Vancouver, BC / ACCESSWIRE / November 27, 2014 / Golden Reign Resources Ltd. (TSX-V: GRR) (the "Company" or "Golden Reign") is pleased to provide an update on its San Albino Gold Deposit located on its 100% owned San Albino-Murra Property, Nueva Segovia, Nicaragua.
Preparation of a NI 43-101 compliant Preliminary Economic Assessment (PEA) report for the San Albino Deposit is well advanced with the results to be announced in early Q1 2015. A technical report will be filed within 45 days thereafter.
The PEA report is being prepared by P&E Mining Consultants Inc. ("P&E") of Brampton, Ontario. P&E authored the Company's initial NI 43-101 Technical Report and Resource Estimate on the San Albino Gold Deposit filed in early January 2013 and prepared the subsequent updated mineral resource estimate announced on July 24, 2014.
The PEA will review both In-Pit (open-pittable) and Out-of-Pit (underground) resources, providing detailed information regarding total current resources, a preliminary mine design and Life of Mine Plan, operating cost, capital cost, sensitivities and preliminary project economics.
The PEA will incorporate a pending resource estimate update and is intended to supplement an internal due diligence technical review report (formerly referred to as an 'internal scoping study' announced on June 20, 2014). This due diligence technical review focused on metallurgical studies and preliminary capital cost estimates. Economic analysis intended to determine the potential viability of mineral resources is being addressed under the PEA.
The pending PEA is a conceptual study of the potential viability of mineral resources. As the Company does not intend to complete a Pre-Feasilbility or Feasibility Study prior to potentially commencing small scale production at the San Albino Gold Deposit there is an increased risk that the economic and technical aspects of the PEA may not be realized.
Located at the southern end of a 20 kilometre long mineralized trend outlined and defined by Golden Reign as the Corona de Oro Gold Belt, the San Albino Gold Deposit is the first of the five areas targeted for potential future development by the Company. The Company recently completed a US$15 million gold streaming arrangement with Marlin Gold Mining Ltd. (TSX-V: MLN), which will fund the construction and development of the San Albino Gold Deposit (see news release dated July 11, 2014).
Golden Reign's Qualified Persons
John M. Kowalchuk, P.Geo., a geologist and Company qualified person (as defined under NI 43-101) has read and approved the technical information contained in this news release on behalf of the Company. Eugene Puritch, P.Eng., of P&E, an independent qualified person as defined by NI 43-101, has also reviewed and approved the contents of this news release.
On behalf of the Board,
"Kim Evans"
Kim Evans, CGA
President & CEO
About Golden Reign:
Golden Reign Resources Ltd. is a publicly listed (TSX-V: GRR) mineral exploration company engaged in exploring the San Albino-Murra Property and the El Jicaro Property, both of which are located in Nueva Segovia, Nicaragua.
The Company's prime objective is to bring its San Albino Gold Deposit into production quickly and efficiently, building cash flow to further advance a number of its other highly prospective exploration targets.
The Company's land package comprises 13,771 hectares (138 km2) of highly prospective ground. Hundreds of historical mines and workings exist within the Corona de Oro Gold Belt, which is approximately 3 kilometres wide by 20 kilometres long and spans the entirety of the Company's land package.
For additional information please visit our website at www.goldenreign.com and SEDAR www.sedar.com.
Forward-Looking Statements: Some of the statements contained herein may be forward-looking statements which involve known and unknown risks and uncertainties. Such forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward-looking statements, including, without limitation, risks and uncertainties relating to political risks involving the Company's exploration and development of mineral properties interests, the inherent uncertainty of cost estimates and the potential for unexpected costs and expenses, potential mineral recovery processes and rates, commodity price fluctuations, the inability or failure to obtain adequate financing on a timely basis and other risks and uncertainties. Such information contained herein represents management's best judgment as of the date hereof, based on information currently available.
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.
Source: Golden Reign Resources Ltd.