TORONTO, Feb. 11, 2013 /CNW/ - Rainy River Resources Ltd. ("Rainy River" or the "Company" (RR.TSX)) is pleased to provide an update on its planned activities for 2013.
The feasibility study and permitting process respecting the Rainy River Gold Project (the "RRGP") are progressing according to schedule. Exploration drilling re-commenced in mid-January with the intent to add to the RRGP's existing gold resource of 6.2 million and 2.3 million ounces in the Measured & Indicated and Inferred categories, respectively.
The Company is well funded to complete its 2013 activities, with approximately $102 million in cash and equivalents as of December 31, 2012.
Rainy River plans approximately 75,000 metres of drilling in 2013, with a budget allocation of approximately $18 million. Four diamond drill rigs were mobilized at the RRGP in January. Three of the rigs are working to expand known mineralization as well as conduct infill drilling at the newly discovered Intrepid Zone. With 51 drill holes completed to date, Intrepid now has a 335-metre strike length and measures 450 metres down dip. The Company aims to gather enough drill information to form the first mineral resource on Intrepid by the middle of this year.
Source: Rainy River Resources