Aug 2, 2012 - Rainbow Mobilizes Drill Rig to International Silver Property

TORONTO, ONTARIO, August 2, 2012:  Rainbow Resources Inc. (TSX VENTURE: RBW) ("Rainbow" or the "Company") is pleased to report that the Company is mobilizing a drill rig to its 100%-owned International Silver Property in the prolific West Kootenay region of southeast British Columbia following receipt of a drill permit from the British Columbia Ministry of Energy and Mines.

Drilling is expected to commence by the end of next week with a series of initial shallow holes to test for continuity of high-grade mineralization along an exposed structure.

The 4,000-hectare International Property, where silver was first discovered in the early 1900's, has never been previously drilled despite numerous historical workings and highly encouraging showings over a broad area.  Drill targets have been carefully selected, based on historical information and several years of systematic exploration started by privately-held Braveheart Resources Canada Inc. which was acquired by Rainbow in the fall of last year.

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

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Qualified Person

Rainbow's disclosure of a technical or scientific nature in this news release has been reviewed and approved by Mr. Jim Decker, P.Eng., a Director of Rainbow Resources, who serves as a Qualified Person under the definition of National Instrument 43-101.

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 OTC Pink Sheets under the symbol RIINF. Rainbow currently has 35,553,163 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, 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.