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
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