TORONTO, ONTARIO, August 6, 2013 -- Rainbow Resources Inc. (TSX VENTURE:RBW) (OTCQX:RIINF) ("Rainbow" or the "Company") is pleased to announce that it has completed the acquisition of a 100% interest in 25 mining claims, comprising a total of 14,068 hectares, in the Valhalla range of southeastern British Columbia. Originally Rainbow had agreed to acquire 4 claims (totaling 4,123 hectares) but this has now been expanded to include an additional 21 claims (9,945 ha.).
Rainbow has agreed to pay a total of $25,000 over a 10-month period from September 2013 to May 2014 and issue 500,000 common shares of the Company. The purchase also includes the acquisition of 3 additional mining claims (4,188 ha.) adjacent to the Company’s Rhea property and 2 additional claims (42 ha.) adjacent to the Whitewater property.
These claims are strategically located in the heart of the Valhalla Metamorphic Complex in the immediate vicinity of the privately owned Eagle Graphite mine, the only operating flake graphite mine in western North America. Figure 1 shows the location of the claims, a copy of this location map is also available on the Company’s web site. Rainbow has commenced some preliminary prospecting on a portion of the property and plans to follow up with a field program of mapping and sampling this fall.
The transaction is subject to final approval of the TSX Venture Exchange.
For further information: President David W. Johnston - (403) 701-2781.
Visit our website at www.RainbowResourcesRBW.com
About Rainbow Resources:
Rainbow is a Canadian based junior exploration company focused on building shareholder wealth through aggressive exploration in two favourable 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 OTCQX International under the symbol RIINF. Rainbow currently has 45,720,052 common shares issued and outstanding.
Figure 1 – Location Map
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,(more)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.