mason, Chief Executive Officer
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.
This news release includes certain statements that may be deemed "forward-looking statements" within the meaning of applicable securities legislation. All statements, other than statements of historical facts, that address such matters as future exploration, drilling, exploration activities, potential mineralization and resources and events or developments that the Company expects, are forward looking statements and, as such, are subject to risks, uncertainties and other factors of which are beyond the reasonable control of the Company. Such statements are not guarantees of future performance and actual results or developments may differ materially from those expressed in, or implied by, this forward-looking information. Factors that could cause actual results to differ materially from those in forward-looking statements include such matters as market prices, exploitation and exploration results, continued availability of capital and financing, and general economic, market or business conditions. Any forward-looking statements are expressly qualified in their entirety by this cautionary statement. The information contained herein is stated as of the current date and subject to change after that date and the Company does not undertake any obligation to update publicly or to revise any of the forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.
