Golden Reign Resources Ltd.: Minas Perico Returns 1.1 Metres of 52.43 G/T Gold in Schist
Golden
Reign Resources Ltd. (the "Company" or "Golden Reign") (TSX-V: GRR) is pleased to announce the final
results from its 2010 regional sampling program conducted in the northern block of its San Albino-Murra
Gold Property (the "Property"), Nicaragua.
The Murra District is host to several newly discovered
gold prospects bearing significant precious metal mineralization. Located in close proximity to Mina
Estrella, which returned very high-grade gold samples, the new targets merit further investigation and
suggest that this district has the potential to host significant resources in possible open-pit
targets.
Highlights from the regional and underground sampling program are as follows:
• Minas
Perico, Tunnel # 1 - 1.1 metre channel sample returned 52.43 g/t Au
• Danilo #2 Vein - 4.5 metre
continuous channel sample returned 19.73 g/t Au
• Santos Garcia #2 Vein - 1.0 metre chip channel
sample returned 13.12 g/t Au
• Mina Juan (collapsed tunnel) grab sample from ore dump returned 54.34
g/t Au
• Minas America (collapsed tunnel) grab sample from ore dump returned 225.3 g/t Ag
Minas
Perico
Minas Perico consists of several old artisanal underground workings, many of which are
collapsed. Tunnel #1, approximately 10 metres in length, was abandoned by artisanal workers prior to
reaching the targeted gold bearing quartz vein.
The highest gold values received to date from schist
were received from sampling Tunnel #1. Vertical samples were collected from the entire length of Tunnel
#1, which is partially collapsed. All samples returned elevated gold values. Samples taken at the face
(end) of the tunnel in the host schist rock containing quartz veinlets up to 5 cm wide returned
significant gold mineralization, including 52.43 g/t gold over 1.1 metres. Schist rock contains gold
mineralization only when located within a few metres of a mineralized vein. Sampling suggests that the
adit was stopped within five metres of a mineralized quartz vein.
Please find the tables under the
following link: http://www.irw-press.com/dokumente/GoldenReign_tableen.pdf
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.
On behalf of the Board,
"Kim Evans"
Kim
Evans, CGA
President & CEO
About Golden Reign:
Golden Reign Resources Ltd. is a publicly listed
(TSX-V: GRR) mineral exploration company engaged in exploring the San Albino-Murra Property located in
Nueva Segovia, Nicaragua. Held under a 25 year mining license expiring February 3, 2027, the property
covers an area of 8,700 hectares (87 sq km).
The Company has outlined a structural corridor
approximately 3 kilometres wide by 15 kilometres long, which spans the Property, stretching from Las
Conchitas in the south to the northeast mining town of Murra. Old workings exist along the corridor. The
San Albino Mine flanks the northwestern edge of this structural trend.
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.
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 judgent 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.
|