Private Placement Closed

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October 1, 2010 NEWS RELEASE - #10-16 TSX- V: GRR

PRIVATE PLACEMENT CLOSED

Golden Reign Resources Ltd. (the “Company” or “Golden Reign”)(TSX-V: GRR) is pleased to announce that it has closed a non-brokered private placement of 2,000,000 units at a price of $0.25 per unit to raise gross proceeds of $500,000. Each unit is comprised of one common share and one share purchase warrant which entitles the holder to purchase an additional common share at a price of $0.35 for a period of two years. The common shares issued pursuant to this private placement are subject to a four month hold period which expires on January 31, 2011.

The expiry date of the warrants will be accelerated to shorten the exercise period to 30 days should the trading price of the Company’s shares exceed $0.70 per common share for a period of 20 consecutive trading days during the exercise period. Such acceleration will only occur after the four month hold period expires.

There were no finder’s fees paid in connection with the placement.

Proceeds of the placement will be applied towards a second phase drill program and costs related to the continued exploration of the San Albino-Murra Gold Property in Nicaragua and for general working capital.

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.