News Release No. 13-10
3-D Modeling Compilation Underway for the Marshall Lake Property Project, Ontario
West Vancouver, British Columbia – May 1, 2013 – Rainy Mountain Royalty Corp. (the “Company” or “Rainy Mountain”) wishes to announce that its joint venture partner, White Tiger Mining Corp. (“White Tiger” – TSX-V:WTC) has reported that additional 3D modeling compilation (copper grade shells, metal ratios, alteration, IP chargeability isosurfaces, and geology) is presently underway for the “RM Zone” and will be reported by White Tiger once completed.
Additionally, White Tiger reported the assay results for exploration drill hole RMZ 12-38, which was collared 150 metres north of drill hole GAZN 10-19 within the RM Zone and was designed to explore the trend to the northwest. Assay results for drill hole RMZ 12-38 are presented in the following table:
|Hole Number||From (metres)||To (metres)||Width (metres)||Cu (%)||Ag (g/tonne)||Au (g/tonne)|
As indicated by White Tiger, drill core was split at the Marshall Lake property and sample preparation was done by ALS Canada in Thunder Bay, Ontario. Pulp samples (<75 microns) were then sent by secure courier to ALS Canada in North Vancouver, British Columbia and analyzed by ICP spectrometer ("ICP") using a 0.5g representative pulp dissolved in Aqua Regia (3 acid) digestion. All samples grading over 1.0% copper were re-assayed with ore grade ICP and Aqua Regia digestion. Gold analysis was done on a 30 gram sample by fire assay extraction with AA ("Atomic Absorption") finish.
The Marshall Lake property is an advanced exploration stage copper, silver and gold project located 30 km west of Nakina, Ontario (access is via good all weather gravel road from Hwy 11 and 22 km north of the main CNR rail line).
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. As at October 31, 2012, White Tiger has earned a 25% joint venture interest in the Marshall Lake property project.
This news release has been reviewed and approved by 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.
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.