If it is a nearology play to Rainy River - last night announcement might see it get a bit of attention when the deal with Crescent allows for the Canadian listing..
RR.TSX TORONTO, Oct. 10, 2012 /CNW/ - Rainy River Resources Ltd. ("Rainy River" or the "Company" (RR.TSX)) is pleased to announce an updated mineral resource statement for the Rainy River Gold Project ("RRGP") in northwestern Ontario. Mineral resources were estimated by SRK Consulting (Canada) Inc. ("SRK") and are reported in accordance with Canadian Securities Administrators National Instrument 43-101. The consolidated mineral resource statement for the RRGP is tabulated in Table 1. Resources are reported at an elevation of approximately 500 metres below surface, and the same cut-off grades as those reported in the February 2012 mineral resource statement. NB - All comparisons have been referenced to the filed Technical Report for the February 2012 Resource Statement. HIGHLIGHTS • Measured and Indicated mineral resources expand to 6.2 million ounces of gold, 13.3 million ounces of silver. • Measured and Indicated mineral resources increase by 9% for contained gold and 12% for contained silver ounces, driven by a 5% increase in tonnage and grade increases of 3% and 6% for gold and silver, respectively. • Inferred mineral resources total 2.3 million ounces of gold, 7.0 million ounces of silver, continuing to provide a basis for future feed. • 257,000 ounces of gold and 565,000 ounces of silver were added within the conceptualized open pit outline in the Measured and Indicated categories • Additionally, Indicated silver in the Silver Zone increased by 89%, to 1.2 million ounces, further increasing ounces within the pit.
CVY Price at posting:
14.0¢ Sentiment: Buy Disclosure: Held
