Welcome!

News Feed Item

Rainy River Resources Provides Update on 2013 Planned Activities

RR.TSX

TORONTO, Feb. 11, 2013 /CNW/ - Rainy River Resources Ltd. ("Rainy River" or the "Company" (RR.TSX)) is pleased to provide an update on its planned activities for 2013.

Overview

The feasibility study and permitting process respecting the Rainy River Gold Project (the "RRGP") are progressing according to schedule. Exploration drilling re-commenced in mid-January with the intent to add to the RRGP's existing gold resource of 6.2 million and 2.3 million ounces in the Measured & Indicated and Inferred categories, respectively.

The Company is well funded to complete its 2013 activities, with approximately $102 million in cash and equivalents as of December 31, 2012.

Exploration

Rainy River plans approximately 75,000 metres of drilling in 2013, with a budget allocation of approximately $18 million. Four diamond drill rigs were mobilized at the RRGP in January. Three of the rigs are working to expand known mineralization as well as conduct infill drilling at the newly discovered Intrepid Zone.  With 51 drill holes completed to date, Intrepid now has a 335-metre strike length and measures 450 metres down dip. The Company aims to gather enough drill information to form the first mineral resource on Intrepid by the middle of this year.

The fourth rig is working at the BP Zone. Drill results from the Company's 2013 program will be released as they become available.

Feasibility Study

Work continues on the RRGP feasibility study, which is targeted for release during the first half of 2013. In August of 2012, the Company released an Updated Preliminary Economic Assessment, which outlined a robust project producing 308,000 ounces of gold and 478,000 ounces of silver annually over the first 10 years, with an IRR of 21% and NPV of $846 million, at $1,250 per ounce gold and $25 per ounce silver price assumptions. The feasibility study will incorporate the latest gold and silver resource estimate, which was released in October 2012.

Summary of 2013 Plans

1H  Feasibility Study
Continue exploration at Intrepid Zone
Continue exploration along prominent magnetic low trend hosting the majority of gold mineralization
Submission of Environmental Assessment report

2H  Detailed engineering
Intrepid Zone Resource Statement
Secure long lead time items

Upcoming Events
Rainy River will be presenting at the following events:

  • NBF Conference in London, UK: Wednesday, February 13 at 9:25 a.m. local time.
  • BMO Conference in Hollywood, FloridaWednesday, February 27 at 9:00 a.m. local time.
  • PDAC 2013 Corporate Presentation in Toronto: Tuesday, March 5 at 4:00 p.m. local time, Metro Toronto Convention Centre, South Building, Room 801B.

Qualified persons
Rainy River's exploration program in Richardson Township is being supervised by Kerry Sparkes, P.Geo., Vice-President Exploration, a Qualified Person as defined by National Instrument 43-101.  Mr. Sparkes, P.Geo., is also the person responsible for the content of this news release. The Company has a rigorous QA/QC program in place to ensure best practices in sampling and analysis of drill core.  All drill core is marked for sampling and then split in half with a diamond saw blade.  Samples are placed in sealed bags with security tags.  All samples were assayed using a standard fire assay, 30 gram nominal sample weight with an AA finish.  Over-limit samples were re-assayed with a gravimetric finish.  Samples with visible gold were automatically analyzed for Ore Grade by 1000 g screen fire assay, with coarse and fine fractions being combined proportionately and the fine fraction being assayed twice.  Standards, blanks and duplicates are inserted every 25 metres.  ALS Canada Ltd. performed primary assaying, with duplicates being analyzed at Activation Laboratories Ltd.  ALS Canada Ltd. and Activation Laboratories Ltd. implements independent QA/QC protocols that include the insertion of certified blanks and standards as part of their routine analysis.

About Rainy River
Rainy River Resources Ltd. is a Canadian precious metals exploration company whose key asset is the Rainy River Gold Project, a large gold system centred in Richardson Township (part of Chapple Township). As of December 31, 2012, the Company had approximately $102 million in cash and cash equivalents and short-term investments, and remains well funded for its ongoing activities, including 1) completion of a feasibility level study on the RRGP; 2) continuing to grow the existing resource through exploration; 3) conducting a condemnation program in areas identified for potential mine facilities; and 4) continuing regional exploration. RRGP is very well located in northwestern Ontario. It is accessed by a network of roads and is close to hydro-electric infrastructure. The Rainy River district has a skilled labour force and is one of the lowest-cost areas for mineral exploration and development in Canada. Ontario has low political risk and, according to the annual Fraser Institute global survey of the mining industry, has consistently ranked as one of the top jurisdictions embracing mineral development.

RAINY RIVER RESOURCES LTD.

Raymond W. Threlkeld
President and CEO

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This release includes certain statements that may be deemed to be "forward-looking statements". All statements in this release, other than statements of historical facts, that address events or developments that management of the Company expects, are forward-looking statements. These statements include the possible conversion of inferred resources into higher confidence categories of resources. Although management 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 the forward-looking statements. The Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change. Factors that could cause actual results to differ materially from those in forward-looking statements, include market prices, exploration and development successes, continued availability of capital and financing, and general economic, market or business conditions. Please see the public filings of the Company at www.sedar.com for further information.

www.rainyriverresources.com   Page of 3


 

SOURCE Rainy River Resources

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
Using new techniques of information modeling, indexing, and processing, new cloud-based systems can support cloud-based workloads previously not possible for high-throughput insurance, banking, and case-based applications. In his session at 18th Cloud Expo, John Newton, CTO, Founder and Chairman of Alfresco, described how to scale cloud-based content management repositories to store, manage, and retrieve billions of documents and related information with fast and linear scalability. He addres...
You want to start your DevOps journey but where do you begin? Do you say DevOps loudly 5 times while looking in the mirror and it suddenly appears? Do you hire someone? Do you upskill your existing team? Here are some tips to help support your DevOps transformation. Conor Delanbanque has been involved with building & scaling teams in the DevOps space globally. He is the Head of DevOps Practice at MThree Consulting, a global technology consultancy. Conor founded the Future of DevOps Thought Leade...
An edge gateway is an essential piece of infrastructure for large scale cloud-based services. In his session at 17th Cloud Expo, Mikey Cohen, Manager, Edge Gateway at Netflix, detailed the purpose, benefits and use cases for an edge gateway to provide security, traffic management and cloud cross region resiliency. He discussed how a gateway can be used to enhance continuous deployment and help testing of new service versions and get service insights and more. Philosophical and architectural ap...
By 2021, 500 million sensors are set to be deployed worldwide, nearly 40x as many as exist today. In order to scale fast and keep pace with industry growth, the team at Unacast turned to the public cloud to build the world's largest location data platform with optimal scalability, minimal DevOps, and maximum flexibility. Drawing from his experience with the Google Cloud Platform, VP of Engineering Andreas Heim will speak to the architecture of Unacast's platform and developer-focused processes.
Wooed by the promise of faster innovation, lower TCO, and greater agility, businesses of every shape and size have embraced the cloud at every layer of the IT stack – from apps to file sharing to infrastructure. The typical organization currently uses more than a dozen sanctioned cloud apps and will shift more than half of all workloads to the cloud by 2018. Such cloud investments have delivered measurable benefits. But they’ve also resulted in some unintended side-effects: complexity and risk. ...
To Really Work for Enterprises, MultiCloud Adoption Requires Far Better and Inclusive Cloud Monitoring and Cost Management … But How? Overwhelmingly, even as enterprises have adopted cloud computing and are expanding to multi-cloud computing, IT leaders remain concerned about how to monitor, manage and control costs across hybrid and multi-cloud deployments. It’s clear that traditional IT monitoring and management approaches, designed after all for on-premises data centers, are falling short in ...
Serveless Architectures brings the ability to independently scale, deploy and heal based on workloads and move away from monolithic designs. From the front-end, middle-ware and back-end layers, serverless workloads potentially have a larger security risk surface due to the many moving pieces. This talk will focus on key areas to consider for securing end to end, from dev to prod. We will discuss patterns for end to end TLS, session management, scaling to absorb attacks and mitigation techniques.
We are seeing a major migration of enterprises applications to the cloud. As cloud and business use of real time applications accelerate, legacy networks are no longer able to architecturally support cloud adoption and deliver the performance and security required by highly distributed enterprises. These outdated solutions have become more costly and complicated to implement, install, manage, and maintain.SD-WAN offers unlimited capabilities for accessing the benefits of the cloud and Internet. ...
"We focus on SAP workloads because they are among the most powerful but somewhat challenging workloads out there to take into public cloud," explained Swen Conrad, CEO of Ocean9, Inc., in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
The deluge of IoT sensor data collected from connected devices and the powerful AI required to make that data actionable are giving rise to a hybrid ecosystem in which cloud, on-prem and edge processes become interweaved. Attendees will learn how emerging composable infrastructure solutions deliver the adaptive architecture needed to manage this new data reality. Machine learning algorithms can better anticipate data storms and automate resources to support surges, including fully scalable GPU-c...
The vast majority of businesses now use cloud services, yet many still struggle with realizing the full potential of their IT investments. In particular, small and medium-sized businesses (SMBs) lack the internal IT staff and expertise to fully move to and manage workloads in public cloud environments. Speaker Todd Schwartz will help session attendees better navigate the complex cloud market and maximize their technical investments. The SkyKick co-founder and co-CEO will share the biggest challe...
Machine learning provides predictive models which a business can apply in countless ways to better understand its customers and operations. Since machine learning was first developed with flat, tabular data in mind, it is still not widely understood: when does it make sense to use graph databases and machine learning in combination? This talk tackles the question from two ends: classifying predictive analytics methods and assessing graph database attributes. It also examines the ongoing lifecycl...
The Founder of NostaLab and a member of the Google Health Advisory Board, John is a unique combination of strategic thinker, marketer and entrepreneur. His career was built on the "science of advertising" combining strategy, creativity and marketing for industry-leading results. Combined with his ability to communicate complicated scientific concepts in a way that consumers and scientists alike can appreciate, John is a sought-after speaker for conferences on the forefront of healthcare science,...
With more than 30 Kubernetes solutions in the marketplace, it's tempting to think Kubernetes and the vendor ecosystem has solved the problem of operationalizing containers at scale or of automatically managing the elasticity of the underlying infrastructure that these solutions need to be truly scalable. Far from it. There are at least six major pain points that companies experience when they try to deploy and run Kubernetes in their complex environments. In this presentation, the speaker will d...
Dhiraj Sehgal works in Delphix's product and solution organization. His focus has been DevOps, DataOps, private cloud and datacenters customers, technologies and products. He has wealth of experience in cloud focused and virtualized technologies ranging from compute, networking to storage. He has spoken at Cloud Expo for last 3 years now in New York and Santa Clara.