News Releases: No. 10-09
Drilling Underway on Hamlin-Deaty IOCG (Iron- Oxide, Copper, Gold) Property, Thunder Bay, Ontario
West Vancouver, British Columbia – March 31, 2010 – Rainy Mountain Royalty Corp. (“Rainy Mountain” or the “Company”), formerly known as East West Resource Corporation, has been informed by Xstrata Copper Canada, a division of Xstrata Canada Corporation (“Xstrata Copper”) of Toronto, Canada, that a five hole, 1500 metre drill program has been completed on the “Hamlin-Deaty” IOCG (iron-oxide, copper, gold) property located in the Shebandowan Belt, 110 km west of Thunder Bay. Of the five drill holes, four drill holes were completed on the Hamlin-Deaty property and one drill hole was completed on a contiguous property. Assays are pending and will be reported when received and reviewed.
Xstrata Copper, who is the operator of the project, has indicated to the Company that the purpose of the current core drill program is to test the known copper-gold mineralization (defined from previous holes drilled by Rainy Mountain in 2005 – 2006) at depth. The new holes were drilled to a 300 metre depth at five locations on the western half of the known Hamlin-Deaty IOCG zone. Previously, Xstrata Copper completed six drill holes on the Hamlin-Deaty property.
Xstrata Copper can earn a 51% interest in the Hamlin-Deaty property (157 claims) by incurring $3 million in exploration expenditures and can earn a further 24% interest by incurring not less than $20 million in feasibility study expenditures. The Hamlin-Deaty property is presently held by Rainy Mountain and Mega Uranium Ltd. on a 50/50 joint venture basis.
This news release has been reviewed and approved by Robert Middleton, P.Eng., who is acting as Qualified Person for the Company’s Hamlin-Deaty IOCG property project in accordance with regulations under NI 43-101.
For further information, contact Mr. Clive Shallow, investor communications, at 604-922-2030 or visit the Company’s website at www.rmroyalty.com (an updated Rainy Mountain Royalty Corp. website is currently being developed).
Rainy Mountain Royalty Corp.
"Ronald A. Coombes"
Ronald A. Coombes, President