Golden Reign Resources Ltd.
TSX VENTURE : GRR

Golden Reign Resources Ltd.

February 08, 2011 14:23 ET

Golden Reign Resources Ltd.: Board of Director Appointment & Grant of Stock Options

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 8, 2011) - Golden Reign Resources Ltd. (the "Company" or "Golden Reign") (TSX VENTURE:GRR) is very pleased to announce the appointment of Mr. William (Bill) Meyer, P.Eng. to its Board of Directors.

Mr. Meyer, formerly Vice-President, Exploration for Teck Corporation and President of Teck Exploration Ltd., graduated from the University of British Columbia with a B.Sc. in geology in 1962. Mr. Meyer has had an extensive career as a consultant and exploration geologist. He was an exploration geologist with Phelps Dodge Corporation of Canada, which at the time was a prominent player in the exploration of western Canada. Bill, as a senior geologist with Gibraltar Mines Ltd., was involved in the early exploration of the Gibraltar copper mine. In 1967 he joined the consulting firm of Western Geological Services as a partner, and in 1975 formed his own consulting firm, W. Meyer and Associates. He joined Teck Exploration Ltd. in 1979 as Exploration Manager for Western Canada and the United States. In 1991, he was appointed Vice President, Exploration of Teck Corporation., responsible for the direction of exploration activities for Teck and its associated companies worldwide, retiring in 1999. Bill has been very supportive of AME BC (then the BC & Yukon Chamber of Mines) in the past. In January 2011, Bill received the Frank Woodside Past Presidents Distinguished Service Award in recognition for his significant contributions to AME BC and the mineral exploration industry over a span of nearly 50 years. He has acted as a director of a number of public companies, including Silver Standard Resources Inc., Lysander Minerals Corporation, Trans America Industries Ltd, GGL Resources Corp., Minco Silver Corp., and Minco Gold Corporation. Golden Reign is very pleased to welcome aboard Mr. Meyer, a director of high caliber, experience and expertise.

Further, the Company announces that pursuant to its stock option plan and subject to regulatory approval, it has granted to directors, officers, consultants and employees a total of 1,500,000 options exercisable at $0.56 per share for a term of five years. The securities represented by this grant will be subject to a four-month hold period.

On behalf of the Board,

"Kim Evans"
Kim Evans, CGA
President & CEO

About Golden Reign:

Golden Reign Resources Ltd. is a publicly listed (TSX VENTURE:GRR) mineral exploration company engaged in exploring the San Albino-Murra Property located in Nueva Segovia, Nicaragua. Held under a 25 year mining license expiring February 3, 2027, the property covers an area of 8,700 hectares (87 sq km).

The Company has outlined a structural corridor approximately 3 kilometres wide by 15 kilometres long, which spans the Property, stretching from Las Conchitas in the south to the northeast mining town of Murra. Old workings exist along the corridor. The San Albino Mine flanks the northwestern edge of this structural trend.

Under the terms of the option agreement, the Company may acquire an 80% interest in the Property over a four year period by making cash payments totalling US$450,000, issuing 4,000,000 common shares from treasury and incurring aggregate exploration expenditures of US$5,000,000.

Nicaragua, a mining-friendly jurisdiction, is situated in the Central American Gold Belt, which extends from Costa Rica in the south to Guatemala in the north. Within this prolific gold belt, estimates of historical production total more than 20 million ounces.

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, 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 judgent as of the date hereof, based on information currently available.

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

Contact Information

  • Golden Reign Resources Ltd.
    Kim Evans, CGA
    President & CEO
    (604) 685-4655 or Toll Free: 1-888-685-4655
    (604) 685-4675 (FAX)
    www.goldenreign.com