News Release No. 12-09
Rainy Mountain Updates Drill Progress for Marshall Lake Copper-Silver-Gold Property, Ontario
West Vancouver, British Columbia – October 4, 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 its Marshall Lake copper, silver and gold exploration property. 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.
To date the Company has completed 8 drill holes totaling 1,968 metres of its planned 4,000 metre drill program on the Property. In each hole mineralization occurrence has been visually observed. At this time, drilling operations have been paused as remaining drill core is sampled and prepared for shipping to ALS Minerals in Thunder Bay, Ontario. Initial assays are expected in two to three weeks’ time, and will be reported by the Company once received and reviewed. The temporary drilling postponement will give the Company time to update its geological modeling and interpretation and to prioritize targets for ongoing drilling. Drilling is expected to resume on or about October 29, 2012.
The 4,000 metre drill program is being supervised by Mr. Gordon Gibson, P.Geo. who is acting as the Company’s Qualified Person for the Marshall Lake property project.
White Tiger has the option to earn a 50% interest in the Marshall Lake project from Rainy Mountain Royalty Corp. (“Rainy Mountain” – TSX-V:RMO) 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.