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Rainy River Resources Completes Feasibility Study: Establishes Intermediate Production Profile With 4.0 Million Ounces Of Gold In Proven And Probable Reserves

"Our planned mine production averages 326,000 ounces of gold and 494,000 ounces of silver annually in the first 10 years of the combined open pit and underground operation. Over that period, we will operate at mill head grades of 1.46 grams per tonne of gold and 3.19 grams per tonne of silver, and a low open pit operating strip ratio of 2.8:1, which excludes overburden and capitalized waste.

"The higher grades mined in the open pit and underground will enable the average cash costs in the first five and 10 years to be US$413 and US$468 per ounce of gold including royalties and net of silver credit, respectively, which would place the Rainy River Gold Project in the lowest and second-lowest quartiles for cash costs, respectively, among gold producers worldwide. The after-tax NPV is $931 million with low "all-in" cash costs of US$771 per ounce gold (at US$1,400 per ounce gold, US$25 per ounce silver, including royalties and net of silver credits).

"This mine plan, combined with the exploration potential in our district, makes the Rainy River Gold Project stand out in Canada as a low risk, high return project.

"A prime example of the district potential is our exciting Intrepid Zone, where last week we saw high grade intercepts of almost half an ounce of gold and almost 3 ounces of silver over 9 metres in drill hole NR 131523. The Intrepid Zone, which is not included in the Feasibility Study, exemplifies the potential of the district and is expected to add high quality ounces to an already outstanding Rainy River Gold Project."

Areas of Upside Potential for the Project

  • Intrepid Zone integration into the mine plan
  • District exploration

Note that this news release contains "forward-looking information" as defined in applicable securities laws which include, but are not limited to, statements with respect to the cost and timing of the development of the Rainy River Gold Project, as well as the availability of financing for the project. Further information about forward-looking statements is included at the end of this press release.

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