Private Placement Closed

Suite 501 - 595 Howe Street Vancouver, BC V6C 2T5 Tel: (604) 685-4655 Fax: (604) 685-4675 Toll Free: 1-888-685-4655

May 28, 2010 NEWS RELEASE - #10-09 TSX- V: GRR

PRIVATE PLACEMENT CLOSED

Golden Reign Resources Ltd. (the “Company” or “Golden Reign”)(TSX-V: GRR), is pleased announced that it has closed the second tranche of its non-brokered private placement, announced on March 8, 2010. The second tranche consists of 4,463,560 units at a price of $0.20 per unit for gross proceeds of $892,712. Each unit consists of one common share and one half of one share purchase warrant. Each whole share purchase warrant will entitle the holder thereof to purchase an additional common share at a price of $0.25 for a period of two years. The Company has agreed to pay finder’s fees of $23,000 cash and 125,000 warrants exercisable into 125,000 common shares at a price of $0.25 per share for a period of two years were paid in connection with this tranche of the offering. The common shares issued pursuant to this private placement are subject to a four month hold period which expires on September 28, 2010. The private placement and payment of the finder’s fees are subject to acceptance by the TSX Venture Exchange.

Together with the first tranche that closed on April 1, 2010, the Company raised gross proceeds of $1,267,712.

Net proceeds of the placement will be applied to costs related to the San Albino-Murra Gold Property in Nicaragua and for general working capital.

Plans for an initial drill program of roughly 1,000 to 1,500 metres to test the historic San Albino Mine at depth and by extension are well advanced. Additional details on this program will be released shortly.

On behalf of the Board,

“Kim Evans”

Kim Evans, CGA Director & CFO

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

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