News Release

News Release

• Rainy Mountain Royalty
• March 31, 2010

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

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”. 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. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. 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.