Permitting Proceeding as Scheduled for San Albino Gold Project
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October 22, 2015 NEWS RELEASE - #15-6 TSX- V: GRR
PERMITTING PROCEEDING AS SCHEDULED FOR SAN ALBINO GOLD PROJECT
Golden Reign Resources Ltd. (TSX-V: GRR) (the “Company” or “Golden Reign”) is pleased to announce that it has received the first two of four required permits prior to the development and commencement of mining activities on its 100% owned San Albino Gold Project located in Nueva Segovia, Nicaragua. The Company was granted its Water Use Permit and Forestry Permit.
Golden Reign President and CEO Kim Evans commented, "We have accomplished a significant milestone at our San Albino Gold Project with the receipt of these two permits. I would like to recognize the efforts of our team, who worked very closely with national agencies, National Authority for Water (“ANA”) and National Forestal Institute (“INAFOR”), in completing a very detailed and thorough permitting application process in a timely manner. Golden Reign is mobilizing a crew to site to accompany Sonoran Resources, LLC, the project engineers, in order to expedite pre-development and pre-construction activities.”
The Company is working closely with the Nicaraguan Ministry of Environment and Natural Resources (MARENA) and with a Nicaraguan environmental consulting firm contracted to complete its Environmental Impact Assessment (“EIA”) study. In 2014, Golden Reign completed an environmental baseline study report which will form part of the EIA study. The EIA is a key component for obtaining the Environmental Permit, for which an application has been submitted and is proceeding through the regulatory process. The Mining Permit will be presented once the Environmental Permit has been issued.
The Company continues to communicate and engage with local and federal governments, and further strengthen its relationships and partnerships within the local communities.
Appointment to the Board
The Company is pleased to announce the appointment of Abraham (Braam) Jonker to its Board of Directors. Mr. Jonker has more than 20 years of extensive management, accounting and corporate finance experience across 5 continents, mostly in the mining industry. He currently serves as the non-executive Chairman of the Board of Directors of Mandalay Resources Corp (MND: TSX) and non-executive director and Chairman of the Audit Committee of Firestone Diamonds Limited (FDI: AIM-LSE). Previously, Mr. Jonker was the Chief Financial Officer of Western Coal Corp at the time of its take-over by Walter Energy for $3.3 billion. He is a member of the Institutes of Chartered Accountants of England and Wales as well as South Africa. He is also a member of the Chartered Institute of Management Accounts in the United Kingdom and holds a Masters degree in South African and International Tax from the Rand Afrikaans University.
Mr. Jonker will chair the Company’s Audit Committee, taking over from Mr. Bryce Porter who retired from the Board at the recent Annual General Meeting.
Qualified Persons
John M. Kowalchuk, P.Geo., a geologist and Company qualified person (as defined under NI 43-101) has read and approved the technical information contained in this news release on behalf of the Company.
On behalf of the Board,
“Kim Evans”
Kim Evans, CGA President & CEO
About Golden Reign:
Golden Reign Resources Ltd. is a publicly listed (TSX-V: GRR) mineral exploration company engaged in exploring the San Albino-Murra Property and the El Jicaro Property, both of which are located in Nueva Segovia, Nicaragua.
The Company’s prime objective is to bring its high-grade San Albino Gold Project into production quickly and efficiently, building cash flow to further advance a number of its other highly prospective exploration targets. The Preliminary Economic Assessment (“PEA”) study filed on April 29, 2015 (available on www.sedar.com and the Company’s website) is integral in advancing the permitting process and Project development.
The Company’s land package comprises 13,771 hectares (138 km2) of highly prospective ground. Hundreds of historical mines and workings exist within the Corona de Oro Gold Belt, which is approximately 3 kilometres wide by 23 kilometres long and spans the entirety of the Company’s land package.
For additional information please visit our website at www.goldenreign.com and SEDAR www.sedar.com. You may also follow us on Facebook, Twitter, and LinkedIn.
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, potential mineral recovery processes and rates, 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.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.