Jan 02, 2013

OTC Disclosure News Service

Toronto, ONT, Canada




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January 2,
Rainbow Resources Inc. (TSX VENTURE:
RBW and OTCQX: RIINF) (“Rainbow” or the “Company”) has intersected high-grade
silver and gold mineralization near-surface in the southern section of the
Company’s 100% owned Gold Viking Property near the Village of Slocan in
southeast British Columbia.  The property
had never been previously drilled and is immediately adjacent to the Ottawa
Mines, the Slocan Valley’s top silver producer in the 1900’s, which includes ground
also held 100% by Rainbow.    Plans are under way to initiate a step-out
winter drill program at Gold Viking, if ground conditions continue to be
favorable, to further evaluate this new discovery.

Drill hole
GV-12-04 intersected 0.51 oz/ton Au and
a preliminary silver value of 1.9 oz/ton
over 6.2 feet between a depth of 15.4 and 21.6 feet. One sample in the interval
returned an over-limit silver grade (2.9 oz/ton).  A 1:1:1 aqua regia digestion and ICP-ES
analysis by Acme Analytical Laboratories Ltd. will provide a precise silver
grade as the initial assaying procedure could not determine silver values above
2.9 oz/ton. 

Hole GV-12-04
also included a 3.9-foot intersection between a depth of 95.8 feet and 99.7
feet (2.9 oz/ton Ag and 0.03 oz/ton
Au) that is being re-assayed for a precise silver grade.    

Hole GV-12-03
returned 0.07 oz/ton Au and a preliminary value of 1 oz/ton Ag over 8.9 feet at a depth between 84.9
and 93.8 feet.  Again, this interval
included an over-limit sample (2.9 oz/ton Ag) that is being

Results from
GV-12-01 and GV-12-02 were reported by Rainbow December 4, 2012.  A 15-foot section in GR-12-02 included two
over-limit silver samples (2.9 oz/ton) with a preliminary grade of 1.3 oz/ton
Ag, and re-assaying results are still pending. 
Two other holes were drilled at Gold Viking South (GV-12-05 and GV-12-6)
while six holes were drilled approximately 3,300 feet to the north.  Rainbow expects to be able to report all remaining
results (eight more holes plus the high-grade samples being re-tested) within
approximately three weeks. 

 “Subject to conditions on the ground, which
are currently favorable, our plan is to get back to Gold Viking as soon as possible
for additional drilling as we already know we have an important trail of
mineralization to follow at Gold Viking South,” stated Rainbow President David
W. Johnston. 

The six holes
drilled in the southern section of the property were designed to test an
exposed vein with old underground workings. 
It appears that a multiple vein system may exist that dips steeply to
the east and was overlooked by artisanal miners. A drill location map for Gold Viking South
has been posted on the Rainbow web site (www.RainbowResourcesInc.com).  GV-12-03 (-45 degrees) and GV-12-04 (-65
degrees) were both drilled from the same site toward the west.  These holes were collared approximately 27
metres north of GV-01 (-45 degrees) and GV-02 (-65 degrees) which were also
drilled from the same site toward the west. 
GV-12-05 and GV-12-06 were both collared in between those two sites and
drilled toward the east. 

Gold Viking
is immediately adjacent to Rainbow’s Ottawa Property, part of the Ottawa Mines
that produced a total of 1.8 million ounces of silver and quantities of lead,
zinc, gold and copper, mostly in the early 1900’s but with some production
occurring as late as 1984. The approximate historical average mined grade for
silver at the Ottawa mines was 61.6 oz/ton. 

Gold Viking
is approximately 8 miles south of Discovery Ventures’ (TSX.V: DVN) Willa
advanced-stage Willa Property.  Since the
late 19th century, the Slocan mining region has hosted more than 20
mining/milling operations and about 200 additional mines that have shipped ore
to custom mills and smelters.

Rainbow is
also pleased to report that drill core from Gold Viking, and other samples from
the Company’s West Kootenay and Nevada projects, will be on display at the PDAC
Convention in Toronto in early March. 
Rainbow has been accepted into the “Session A” PDAC Core Shack Display
covering the first two days of the event – Sunday, March 3, and Monday, March
4, at the Toronto Convention Centre. 

Nevada Project Update

In addition
to following up on the highly encouraging results from the initial round of
drilling at Gold Viking as reported above, Rainbow’s major focus of attention
during  2013 will be its advanced-stage
Jewel Ridge Project along the prolific Battle Mountain-Eureka Trend in
Nevada.  Visual analysis of six reverse
circulation drill holes at Jewel Ridge completed by the end of November
revealed significant mineralized intervals in each hole as reported by Rainbow
December 4, 2012.  Assay results are still
pending for all holes plus numerous rock samples that were collected over a
wide area.  A geological model for Jewel
Ridge is also currently being developed from a valuable collection of
historical drill hole data with results from Rainbow’s work to soon be
added.   Rainbow expects to be able to
report the results of its recently completed drill program and sampling during
the second half of January. 

For further
information:  President David W. Johnston –  (403) 701-2781. 

Visit our
website at www.RainbowResourcesInc.com.

Qualified Person

Rainbow’s disclosure of a technical or scientific
nature in this news release has been reviewed and approved by Mr. Robert
Morris, P.Geo., of Moose Mountain Technical Services, who serves as a Qualified
Person under the definition of National Instrument 43-101. 

Control Assaying Procedures

Rainbow’s disclosure of a technical or scientific
nature in this news release has been reviewed and approved by Mr. Robert
Morris, P.Geo., of Moose Mountain Technical Services, who serves as a Qualified
Person under the definition of National Instrument 43-101.  MMTS follows a strict QA/QC protocol with a
certified reference material (CRM), blanks and duplicate samples inserted with every 25 samples.  Two
CRM types were used, one as a gold reference, and as a high base metal
reference.  The blank samples are also
certified blank material.  Duplicate
samples each represent ¼ core with the ½ core retained in the core box for
future reference.  Gold Viking drill core
samples referred to in this news release were assayed by Acme Analytical
Laboratories Ltd. in Vancouver.  Samples
were weighed and crushed before a 250g sub-sample was split out.  The sub-sample was then pulverized to pass
200 mesh and a 15g split digested in 1:1:1 Aqua Regia.  Analysis was by ICP-MS.  Mineralized intersections are reported as
drilled lengths.  True widths are unknown
at this time. 

About Rainbow

Rainbow is a
newly-listed Canadian based junior exploration company focused on building
shareholder wealth through aggressive exploration in two favorable and proven
mining jurisdictions – the West Kootenays in southeast British Columbia (silver,
gold and flake graphite
), and Nevada where Rainbow’s Jewel Ridge Gold-Silver
Project is in

the heart of a
major producing district.  Rainbow’s
shares are listed for trading on the TSX Venture Exchange under the symbol RBW.V,
and on the OTCQX International under the symbol RIINF.   Rainbow has 41,627,719 common shares issued
and outstanding.

Regarding Forward-Looking Information

This news
release includes certain information that may constitute “forward-looking
information” under applicable Canadian securities legislation.
Forward-looking information includes, but is not limited to, statements about
strategic plans, future work programs and objectives and expected results from
such work programs. Forward-
information is necessarily based upon a number of estimates and assumptions
that, while considered reasonable, are subject to known and unknown risks,
uncertainties, and other factors which may cause the actual results and future
events to differ materially from those expressed or implied by such
forward-looking information and the risks identified in the Company’s
continuous disclosure record. There can be no assurance that such information
will prove to be accurate, as actual results and future events could differ
materially from those anticipated in such information. Accordingly, readers
should not place undue reliance on forward-looking information. All
forward-looking information contained in this news release is given as of the
date hereof and is based upon the opinions and estimates of management and
information available to management as at the date hereof. The Company disclaims
any intention or obligation to update or revise any forward-looking
information, whether as a result of new information, future events or
otherwise, except as required by law.

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 of this news release.  

This release includes additional documents. Select the link(s) below to view.

RBW Jan. 2 NR FINAL.pdf

The above news release has been provided by the above company via the OTC Disclosure and News Service. Issuers of news releases and not OTC Markets Group Inc. are solely responsible for the accuracy of such news releases.

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