| Tue Nov 10, 2009 Repricing Of Outstanding Stock Options And Stock Option Grant | |
| Golden Reign Resources Ltd. (the "Company" or "Golden Reign")(TSX-V: GRR) announces the repricing of all outstanding stock options. Subject to the approval of the TSX Venture Exchange (the "TSX-V"), outstanding stock options for the purchase of an aggregate of 1,675,000 common shares of the Company having exercise prices of $0.40 and $0.35 per share, with different expiry terms have all been repriced to the exercise price of $0.20 per share. As required by the policies of the TSX-V, all repriced options that are held by insiders of the Company will be subject to disinterested shareholder approval at the Company's 2009 annual general meeting of shareholders (the "Shareholders' Meeting"), which is scheduled for December 7, 2009. None of the repriced options may be exercised at the amended exercise price pending TSX-V acceptance of the stock option repricing. The Company further announces that pursuant to its stock option plan and subject to regulatory approval, it has granted 575,000 options to directors, officers, employees and consultants at an exercise price of $0.20 per share for a term of five years. The securities represented by this grant will be subject to a four-month hold period. On behalf of the Board, "Kim Evans" Kim Evans, CGA Director & CFO About Golden Reign: Golden Reign Resources Ltd. is a publicly listed (TSX-V: GRR) mineral exploration company engaged in the business of exploring and developing the precious metals and mineral assets in Nicaragua. Under the terms of the option agreement, the Company may acquire an 80% interest in the Property over a four year period by making cash payments totalling US$450,000, issuing 4,000,000 common shares from treasury and incurring aggregate exploration expenditures of US$5,000,000. The San Albino-Murra Property is held by a private Nicaraguan company, Nicoz Resources S.A. ("Nicoz"), under a 25 year mining license expiring February 3, 2027 and covers an area of 8,700 hectares (87 sq km). 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 www.goldenreign.com and SEDAR www.sedar.com. 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. | |
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