Mar 15, 2012 - Rainbow Expands Exploration Plans for Promising Gold Viking/Ottawa Properties

TORONTO, ONTARIO, March 15, 2012 -- Rainbow Resources Inc. (TSX

VENTURE: RBW) ("Rainbow" or the "Company") is pleased to report that multiple new

prospective exploration targets have been identified well outside of historical workings

over a distinctive 1.4-kilometre north-south trend at its Gold Viking Property near the

village of Slocan in southeast British Columbia, significantly expanding the previously

known mineralization footprint. Gold Viking is immediately adjacent to Rainbow's

Ottawa Property, a robust silver producer in the early 1900's. The two properties form

part of the Company's recently expanded Kootenay Arc Big Strike Project that now

covers 9,000 hectares.

"Given the high-grade historical near-surface production at the old Ottawa Mines, and the

fact this general area has never been drill-tested or systematically explored, our initial

rock and soil sampling as well as airborne surveys at Gold Viking are extremely

encouraging and confirm that we're on track with our strategy," stated Rainbow President

David W. Johnston. "As a result we are expanding our field exploration and drilling

plans for both of these properties in an effort to further define the extent of mineralization

and determine if they form one large intrusive body due to their close proximity and

similar geological setting."

Moose Mountain Technical Services, Rainbow's resource consultant, reports that

preliminary data from a recently completed Fugro heli-borne electromagnetic survey at

Gold Viking reveals a very low resistivity feature that, importantly, corresponds exactly

to a multi-element soil geochemical anomaly over the central portion of the property.

This feature, 1,400 metres long and 320 metres wide, may represent a structural break

that could have acted as a conduit for mineralizing hydrothermal fluids. A north-south

trending mafic dyke is exposed within this same corridor.

Airborne surveys also revealed a similar low resistivity feature over parts of the northern

and southern sections of Gold Viking that merit additional ground follow-up. Gold

Viking is 3.7 kilometres north to south and stretches 2.7 kilometres east-west at its widest

point.

Gold Viking hosts a few historical adits that traced mineralization in a north-south

direction and yielded quantities of silver, gold and lead from mining of high-grade

material in the early 1900's. Moose Mountain collected a total of six grab samples from

adits in the central and southern parts of the property with five of these samples returning

significant silver values ranging from 66 g/t (1.9 oz/ton) to 489 g/t (14.3 oz/ton).

Ottawa Property Past Production

The eastern edge of the 501-hectare Gold Viking Property is approximately 1,000 metres

from the western boundary of the 229-hectare Ottawa Property. As detailed in a National

Instrument 43-101 compliant technical report just received from Moose Mountain, and

expected to be filed on Sedar within the next 10-14 days, Rainbow's Ottawa claims and

an area up to 350 metres east of these claims produced a total of 55,941,000 grams of

silver (1.8 million oz.), 1,000 grams of gold, 361,000 kg of lead, 12,000 kg of zinc and

800 kg of copper from 26,500 tonnes mined, mostly in the early 1900's but with some

production occurring as late as 1984. The approximate historical average mined

grade for silver at the Ottawa Mines was 2,113 g/t (61.6 oz/ton).

The Gold Viking and Ottawa properties share many of the characteristics of a felsicintrusion-

associated silver-lead-zinc vein-type deposit. There is easy access to both

properties and important infrastructure is nearby.

"We've very pleased with the detailed technical report we've just received from Moose

Mountain covering our entire Big Strike Project, and we will be providing additional

information on our International, Tin City, President and Rhea land packages in the very

near future as we complete our review of this document and exploration data that is

coming in," stated Johnston.

Quality Assurance/Quality Control

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. A comprehensive quality assurance/quality control program is in place to

monitor precision and accuracy of assay results. Rock and soil samples from Gold Viking

were shipped to Loring Laboratories in Calgary, AB., for analysis. Samples along with

analytical standards were submitted for 30 Element ICP analysis including FA/AA for

silver and gold. Samples were digested with Aqua Regia at 95C for one hour and bulked

to 20 ml with distilled water. Dissolution was partial for Al, B, Ba, Ca, Cr, Fe, K, LA,

Mg, Mn, Na, P, Sr, T and W. Assays were 0.5 gram samples digested by a multi acid

with a AA finish.

Rainbow's shares are listed for trading on the TSX Venture Exchange under the symbol

RBW.V. Rainbow currently has 32,895,638 common shares issued and outstanding.

For further information: David Johnston (403) 701-2781.

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