Rainy River Resources Ltd. Analyst Day - April 2013

FEASIBILITY STUDY
ANALYST LUNCHEON
APRIL 11, 2013 RR
TSX:

© 2013 RAINY RIVER RESOURCES LTD. 1

Forward Looking Information
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This presentation contains “forward-looking information” as defined in applicable securities laws (referred to herein as “forward-looking statements”). Forward
looking statements include, but are not limited to, statements with respect to the cost and timing of the development of the Rainy River project, the other
economic parameters of the project, as set out in its feasibility study; the success and continuation of exploration activities; estimates of mineral reserve and
resources; acquisitions of additional mineral properties; the future price of gold; government regulations and permitting timelines; estimates of reclamation
obligations that may be assumed; requirements for additional capital; environmental risks; and general business and economic conditions. Often, but not
always, forward-looking statements can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”,
“continues”, “forecasts”, “projects”, “predicts”, “intends”, “anticipates” or “believes”, or variations of, or the negatives of, such words and phrases, or statements
that certain actions, events or results “may”, “could”, “would”, “should”, “might” or “will” be taken, occur or be achieved. Forward-looking statements involve
known and unknown risks, uncertainties and other factors which may cause the Company’s actual results, performance or achievements to be materially
different from any of its future results, performance or achievements expressed or implied by forward-looking statements. These risks, uncertainties and other
factors include, but are not limited to, the assumptions underlying the feasibility study not being realized, decrease of future gold prices, cost of labour,
supplies, fuel and equipment rising, availability of financing on attractive terms, actual results of current exploration, changes in project parameters, exchange
rate fluctuations, delays and costs inherent to consulting and accommodating rights of First Nations, title risks, regulatory risks and uncertainties with respect to
obtaining necessary surface rights and permits or delays in obtaining same, and other risks involved in the gold exploration and development industry, as well
as those risk factors discussed in the section entitled “Description of Business-Risk Factors” in Rainy River's 2012 Annual Information Form and its other
SEDAR filings from time to time. Forward-looking statements are based on a number of assumptions which may prove to be incorrect, including, but not limited
to, the availability of financing for the Company’s exploration and development activities; the timelines for the Company’s exploration and development
activities on the Rainy River Property; the availability of certain consumables and services; assumptions made in mineral resource estimates, including
geological interpretation grade, recovery rates, gold price assumptions and operational costs; and general business and economic conditions. All forward-
looking statements herein are qualified by this cautionary statement. Accordingly, readers should not place undue reliance on forward-looking statements. The
Company undertakes no obligation to update publicly or otherwise revise any forward-looking statements whether as a result of new information or future
events or otherwise, except as may be required by law.

This presentation uses the terms “proven mineral reserves”, “probable mineral reserves”, “measured mineral resources”, “indicated mineral resources” and
“inferred mineral resources”. The Company advises readers that these terms are defined in accordance with Canadian regulations (under National Instrument
43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”)). The United States Securities and Exchange Commission does not recognize mineral
resources. Readers are cautioned not to assume that any part or all of the mineral deposits in these categories will ever be converted in to reserves. In
addition, “inferred resources” have a great amount of uncertainty as to their existence, and economic and legal feasibility. It cannot be assumed that all or any
part of an inferred mineral resource will ever be upgraded to a higher category. Under Canadian rules, estimates of inferred mineral resources may not form the
basis of feasibility or pre-feasibility studies, or economic studies, except for a Preliminary Assessment as defined under NI 43-101. Investors are cautioned not
to assume that part or all of an inferred resource exists, or is economically or legally mineable.

For additional information with respect to the key assumptions, parameters, risks and other technical information underlying to the mineral resource estimates
and the preliminary economic assessment discussed in this presentation, refer to: (i) the press release dated October 10, 2012 with respect to the mineral
resource estimates, available at www.sedar.com; (ii) the press release dated April 10, 2013”, with respect to the feasibility study,, available at www.sedar.com;
and (iii) the technical report entitled “NI 43-101 Feasibility Study of the Rainy River Gold Property, Ontario, Canada”, with respect to the feasibility study, which
will be available on www.sedar.com.


Agenda
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• Introduction
• Ray Threlkeld, President and CEO
• Feasibility Study
• Mike Mutchler, VP and COO
• Community and Environment
• Kyle Stanfield, VP Environment and Sustainability
• Financial Review
• Nick Nikolakakis, VP and CFO
• Exploration: District and Underground
• Kerry Sparkes, VP Exploration
• Next Steps
• Ray Threlkeld, President and CEO


The Rainy River Gold Project (RRGP)
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• High quality, low risk project • Proven Management Team
• “Unrealized District Potential” • Strong Financial Position

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Defining Canada’s Newest Gold District
RRGP Feasibility Study Highlights, April 2013 TSX: RR

AN INTERMEDIATE PRODUCER WITH LOW CASH COSTS
AND 4.0 MOZ IN RESERVES
Open Pit Reserve: 70.1 Mt @ 1.34 g/t gold, 3.07 g/t silver
and Stockpile: 43.1 Mt @ 0.37 g/t gold, 1.97 g/t silver
= 3.5 Moz gold and 9.6 Moz silver
Underground Reserve 3.1 Mt @ 5.07 g/t gold, 6.69 g/t silver
= 0.51 Moz gold and 0.67 Moz silver
Mill head grade: 1.46 g/t gold, 3.19 g/t silver (first 10 years)
Strip ratio (waste/ore): 3.1:1*. Operating 2.8:1**
*Excludes overburden material. **Excludes overburden and capitalized waste.

Recoveries: 90.4% (gold), 64.1% (silver)
Annual Production: 326 koz (gold), 494 koz silver (first 10 years)
Cash costs: US$468 per ounce gold (first 10 years)
“All-in” cash costs***: US$771 per ounce gold (first 10 years)
***includes depreciation.

Initial Capital: C$713 M
NPV5% C$931 M, after-tax
IRR$1400/oz gold, $25/oz silver 24% , after-tax

Located in Mining-Friendly Ontario, Canada
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Half of the 12 recently announced junior gold acquisitions were for
projects located in Canada, a safe, mining-friendly jurisdiction.

Rainy River
Gold Project


Making the Grade - Comparison to Peer Projects
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Highest Grade M&I Resources of 8 Canadian Bulk Tonnage Gold Deposits
1.40
(at a 0.30 g/t gold-equivalent cut-off)

1.20
M&I Resource Grade - g/t gold

1.00

0.80

0.60

0.40

0.20

0.00
RRGP (Rainy Malartic Borden Cote Magino Detour Lake Blackwater Hammond
River) (Osisko) (Probe) (Iamgold) (Argonaut) (Detour) (New Gold) Reef (Osisko)
Note:
Borden at 0.50 g/t cut-off
Blackwater at a 0.40 g/t cut-off
Malartic at a 0.32 g/t cut-off

Lowest Quartile Cash Cost Producer
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FIRST QUARTILE SECOND QUARTILE THIRD QUARTILE FOURTH QUARTILE
$1,600
2017 Cash Costs Including Royalties

$1,400

$1,200

$1,000
(US$/oz)

$800 Rainy River 5-Year Average Cash Cost: US$413/oz gold (open pit)

$600

$400
Rainy River 10-year Average Cash Cost: US$468/oz gold
$200

$0
0% 20% 40% 60% 80% 100%

Cumulative 2017 Production

Source – Brook Hunt , courtesy of BMO Capital Markets.
Brook Hunt data includes global open pit cash costs in 2017, including Royalties


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Mike Mutchler, VP and COO
FEASIBILITY STUDY


Production and Cash Flow Profile
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Average Annual Production: 326,000 ounces gold, 494,000 ounces silver = 335,000 gold-equivalent ounces

$2.0B
450 2,000,000

$1.6B
PRODUCTION (koz gold-equivalent)

Cumulative Free Cash Flow (C$000)
400
1,500,000
350

300 1,000,000

250
500,000
200

150 0

100
-500,000
50

0 -1,000,000
-2 -1 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16
YEAR
Silver in GEO
Underground Sustaining Capital Gold
Open Pit
Development Open Pit: $322 M Cumulative FCF C$000 (US$1400/oz gold, US$25/oz silver)
Preproduction
($68M) Underground: $95 M Cumulative FCF C$000 (US$1600/oz gold, US$30/oz silver)
($713M) Notes:
“GEO” = gold equivalent ounces. Cumulative FCF is after-tax

Feasibility Design Basis
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RRGP designed as follows:
• Combined pit and underground mine, owner operated
• Open pit scaled for 21,000 to 20,000 tpd ore
• Underground sized for 1,000 tpd ore
• Conventional on-site processing to gold dore
• Crush, grind, gravity and CIP leach
• Processing throughput of 21,000 tpd (7.65 Mtpy)
• Site infrastructure includes:
• Tailings impoundment, overburden storage, waste
dumps, power transmission line, road access and re-
routing of Hwy 600


Feasibility Study Assumptions
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Gold Price $1,400 USD/oz
Silver Price $25 USD/oz
1.00 CAD: 1.00 USD (Initial)
Exchange rate
1.07 CAD: 1.00 USD (Operations)
Discount rate 5%
Mine Equipment Lease 4.5% over 8 years
Gold Recovery 90.4% (variable by grade)
Silver Recovery 64.1% (variable by grade)
Open Pit Production 21,000 tpd, scaling down to 20,000 tpd
Underground Production 1,000 tpd
Process Plant Capacity 21,000 tpd
Mine Life 16 years


Open Pit Design
for Elevated Grade TSX: RR

overburden

FS Pit Design

Resource Pit


Underground Design
Higher margin, lower risk approach TSX: RR

N
Portal

Open Pit

17E
ODM Cut & Fill
Longhole


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15

Mine Design – Open Pit
Sliding cut-off to maximize grade in early years
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Open Pit Specifications
• 70.1 Mt @ 1.34 g/t Au, 3.07 Ag direct ore to mill
• 43.1 Mt @ 0.37 g/t Au, 1.97 Ag ore to stockpile
N
• 350 Mt waste rock
• 80 Mt overburden (OB)
• 2.8:1 operating strip ratio (excl. OB and capitalized waste)
• 3.8:1 total strip ratio
• Maximum mining rate – 63 Mtpy

Pit dimensions – 1.7km x 1.5 km x 400m

Major equipment
• 19 x 226t haul trucks
• 3 x 28 m3 hydraulic shovels
• 1 x 16 m3 front end loader
• 3 production drills, 2 RC drills
• 6 x 580 hp dozers
• 2 x 300 hp graders


Mine Design – Underground
3.5 g/t cut-off, 1,000 tpd high grade mill feed
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METHOD TONNAGE Au g/t Ag g/t
Longhole (80%) 2.40 Mt 5.29 3.04
Cut & Fill (20%) 0.65 Mt 4.22 20.5
Development 0.10 Mt 5.44 3.06
Total UG 3.11 Mt 5.07 6.69

Total development = 28,000 metres N
Vent Raise
433

Vent Raise

ODM 17E
Longhole Cut & Fill


Mine Operating Costs
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Open pit mining Costs
Overburden $1.42 Open pit parameters
Ore & Waste $1.95 • 1.7km x 1.5 km x 400m deep
Stockpile re-handle $0.91 • Max 63 Mtpy production
($0.85/litre diesel price) • 10m benches

Underground mining Costs
Cut & fill consumables $ 5.76 Underground parameters
Cut & fill opex development $ 2.19 • Long-hole (80% by volume)
Longhole consumables $ 14.08 • Primary stopes 10m x 10m
Longhole opex development $ 3.86 • Secondary stopes 10m x 20m
Fixed costs $ 11.90 • Cut-and-Fill (20% by volume)
Labour costs $ 37.73 • 5m lifts
Total $/t mined $ 75.52 • Fleet of 5.4m3 load-haul dump trucks
and 27m3 trucks


Process Plant Design
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Process Design Criteria
• AxB = 24.2
• Bond work index = 15.0
• Crusher work index = 25.0
• 80th percentile BWI & AXB used for mill design

Major Process Equipment
• Crusher: 54” x 75”; 448 kW (600 HP)
• Coarse ore stockpile – 60,000 tonnes w/ 20,000 tonne live storage
• SAG Mill: 36’ x 20’; 15 MW (20,000 HP)
• Ball Mill: 26’ x 40.5’; 15 MW (20,000 HP)
• P80 = 75 micron grind
• Pebble Crusher: 448 kW (600 HP)
• Leach Tanks: 8 x 18 m Ø, 30-hour leach
• CIP Tanks: 7 x 330 m3
Life of mine metal recoveries & Opex
• Gold: 90.4%
• Silver: 64.1%
• $8.65/t milled


Process Flow Sheet
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PROCESS
GYRATORY PRE-LEACH
WATER
CRUSHER THICKENER
TANK

CYCLONES

SAG MILL SCALPING
SCREEN
PEBBLE CRUSHER

BALL MILL
CYANIDE LEACH

PUMP BOX
& PUMP

CARBON-IN-
GRAVITY PULP
CONCENTRATORS
PROCESS
PRE-DETOX
WATER
CARBON STRIPPING THICKENER
TANK

ELECTRO INTENSIVE
WINNING CYANIDATION
REACTOR

CYANIDE
DESTRUCTION TAILINGS POND
DORÉ BAR REFINING
ELECTRO
WINNING


Tailings & Infrastructure
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Area Description
Power transmission line 16.7 km of 230 kV line, switchyard and substation

Road access Highway 600 bypass (10 km)
East access road (5 km)

Tailings impoundment 13 M m3 of total dam construction, 250k m3 of diversion
and spillway excavation. Mine supplies bulk of
construction materials (clay, NPAG waste)

Water management system McCallum creek water intake – 20% of spring flow, 15%
of fall flow required from Pinewood River. Daily water
consumption 20,350 m3. 92% water recycled


RRGP Infrastructure
Excellent access to project site & power TSX: RR

Communications Mill location – Roen Road Tailings area

230 kV & 115 kV lines – 17km away Waste Dump


Production schedule – Processed grade
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Combined Mill Feed Grade
6

Year 1-10 average grade: 1.46 g/t Au, 3.19 g/t Ag

5

Gold Silver

4
Feed Grade (g/t)

3

2

1

0
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031

Production schedule – Metal production
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Combined Gold and Silver Production
800,000

Year 1-10 average: 326k oz Au, 494k oz Ag
700,000
Gold Silver
600,000
Production (oz)

500,000

400,000

300,000

200,000

100,000

-
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031

Project Capital: Open Pit Components
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Pre-Production Capital: $713M
6% Waste Stripping $41.9M
6% Tailings and Water
Management $44.9M 4% Equipment $26.2M
6% Overburden Stripping
40% Process Plant $283.7M
$43.1M
8% Contingency $55.0M
15% Site and Mine
Infrastructure $105.7M
16% Indirect Costs $112.8M

Sustaining Capital: $322 M
7% Tailings Dam 1% Site Development, Facilities, net
Construction $23.6M $3.4M

50% Equipment Capital Lease
19% Waste Stripping
$161.5M
Costs $62.7M

22% Overburden Stripping
Cost $70.7M


Project Capital: Underground Components
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Development Capital: $68 M

76% Mining Equipment and

24% Vertical & Horizontal
Development $51.7M

Sustaining Capital: $95 M

41% Mining Equipment and

59% Vertical Development $55.9M

Consultants and Contractors
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• Engineering and Procurement – BBA
• Osisko, Detour, Thompson Creek
• Construction Management – Merit Consulting
• Copper Mountain, Goldcorp Red Lake
• Permitting & Environmental – AMEC
• Detour Lake (Detour), Victor (De Beers), Hollinger (Goldcorp)
• Resources – SRK
• Fresnillo, Agnico Eagle, Queenston/Osisko
• Metallurgical Testwork – SGS
• Barrick, Teck, Goldcorp, Agnico Eagle
• UG Mine Planning – Golder Associates
• Mercedes (Yamana), Kiggavik (AREVA)
• Energy Consulting – SanZoe
• Detour Lake (Detour)
• Road Consulting – TBT Engineering
• MTO


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Kyle Stanfield, VP Environment and Sustainability
COMMUNITY AND ENVIRONMENT


Community Relations
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• Quarterly Community Newsletter
• Environmental Assessment Community Open Houses underway
• Extremely strong grassroots Community support

PDAC Mining Matters Program
2012 Class


First Nations & Métis Engagement
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• Community Liaison Position in place since the spring of 2010
• Regular Community updates, site tours and meetings
• Participation Agreement in support of Mine Environmental Assessment
• Supporting training and business development opportunities


Provincial and Federal Agency Discussions
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• The RRGP was recently selected by the Federal/Provincial Regulatory
Reform Working Group to receive enhanced project involvement from
senior government executives and Ministers thereby providing direct
support towards an efficient and effective project review.


Site Photos
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Baseline Environmental Assessment
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• Fourth year of baseline environmental study now completed – the most
environmental data collected for any project of its kind in Eastern Canada.
• No lakes located within the Project footprint and the streams that are
present do not support a commercial or recreational fishery.
• Working closely with the Ministry of Natural Resources and our
consultants to understand Species at Risk in support of management and
project permitting. Includes funding a 2 year research study.


Mine Environmental Assessment & Permitting
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• Coordinated Federal/Provincial Mine Environmental Assessment (EA) underway
with mine EA schedule developed with the Federal and Provincial agencies.
• Provincial Process: Proposed Terms of Reference submitted
• Federal Process: EIS Guidelines issued December 2012
• Mine Environmental Assessment Report to Agencies – Q3 2013
• Ontario and Federal Ministers EA Decision, Construction Authorization – 1H 2014
• Operating Permits and Approvals – 2H 2015 to 1H 2016


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Nick Nikolakakis, VP and CFO
FINANCIAL REVIEW


Strong Capital Structure and Institutional Support
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Basic Shares Outstanding 99.9 million

FD Shares Outstanding 109.8 million

Cash and Equivalents (Dec 31, 2012) C$102 million

Debt C$0

Market Value Basic (based on $2.70 share price) C$270 million

Enterprise Value (based on $2.70 share price) C$168 million

Rated by 9 Analysts 6 “buys”, 3 “holds”

60% Institutional

Ownership 37% Retail

3% Management

Significant Institutional Shareholder Base Top 5 own ~30%

Ticker Symbol RR on the TSX Main Board


RRGP – Robust Project Metrics
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• At $1400 Au, $25 Ag: NPV5% of $931M, after tax
IRR of 23.7%
Payback of 3.2 years
Free cash flow over $2 B, first 10 years

Gold / Silver $1250 / $25 $1400 / $25 $1600 / $30 $1800 / $35
US$ per oz
NPV @ 5% - Pre-tax $1.0B $1.3B $1.7B $2.1B
- After-tax $0.7B $0.9B $1.2B $1.5B

IRR - Pre-tax 23.5% 27.8% 32.8% 37.6%
- After-tax 19.9% 23.7% 27.9% 32.1%

Annual free cash flow
Over 5 years, pre-tax $244M $284M $335M $387M
Over 5 years, after-tax $214M $245M $278M $316M


Production and Cash Flow Profile
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Average Annual Production: 326,000 ounces gold, 494,000 ounces silver = 335,000 gold-equivalent ounces

$2.0B
450 2,000,000

$1.6B
PRODUCTION (koz gold-equivalent)

Cumulative Free Cash Flow (C$000)
400
1,500,000
350

300 1,000,000

250
500,000
200

150 0

100
-500,000
50

0 -1,000,000
-2 -1 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16
YEAR
Silver in GEO
Underground Sustaining Capital Gold
Open Pit
Development Open Pit: $322 M Cumulative FCF C$000 (US$1400/oz gold, US$25/oz silver)
Preproduction
($68M) Underground: $95 M Cumulative FCF C$000 (US$1600/oz gold, US$30/oz silver)
($713M) Notes:
“GEO” = gold equivalent ounces. Cumulative FCF is after-tax

Capital Plan
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• $102 million in cash and equivalents, as at Dec 31, 2012
• Secure remaining financing over a 3 year window
• Numerous funding alternatives under review, including:
• Monetization of silver production from the mine 10.3 Moz
• Project financing
• Lease financing
• High yield debt financing
• Convertible debentures
• Equity

Plan is to raise the necessary capital, while minimizing
equity dilution.


RRGP - An Undervalued Story
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RR NAV, Base Case =$931 M (RRGP NAV) + $102 M (Cash)
=$1033 M

Value Gap =$763 M

Current Market Cap =$ 270 M
Price / NAV = 0.26x

Yet to come:
 Intrepid Zone
 Regional Exploration

WHAT IS THE TRUE VALUE GAP?


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Kerry Sparkes, VP Exploration
EXPLORATION:
DISTRICT AND UNDERGROUND


An Emerging Canadian Gold District
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Location:
• “Mining-Friendly” Ontario.
• 65 km from Fort Frances.


Rainy River Resource: Organic Growth in Gold
October 2012 based on drill data as of June 10: 657,500 metres
1,424 diamond drill holes TSX: RR

Qualified Persons – The mineral resource statement was prepared by Dorota El-Rassi, P.Eng. (APEO #100012348) and Glen Cole, P.Geo (APGO #1416), of SRK, both “independent qualified persons” as that term is defined in
National Instrument 43-101. Rainy River’s exploration program in Richardson Township is being supervised by Kerry Sparkes, P.Geo (APEGBC #25261), Vice-President Exploration and a Qualified Person as defined by National
Instrument 43-101. The Company continues to implement a rigorous QA/QC program to ensure best practices in sampling and analysis of drill core. The procedures of the QA/QC program are detailed on Rainy River’s website
at www.rainyriverresources.com.

Rainy River Resource: Organic Growth in Silver
October 2012 based on drill data as of June 10: 657,500 metres
1,424 diamond drill holes TSX: RR

Qualified Persons – The mineral resource statement was prepared by Dorota El-Rassi, P.Eng. (APEO #100012348) and Glen Cole, P.Geo (APGO #1416), of SRK, both “independent qualified persons” as that term is defined in
National Instrument 43-101. Rainy River’s exploration program in Richardson Township is being supervised by Kerry Sparkes, P.Geo (APEGBC #25261), Vice-President Exploration and a Qualified Person as defined by National
Instrument 43-101. The Company continues to implement a rigorous QA/QC program to ensure best practices in sampling and analysis of drill core. The procedures of the QA/QC program are detailed on Rainy River’s website
at www.rainyriverresources.com.

District Potential for Growth

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Pit Outline and Ramp Design:
Intrepid Conveniently Located
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N


TSX: RR

NR121256: 1.1 & 5.1 / 9.0
NR121256: 1.9 & 7.5 / 3.8

NR121256: 34.8 & 6.9 / 1.5
NR121256: 1.2 & 6.7 / 10.5

Deposit Cross Section

Approximately 4 km TSX: RR

Vertical Longitudinal Section

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Raymond Threlkeld, President and CEO
NEXT STEPS


Project Timeline: Focus on De-Risking
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 Feasibility Study April 2013
• Environmental Assessment Q3-2013
• Environmental Approvals Q3-2014
• Commence Construction Q3-2014
• Production Q3-2016

• Intrepid Resource Q3-2013
• Intrepid Scoping Q4-2013


Why Rainy River?
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•HIGH QUALITY, LOW RISK PROJECT
•4 million ounces of Proven and Probable gold reserves
•Low “all-in” costs of $7711,2 per ounce gold
•Low cash costs of US$4681 per ounce gold
•Milled grade of 1.46 g/t1
•Location, location, location
•UNREALIZED DISTRICT POTENTIAL
•New discovery, Intrepid Zone, with potential for near-term cash flow
•Further potential for discovery along 6km trend

•PROVEN MANAGEMENT TEAM
•Team has financed and built mines around the world
•STRONG FINANCIAL POSITION
•$102 M as of Dec 31, 2012

CURRENTLY TRADING AT 0.3x NAV
1. First 10 years. 2. Includes depreciation of pre-production and sustaining capital costs.


RRGP Stands Out Amongst Its Peers
TSX: RR

RRGP Malartic Detour Blackwater Cote
(years 1-10)
Head grade, g/t 1.46 0.97 0.96 0.86 0.85

Tonnes per day,
21,000 60,000 58,000 60,000 52,000
milled
Average
ounces gold 326,000 541,000 597,000 523,000 481,000
per year

Start-Up Year 2016 2011 2013 2017 2017

Initial Capex $713 $839 $1,733 $1,815 $1,696

Sustaining
$484* $709 $1,206 $537 $725
Capex
Cash cost,
$468 $679 $775 $599 $729
US$/oz gold
All-in** cost,
$771 $957 $1,178 $1,205 $1,189
US$/oz gold
Comparison data courtesy of BMO Capital Markets.
*Includes underground development and sustaining capital, in addition to open pit sustaining capital.
**“All –in” costs include pre-production, development and sustaining capital costs, as well as cash costs (including royalties and site G&A, and net of silver credits)

The Rainy River Gold Project
TSX: RR

• High quality, low risk project • Proven Management Team
• “Unrealized District Potential” • Strong Financial Position

N


TSX: RR

APPENDIX


Management Team: Over 160 years of experience
Proven Mine Builders and Financiers TSX: RR

30+ years in industry.
Raymond Threlkeld, President and CEO Former President & CEO of Western Goldfields.
Former VP Project Development of Barrick Gold Corp.

30+ years in industry. 20 years with ASARCO as Engineer, Mine
Manager and General Manager. Former Kinross VP, Project
Mike Mutchler, VP and COO Development Services, Project Manager Paracatu, Mining
Manager Cerro Casale.

18 years in corporate finance, accounting, including as VP
Nick Nikolakakis, VP and CFO Finance at Barrick Gold Corp, Regional CFO at Placer Dome.
Former investment banker with BMO Nesbitt Burns.

22+ years experience in mineral exploration; P. Geo.
Kerry Sparkes, VP Exploration Instrumental in the discovery and delineation of the Voisey’s
Bay nickel deposit.

17 years experience in mine engineering and operations.
Garett Macdonald, VP Operations Professional Engineer and MBA. Previously with Placer Dome
and Suncor Energy.

17 years environmental assessment and mine permitting.
Kyle Stanfield, VP, Environment & Sustainability Led BC’s largest harmonized mining environmental assessment.
Previously with Placer Dome: Africa, South America, Canada

30+ years as a lawyer, advising public and private entities.
Gerry Shields, VP and General Counsel Advised on equity financings, M&A, corporate governance and
general corporate and securities law.

RRGP – Reserves (April 2013)
TSX: RR

Mineral Reserves, Rainy River Gold Project, BBA and Golder, April 10, 2013
Quantity Grade Metal
Mt Au gpt Ag gpt Au ‘000 oz Ag ‘000 oz
Open Pit*
Proven 27.7 1.14 1.94 1,015 1,728
Probable 85.5 0.91 2.88 2.511 7,919
Total 113.2 0.97 2.65 3.525 9,647
Underground*
Proven - - - - -
Probable 3.1 5.07 6.69 506 668
Total 3.1 5.07 6.69 506 668
Combined Mining*
Proven 27.7 1.14 1.94 1,015 1,728
Probable 88.6 1.06 3.01 3,017 8,587
Total 116.3 1.08 2.76 4,031 10,315
*Open Pit Reserves have been estimated using a cut-off grade of 0.30 g/t gold-equivalent, and Underground Reserves have been estimated using a cut-off grade of 3.5 g/t gold-equivalent. Open Pit Reserves
have been estimated using a dilution of 9.7% at 0.22 g/t Au and 1.31 g/t Ag, and Underground Reserves have been estimated using a CAF dilution of 9% at 0.61 g/t Au and 4.16 g/t Ag and LH dilution of 10% at
1.56 gpt Au and 1.28 gpt Ag. Open Pit Reserves have been estimated using a mine recovery of 95%, and Underground reserves have been estimated using a mine recovery of 95%.

Qualified persons - The mineral reserve statement was prepared by Patrice Live (OIQ #38991) of BBA and Donald Tolfree (APEGBC #32557), of Golder , both "independent qualified persons" as that term is
defined in National Instrument 43-101. Rainy River's engineering assessment in Richardson Township is being supervised by Garett Macdonald, P.Eng. (PEO #90475344), Vice-President Operations and a
Qualified Person as defined by National Instrument 43-101.

Reserves are derived from the October 10. 2012 Resource Statement, prepared by Dorota El-Rassi, P.Eng. (APEO #100012348) and Glen Cole, P.Geo (APGO #1416), of SRK, both "independent qualified
persons" as that term is defined in National Instrument 43-101. Rainy River’s exploration program in Richardson Township is being supervised by Kerry Sparkes, P.Geo. (APEGBC #25261), Vice-President
Exploration and a Qualified Person as defined by National Instrument 43-101. The Company continues to implement a rigorous QA/QC program to ensure best practices in sampling and analysis of drill core.


TSX: RR


DEFINING CANADA’S NEWEST GOLD DISTRICT
Indi Gopinathan, Director, Investor Relations
TSX: RR
Telephone: 416.645.7289
Email: igopinathan@rainyriverresources.com


Rainy River Resources Ltd. Analyst Day - April 2013

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