TORONTO, Oct. 19, 2012 -- Rainbow Resources Inc. (OTCQX: RIINF, TSX VENTURE: RBW) ("Rainbow" or the "Company") is pleased to report that while its 2012 Big Strike Project drilling is focused on the high priority International and Gold Viking properties, the Company continues to identify highly prospective areas elsewhere throughout its 13,000-hectare land package (100% owned) in the West Kootenay region of southeast British Columbia.
Two grab samples from a trench exposing numerous quartz veins in a mafic host rock (diorite) at the Whitewater Property near Nelson returned 2.06 oz/t Au (64.1 g/t) and 0.86 oz/t Au (26.9 g/t). The samples were taken from different veins 30 metres apart and have been re-submitted for total metallics analysis. This part of the Whitewater property, a former underground producer, has seen little exploration other than an access road and trench.
Meanwhile, a sample containing quartz with banded tourmaline from a trench at the Referendum Property, also in the Nelson Gold Camp, has returned 2.51 oz/t Au (78.1 g/t). It too is being reviewed using total metallics analysis. At another area of this past producing property, a copper stained occurrence discovered recently by a Moose Mountain Technical Services geologist along a deactivated logging road has assayed >10000 ppm Cu (>1% Cu).
Rainbow cautions that these samples, while highly encouraging, may not necessarily be representative of mineralization on each of the properties.
While drilling proceeds at Gold Viking, extensive prospecting continues at various Big Strike properties including the recently drilled International Silver Property in an effort to uncover additional high priority potential discovery areas. Results will be released as soon as they are received and reviewed by Moose Mountain Technical Services, Rainbow's resource consultants.
Meanwhile, drilling preparations are advancing at Jewel Ridge in Nevada, contiguous to Barrick Gold's Ruby Hill Mine. Rainbow's Phase 1 program will focus on the former producing Hamburg Pit where one of the most recent historical results included 2.1 g/t Au over 39.6 metres near-surface.
For further information: President David W. Johnston - (403) 701-2781.
Visit our website at www.RainbowResourcesInc.com.
Qualified Person & Assaying Procedures
Rainbow's disclosure of a technical or scientific nature in this news release has been reviewed and approved by Mr. Robert Morris, P.Geo., of Moose Mountain Technical Services, who serves as a Qualified Person under the definition of National Instrument 43-101. Assaying was carried out by Acme Analytical Laboratories Ltd. of Vancouver, B.C. Each entire sample was crushed, a 250g split was pulverized to pass a 200 mesh screen, and a 15g sub-sample was leached in hot Aqua Regia. The detection limit for gold is 0.5ppb though it may be limited by graphitic or refractory materials.
About Rainbow Resources
Rainbow is a newly-listed Canadian based junior exploration company focused on building shareholder wealth through aggressive exploration in two favorable and proven mining jurisdictions - the West Kootenays in southeast British Columbia (silver, gold and flake graphite), and Nevada where Rainbow's Jewel Ridge Gold-Silver Project is in the heart of a major producing district. Rainbow's shares are listed for trading on the TSX Venture Exchange under the symbol RBW.V, and on the OTCQX International under the symbol RIINF. Rainbow has 41,627,719 common shares issued and outstanding.
Caution Regarding Forward-Looking Information
This news release includes certain information that may constitute "forward-looking information" under applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements about strategic plans, future work programs and objectives and expected results from such work programs. Forward-looking information is necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks,(more)uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information and the risks identified in the Company's continuous disclosure record. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. All forward-looking information contained in this news release is given as of the date hereof and is based upon the opinions and estimates of management and information available to management as at the date hereof. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy of this news release.
SOURCE Rainbow Resources Inc.