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Northwestern Ontario gold miner boosts exploration budget

Rainy River Resources is increasing this year's exploration budget for its northwestern Ontario properties by $6.1 million. The company directors have approved an increase in the company's budget for the 2010 calender year from $18.7 million to $24.
Northern Ontario Business Staff

Rainy River Resources is increasing this year's exploration budget for its northwestern Ontario properties by $6.1 million.

The company directors have approved an increase in the company's budget for the 2010 calender year from $18.7 million to $24.8 million.

In an Aug. 19 release, the company said the increase is a direct result of “excellent success” in define high grade zones on four gold zones at its Rainy River project, near Fort Frances.

The increased budget will add to the amount of drilling from the current 53,000 metres completed so far, to more than 90,000 metres by year's end.

The budget will concentrate on activities related to exploration of newly defined targets, delineation of an open pit, permitting an underground advanced exploration program, preparing a detailed scoping study and exploration of their TPK Gold Project.