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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 breakdown of open pit and underground pre-production and sustaining capital costs is provided in Tables 4 and 5, respectively.

Open pit pre-production capital costs include overburden stripping, which is necessary to expose the bedrock material to be mined, as well as waste rock stripping. Open pit sustaining capital costs include the construction of a tailings management facility and certain ongoing overburden stripping to expose mineralized material as the pit expands.

Table 4 - Open Pit Capital Costs

    Open Pit Pre-Production Capital       C$M
    Overburden Stripping                 43.1
    Waste Stripping                      41.9
    Process Plant                        283.7
    Tailings and Water Management        44.9
    Equipment                            26.2
    Site and Mine Infrastructure         105.7
    Indirect Costs                       112.8
    Contingency                          55.0
    Total                                713.3
    Open Pit Sustaining Capital           C$M
    Equipment Capital Lease              161.5
    Waste Stripping Costs                62.7
    Overburden Stripping Costs           70.7
    Tailings Facility Construction       23.6
    Other: Site Development, Facilities,
    Closure, net of Salvage value         3.4
    Total                                321.9

Table 5 - Underground Capital Costs

    Underground Capital  C$M
    Development          67.8
    Sustaining           94.6
    Total               162.4

Project Permitting

In anticipation of future project permitting, the Company has been working closely with both Federal and Provincial regulatory agencies for several years. Environmental baseline studies were initiated in 2008 and have been followed by extensive annual regional field assessments. Recent milestones have included the acceptance of the Mine Project Description by the Canadian Environmental Assessment Agency as well as the submission of the Provincial Terms of Reference to the Ontario Ministry of Environment. Additionally, the Rainy River Gold Project was selected by the Federal/Provincial Regulatory Reform Working Group to receive enhanced project alignment considerations and involvement from senior government executives and Ministers thereby providing direct support towards an efficient and effective project review.

Community

The Company remains an active member of the local community, supporting a wide variety of community events and training programs. Regular public information meetings and a quarterly community newsletter combined with site tours are some of the ways in which the Company continues to engage and inform the local population as to the Project's progress. These efforts will be amplified and expanded further, in tandem with the release of the Mine Environmental Assessment report during the latter half of 2013.

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