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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




The independent Feasibility Study was prepared through the collaboration of a number of industry-recognized consulting firms, including BBA Inc. ( Montreal, QC), Golder Associates ("Golder", Vancouver, BC), AMEC Environment & Infrastructure ("AMEC", Mississauga, ON), Merit Consultants International Inc. ("Merit", Vancouver, BC), SRK Consulting ( Canada) Inc. ("SRK", Toronto, ON), SGS Canada Inc. ("SGS", Lakefield, ON), SanZoe Consulting ("Sanzoe", Toronto, ON) and TBT Engineering ("TBT", Thunder Bay, ON). A summary of contributors to the FS is included in Table 1 below.

Table 1 - FS Contributors

    Responsibility Area                             Contributor
    -------------------                             -----------
    Geology                                    Rainy River Resources
    Resource Estimate                                   SRK
    Mine Planning                                   BBA, Golder
    Geotechnical, Tailings, Hydrogeology               AMEC
    Metallurgical Testwork                              SGS
    Process flow sheet and Plant Design                 BBA
    Tailings Management Facility                       AMEC
    Infrastructure, Power Supply                 BBA, SanZoe, TBT
    Construction Management                            Merit
    Environmental Baseline and Permitting              AMEC
    Financial Modeling (pre-tax)                        BBA

Open Pit and Underground Mineral Reserves

The FS mineral reserves are based on the October 2012 resource update (see Rainy River Resources' press release dated October 10, 2012). For the FS, open pit mining dilution and mining recovery are calculated as 9.7% at 0.22 g/t gold and 1.31 g/t silver and 95%, respectively. Approximately 80% of the underground mineral reserves are in long-hole (LH) stopes, with the balance of about 20% of underground reserves in cut-and-fill ("CAF") stopes. Overall, it is estimated that the LH stopes will have approximately 10% dilution grading 1.56 gpt gold and 1.28 gpt silver. Dilution in the CAF areas is estimated to be 9% with a grade of 0.61 gpt gold and 4.16 gpt silver. Underground resources have been calculated assuming a mining recovery of 95%.

The open pit cut-off grade is 0.30 g/t gold-equivalent ("AuEq"), and the underground cut-off grade is 3.5 g/t AuEq. The resulting mineral reserve calculation for the open pit and underground mine plans is shown in Table 2:

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