| Tue Jan 12, 2010 Corporate Update | |
| Golden Reign Resources Ltd. (the "Company" or "Golden Reign")(TSX-V: GRR) is pleased to announce that it has now received all 803 assay results from its first phase exploration program at the San Albino-Murra Gold Property, Nicaragua. An evaluation of the results is presently being completed. Although the San Albino-Murra Property is well known and the San Albino Mine has a long mining history, the property is under-explored. Other than limited trenching and drilling around the Arras Mine in the mid- 2000's, there has been no systematic exploration using modern exploration techniques. The initial program focused on the southern, San Albino District which covers approximately 24 square kilometers of the 87 square kilometre property. Within this block, geological mapping, prospecting and surface channel sampling of mineralized outcrops was undertaken within an area of roughly 12 square kilometres. In all, a total of 803 channel and grab samples were taken. The San Albino District contains two north-east trending mineralized structural zones: San Albino-Jobo-Arras-Lorenzo in the north; and Las Conchitas-San Pablo in the south. The northern zone includes the historic San Albino and Arras mines. The southern zone extends for 1.5 kilometers from Las Conchitas (El Limon and Bayacun Mines) north-east to San Pablo. Both zones are dominated by quartz veining in shears up to 8 metres true width. Several mineralized veins containing visible gold were mapped within these shears. Mineralization is generally located in veins associated with shear structures trending 60º/45ºN in the region of the San Albino Mine and 60º/55ºS in the area of Las Conchitas Mine to the south. Significant mineralization also occurs on 310º and N/S faults. It is the junction of the 310º and 60º structures that offers the greatest potential. San Albino-Jobo-Arras-Lorenzo Zone: The San Albino and Jobo mines are situated along one 60º structure that can be traced 200 metres eastward, where it is displaced by a 340º (N/S) fault. It then continues as the 400 metre long Arras/San Lorenzo structure until it is cut off by the Jicaro River fault. Las Conchitas-San Pablo Zone Several large (50 x 50 metre) mineralized quartz stockworks have been mapped at the junction of the 310º and 60º structures. Just north of the Las Conchitas-San Pablo shear zone there appears to be a linear dome trending 60º, possibly caused by a linear intrusive body, which has acted as a structural dam separating the two structural zones. The Las Conchitas mines were exploited by 600 metres of underground development in the early 1900's. The mines targeted a 1.3 metre wide vein and adjacent mineralized country rock. Much of the mineralization developed was from the surrounding oxidized graphite schist, which was easier to process by simple mechanical methods. Qualified Person John M. Kowalchuk, P.Geo, a geologist and qualified person (as defined under NI 43-101) has reviewed the technical information contained in this news release. The trading blackout period, initiated on December 22, 2009, for all insiders, management and consultants of the Company prior to release of all assay results from its Nicaraguan project remains in effect. The blackout period will continue until 24 hours after the results are publicly disseminated. 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 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. | |
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