Golden Reign Resources is a mineral exploration group involved in exploring the San Albino-Murra property situated in Nueva Segovia, Nicaragua. The property includes an area of 8,700 hectares and the company holds the property under a 25 year mining license agreement, which expires in February 3, 2027.
The Company has begun the Phase II diamond drilling campaign at its San Albino-Murra gold property in Nicaragua.
The 2011 drilling program will include definition drilling of at least 6,000 metres and up to 10,000 metres, as announced formerly. The Company has planned to expand the mineralized area and offer adequate information to estimate NI 43-101 compliant mineral resource at San Albino/Arras.
This 2011 exploration is funded completely, including the proposed diamond drilling. A non-brokered private placement, which was closed in January 2011, has increased the gross earnings to around $7.5 million. Now, the Company has outstanding stock option, which necessitates trading those stocks that are above the strike price will increase $16.3 million of funds in addition, if totally implemented.