Rainy River Resources Ltd.

Rainy River Resources Ltd.

February 01, 2007 17:02 ET

Rainy River Announces Board and Management Appointments

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Feb. 1, 2007) - Charles M. Raymond, Chairman of the Board of Rainy River Resources Ltd. (TSX VENTURE:RR) is pleased to announce that effective February 1, 2007, the Board has appointed Gerry Shields as an additional director and has appointed James Grinnell, CGA, as the Company's new Chief Financial Officer.

Mr. Shields is a Vancouver-based independent management consultant and a practicing lawyer. He has served as the Company's legal counsel for the past 11 years. Mr. Shields has extensive experience in advising both public and private companies on a broad range of legal matters including debt and equity financings, mergers and acquisitions, commercial lending, commercial leasing, corporate governance and general corporate and securities law. Mr. Shields was called to the Alberta Bar in 1981 and the British Columbia Bar in 1987. He obtained his Bachelor of Laws degree from the University of Western Ontario in 1979.

James Grinnell is a professional accountant with many years of experience as a Chief Financial Officer with both private and public companies that were or are involved in the export of lumber, coal and chemical products to the United States, Europe, Asia and South America. Mr. Grinnell was with Napier Environmental Technologies Inc., from May 1991 until January 2004 as CFO and Secretary since 1993. He joined Boulder Mining Corporation in March 2004 as CFO and Secretary, became CFO of Pediment Exploration Ltd. in August 2005 and Chief Accountant of Rampart Ventures Ltd. in May, 2006. Mr. Grinnell has been a member of the Certified General Accountant Association for over 30 years and has served as a Director on the Boards for three Chapters with the Association.

In connection with his appointment, the Company has granted Mr. Grinnell options to acquire 100,000 common shares of the Company at a price of CAD$4.12 for a period of two years.

In connection with Mr. Grinnell's appointment, Mr. Marshall Bertram and Mr. Rob Dickenson have stepped down as the Company's CFO and Treasurer, respectively. The Company wishes to thank Mr. Bertram and Mr. Dickenson for their significant contributions to Rainy River and wish them well in their future endeavours.

The appointments are subject to regulatory approval.

Charles M. Raymond, Chairman

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.

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