In June 2010, Rainy River signed an option agreement, effective September 2010, to earn a 51% joint venture interest in the eastern half of Northern Superior's 100% owned Ti-pa-haa-kaa-ning/Big Dam ("TPK") gold property. Rainy River can earn its 51% interest in the eastern half of the TPK Property by (a) funding $9.4 million in exploration expenses over a 3 year period, with $1.4 million in year 1, $4 million in year 2 and $4 million in year 3; (b) making cash payments of $300,000 upon receipt of regulatory acceptance and a further $1.3 million in January, 2011 and (c) completing three equal annual private placements of common shares of Northern Superior of $500,000 each for a total equity investment of $1.5 million. Northern Superior has also granted to Rainy River rights of first refusal with respect to both Northern Superior's interest in the eastern half of the TPK property and its 100% interest in the western half of the TPK Property (known as the "New Growth Area") should Northern Superior receive acceptable bona fide arms' length third party offers. If Rainy River exercises its option, the parties have agreed to form a joint venture, with Rainy River holding a 51% interest and Northern Superior 49%. Rainy River is the operator and manager of the joint venture.

TPK is located approximately 470 km northeast of Thunder Bay and 190 km northeast of Pickle Lake in northwestern Ontario. The property is located in the traditional area of the First Nations community of Neskantaga. The 18,189-hectare property is hospitable for structurally-controlled gold deposits and contains an untested gold-grains-in-till anomaly that is as strong as, and larger than the major anomaly associated with the mineralized caldera on the Rainy River Gold Project, suggesting the presence of a cluster of potentially significant gold zones beneath the till. The Company plans to use the experience gained from its reverse circulation ("RC") drilling discoveries at the Rainy River Gold Project to locate these possible gold zones.

The Company and Northern Superior commenced a major RC drilling program and complementary boulder prospecting in July 2010, followed by diamond drilling of the RC drilling-defined targets, which commenced in November 2010.

In 2011, Rainy River plans to work on advancing the early-stage discoveries at TPK. As of March 31st, 2011, the Company had completed its year-one obligations of incurring exploration expenditures of $1,400,000, making the cash payments totaling $1,600,000, and completing a private placement of common shares of Northern Superior of $500,000.