VANCOUVER, BRITISH COLUMBIA — (Marketwire) — 02/15/12 — Golden Reign Resources Ltd. (the „Company“ or „Golden Reign“)(TSX VENTURE: GRR) is pleased to report additional assay results from the 2011/2012 definition drill program underway at the San Albino Mine area of its flagship San Albino-Murra Gold Property (the „Property“), Nueva Segovia, Nicaragua.
Drill holes SA 11-41, SA 11-42 and SA 11-43 have proven the northeast extension of the San Albino and Arras mineralized structures. Despite drilling through an area of extreme disturbance, where at least two fault zones appear to converge, each hole intersected both the San Albino and Arras mineralized zones. In SA 11-41, the first hole in which visible gold was observed in the core, the Arras zone returned:
Per the Company-s standard QA/QC protocol, a duplicate sample from drill hole SA 11-41 was tested. The duplicate sample returned 2.0 metres of 99.28 g/t gold and 35.3 g/t silver. This includes 1.0 metre of 198.47 g/t gold and 69.3 g/t silver, comprised of two 0.5 metre samples grading 101.06 g/t gold and 43.0 g/t silver and 295.87 g/t gold and 95.6 g/t silver, respectively.
Highlights from the San Albino zone include:
The strike length of the San Albino mineralized zone has been increased by a further 40 metres to approximately 600 metres. Arras, a high-grade near surface mineralized structure, has been extended along strike for a further 95 metres to 545 metres and down-dip for 600 metres. Both mineralized zones remain open along strike in all directions and at depth.
The San Albino Mine area represents only 2 square kilometres within the highly prospective 87 square kilometre San Albino-Murra Gold Property. Presently, Golden Reign has three drill rigs active at the San Albino Mine area.
The 2011/2012 definition drill program is designed to extend the mineralized area outlined in 2010, refine the geological model, and obtain sufficient data to calculate a NI 43-101 compliant mineral resource for the San Albino Mine area. The Company expects to complete drilling in March 2012 and the NI 43-101 compliant resource calculation in the first half of 2012.
Board Appointment
The Company is also pleased to announce the appointment of Mr. John Conlon to its Board of Directors. Mr. Conlon has been involved in the mining industry since 1972, first as owner of Webcon Equipment Inc. He has over 40 years experience in the resource industry. Prior directorships include Western Canadian Coal Corp., Cambrian Mining PLC, Coal International Limited and Xtract Energy PLC.
Stock option grant
The Company has granted, pursuant to its stock option plan and subject to regulatory approval, 2,000,000 options to directors, officers, employees and consultants at an exercise price of $1.10 per share for a term of five years. The securities represented by this grant will be subject to a four-month hold period.
Qualified Person
John M. Kowalchuk, P.Geo, a geologist and qualified person (as defined under NI 43-101) has read and approved the technical information contained in this news release.
On behalf of the Board,
Kim Evans, CGA, President & CEO
About Golden Reign:
Golden Reign Resources Ltd. is a publicly listed (TSX VENTURE: GRR) mineral exploration company engaged in exploring the San Albino-Murra Property and the El Jicaro Property, both of which are located in Nueva Segovia, Nicaragua.
The Company-s land package comprises 13,771 hectares (138 km2) of highly prospective ground. Hundreds of historical mines and workings exist along a structural corridor approximately 3 kilometres wide by 20 kilometres long which spans the entirety of the Company-s land package.
Nicaragua, a mining-friendly jurisdiction, is situated in the Central American Gold Belt, which extends from Costa Rica in the south to Guatemala in the north. Within this prolific gold belt, estimates of historical production total more than 20 million ounces.
For additional information please visit our website at and SEDAR .
Forward-Looking Statements: Some of the statements contained herein may be forward-looking statements which involve known and unknown risks and uncertainties. Such forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward-looking statements, including, without limitation, risks and uncertainties relating to political risks involving the Company-s exploration and development of mineral properties interests, the inherent uncertainty of cost estimates and the potential for unexpected costs and expenses, commodity price fluctuations, the inability or failure to obtain adequate financing on a timely basis and other risks and uncertainties. Such information contained herein represents management-s best judgment as of the date hereof, based on information currently available.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.
Contacts: Golden Reign Resources Ltd. Kim Evans, CGA President & CEO (604) 685-4655 or Toll Free: 1-888-685-4655 (604) 685-4675 (FAX)
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