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The Rainy River Project: An Emerging Gold District Rainy River Resources Ltd. is a Vancouver-based, Canadian precious metals exploration company that is focused on exploring and developing a newly discovered gold resource in the southwest corner of northern Ontario, Canada. The company's key asset is the large 100%-owned Rainy River gold project situated in the south half of Richardson Township where it controls a compliant NI43-101 gold resource estimation that, based on a detailed engineered pit design using a $US800/oz and a 0.4 g/t cut-off, contains 4.04 million ounces of gold (2.225 Moz indicated and 1.807 Moz inferred) and 7.923 million ounces of silver (3.375 Moz indicated and 4.458 Moz inferred) most of which is contained within an open pit that extends to the -450 m level. A higher grade gold resource at a 3 g/t cut-off amenable to underground mining methods extends below the pit shell and remains open along strike and down plunge. The gold resource occurs within a 600 ha, pervasively mineralized caldera complex that is vastly under-explored. The company is actively borehole drilling in proximity to the pit shell to expand the gold and silver resource. Rainy River has a solid management team that has the technical and financial skills to take this project to development. The company trades as RR on the TSX-V, has approximately $24 million in cash, 56.6 shares issued and outstanding and has approved a budget to spend $12 million for 2009. The bulk of the annual expenditure will consist of 60,000 metres of diamond drilling directed at expanding near surface resources and to proceed aggressively with scoping-type studies. The very well located, 16,530 hectare, 100%-owned Rainy River property is, as of May 12, 2009, is free and clear of all Net Smelter Royalties previously assigned to the property. The property is readily accessed by a network of roads and is close to hydro-electric infrastructure. Ontario is low political risk and, according to the annual Fraser Institute Survey of the mining industry, has generally ranked as one of the top jurisdictions in the past 10 years worldwide for mineral policy potential index as Ontario generally embraces mineral development. Consultation between the local First Nations groups and the Company has been initiated in January, 2009 in the spirit of relationship-building. The Rainy River project hosts a very large gold system associated with caldera complex in the poorly exposed Archean-age Rainy River greenstone belt, typical of many gold belts in Canada. Productive Archean greenstone belts in Canada average 27 mm ounces of gold of past production, reserves and resources. Management believes that the widespread distribution of gold and the extensive alteration is similar geologically to other productive gold districts (i.e. Bousquet Mining Camp) are both compelling features for a proto-gold belt. |  Mar 03, 2010: Rainy River Increases Land Position READ MORE > Mar 02, 2010: Rainy River Announces Updated Resource Estimate Of... READ MORE > Feb 25, 2010: Rainy River Announces Closing of $55 Million Priva... READ MORE > Feb 22, 2010: Rainy River Announces Final 2009 Drill Results READ MORE > Feb 19, 2010: Rainy River Announces Increased Size of Private Pl... READ MORE > | ||
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