Rainy River Resources Ltd.

Rainy River Resources Ltd.

May 23, 2006 12:27 ET

Rainy River's '17 Zone' Demonstrates Excellent Continuity at -230 Metre Level and Remains Open Along Strike

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - May 23, 2006) -




Nelson W. Baker, President of Rainy River Resources Ltd. (TSX VENTURE:RR) is pleased to report the latest drilling results for three (3) holes, NR06-55, NR06-56 and NR06-57, drilled at the 17 Zone on the Company's 100%-owned Rainy River Project located approximately 40 kilometres west of Fort Frances, Ontario. The holes were drilled east of NR06-54 (reported on previously - see Table I for complete intervals). A total of nine (9) holes (NR06-49 through NR06-57) with strong gold grades across impressive core intervals have now intersected the 17 Zone at approximately the -230 metre level for a strike length of 255 metres. The zone remains open along strike in both directions and down plunge. A location plan for all new holes will be posted on the Company's website within the next few days.

17 Zone Highlights

- -230m Level (west to east 30-50 metres apart)
- NR06-49 intersects 10.0 metres grading 6.50 g/t Au(i)
- NR06-51 intersects 7.0 metres grading 3.50 g/t Au(i)
- NR06-50 intersects 4.0 metres grading 6.78 g/t Au(i)
- NR06-52 intersects 11.4 metres grading 4.44 g/t Au(i)
- NR06-53 intersects 5.5 metres grading 19.26 g/t Au(i)
- NR06-54 intersects 3.0 metres grading 7.39 g/t Au(i)
- NR06-55 intersects 4.5 metres grading 4.74 g/t Au
- NR06-56 intersects 7.5 metres grading 1.46 g/t Au (plus two other
parallel zones)
- NR06-57 intersects 5.0 metres grading 8.95 g/t Au (plus three other
parallel zones)
Note: (i) reported in a previous release

Two drill rigs are currently focusing on the 17 Zone. The fence of holes at the -230 metre level will attempt to establish the strike length of the gold zone. An additional row of holes is planned at approximately the -260 metre level to determine its down plunge extent to the southwest. A third drill rig, capable of drilling deep holes, is scheduled to be added to the project shortly. It will test both the 17 Zone and the 433 Zone (500 metres to the north) for deeper mineralization.

The gold-rich polymetallic mineralization in the 17 Zone exhibits many geological and mineralogical similarities to the Bousquet area deposits in Quebec, Canada's fourth largest mining district. It occurs in the lower part of a thick, felsic pyroclastic flow horizon and in the immediately underlying, polymictic, felsic volcanic conglomerate and/or breccia. The Bousquet mining district in the Abitibi Greenstone Belt has produced 16.9 million ounces of gold in addition to substantial zinc, copper and silver credits. The Laronde deposit (8.5 M. Oz gold), the Bousquet area's deepest mine, extends to the 3,000-metre level. The 100%-owned Rainy River Project covers a poorly exposed greenstone belt that, compared to other prolific mineral belts in the Superior Province, was not well explored in the past. The 17 and 433 Zones in Richardson Township occur within a six square kilometre "gold-in-bedrock" anomaly that was discovered by the OGS in 1988 and is the largest ever recorded in Canada.

Quality Control

Rainy River has implemented a quality control program to ensure best practice in sampling and analysis of the drill core. The procedures of the QA/QC program were detailed in Rainy's news release of March 13th, 2006. Assays equal to or greater than 10 g/t were calculated gravimetrically. Assays greater than 100 g/t were re-analyzed by fire assay using 50-grams of sample and measured gravimetrically.

Nelson W. Baker, P.Eng., is the Qualified Person for the Rainy River Project and the person responsible for the contents of this news release.

Nelson W. Baker, President

17 Zone
NR06-55, 56, 57

NR06-55 dip -51 Depth 401m (30m east of NR06-54)
1 gold zone intersected
From to Length (m) gm/t Au
Zone1 368.0 372.5 4.5 4.74
Incl. 369.5 372.5 3.0 6.19

NR06-56 dip -61 Depth 401m (50m East of NR06-55)
3 gold zones intersected
From to Length (m) gm/t Au
Zone 1 239.0 243.5 4.5 1.28
Zone 2 267.5 278.0 10.5 1.31
Incl. 270.5 278.0 7.5 1.46
Zone 3 321.5 336.5 15.0 1.31
Incl. 321.5 324.5 3.0 2.72

NR06-57 dip -51 Depth 450m (50m east of NR06-56)
4 gold zones intersected
From to Length (m) gm/t Au
Zone1 317.0 332.0 15.0 1.65
Incl. 326.0 330.5 4.5 3.18
Zone 2 417.0 422.0 5.0 8.95
Zone 3 429.0 432.0 3.0 1.43
Zone 4 442.0 448.0 5.0 3.85
Incl. 442.0 447.0 4.0 5.63

All drill core intervals quoted are estimated to be true widths and all
drill holes have been drilled at a 359 degree azimuth. As well, the
gold values quoted in Table I are uncut.

For further information, please contact at or by e-mail at.

The statements contained in this release that are not historical facts are forward-looking statements, which involve risks and uncertainties that could cause actual results to differ materially from targeted results. Mineral resources which are not mineral reserves do not have demonstrated economic viability. The Company relies upon litigation protection for forward-looking statements.

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

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