Update of Initial 43-101 Resource Report Underway on Tanoyan Gold Project, Indonesia
January 24, 2012 - Reliance Resources Ltd. (the "Company")(TSX:RI) is pleased to announce that it has retained Mining Associates (www.miningassociates.com) , an internationally recognized independent consulting firm, to prepare an updated NI 43-101 report on The Tanoyan Gold Project, North Sulawesi, Indonesia.
This updated mineral resource estimation will include results from the recent Phase 1 program of diamond core drilling and geological mapping. The Phase 1 drilling program completed 5,041.8 meters of drilling in 44 holes. A total of 1753 drillcore samples were assayed by PT Intertek in their analytical facility in Jakarta, a part of their global network of state-of-the-art laboratories. (http://www.intertek.com/minerals/)
Mining Associates is a specialist geological and mining consultancy based in Brisbane, Australia. With a newly opened Hong Kong office and associates around the world, they have a truly global presence and solid experience in Indonesia They are focused on providing the client with an understanding of the fundamental geological controls to add value to our project. It is this underlying framework that needs to be the basis for all further developments.
The Company has a portfolio of five mineral tenements covering 68,000 acres on the islands of Sulawesi and Halmahera in East Indonesia. The projects offer both exploration potential and an existing resource base. All five projects are adjacent to or along strike from operating gold mines or identified gold resources with similar geology and structural feature.
The Company is active on four of its five Indonesian gold projects; currently preparing for the Phase 2 drill program on the Tanoyan Gold Project and surface exploration programs are being carried out on the Palopo Gold Project, the Kapa Kapa Gold Project and the Roko Gold Project. All of the projects have easy access via paved and/or gravel roads and the regional infrastructure is good.
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Scott Emerson, President
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The statements herein that are not historical facts are forward-looking statements. These statements address future events and conditions and so involve inherent risks and uncertainties, as disclosed under the heading "Risk Factors" in the Company's periodic filings with Canadian securities regulators. Actual results could differ from those currently projected. The Company does not assume the obligation to update any forward-looking statement.