TORONTO, ONTARIO, January 20, 2012 -- Rainbow Resources Inc. (TSX Venture: RBW) ("Rainbow" or the "Company") is pleased to announce that Mr. David Johnston has assumed the position of President of the Company effective immediately. Mr. Brian Murray remains as CEO.
"We're delighted to make this transition and have David take over as President," explained Mr. Murray. "This is another logical step in carrying out our strategic plan to develop Rainbow which will require the President's complete focus and attention. David will be able to provide that out of our second office in Calgary where he is also much closer to our exploration activities in southeast British Columbia. David was the driving force in assembling an exceptional land package in the West Kootenays over a period of several years through privately-held Braveheart Resources which Rainbow acquired last fall. He continues to be a director of the Chamber of Mines for eastern British Columbia and knows that area extremely well."
Johnston has a broad background of experience. For many years he has been very active in the Calgary business community and with several local and international charitable organizations. A former miner with Hudson Bay Mining and Smelting, Johnston also has considerable public company experience as a director and launched an insurance company, Capital Benefits Corp., 25 years ago that remains successful today.
Commenting on the appointment, Mr. Johnston stated: "I am very excited about the opportunity with Rainbow and my goal with this company is to move it forward aggressively but systematically. My aim is to build a solid foundation for long-term growth and maximize shareholder value. Immediately, my team and I are looking forward to closing Rainbow's recently announced private placement in the very near future and continue to work toward finalizing drill plans for our Big Strike Project in the West Kootenays after receipt of a major geological report from Moose Mountain Technical Services, our geological consultant. We are also currently conducting airborne geophysics over each of our properties in the Big Strike Project, covering nearly 7,000 hectares."
Rainbow's shares are listed for trading on the TSX Venture Exchange under the symbol RBW.V. Rainbow currently has 26,245,137 common shares issued and outstanding.
For further information: David Johnston (403) 701-2781
R. Brian Murray (416) 985-7810
Visit our website at www.rainbowresourcesinc.com
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 or accuracy of this release.