TORONTO,ONTARIO, November 8, 2012:  Rainbow Resou

TORONTO,ONTARIO, November 8, 2012:  Rainbow ResourcesInc. (OTCQX: RIINF) (“Rainbow” or the “Company”) is pleased to report that ithas completed 12 diamond drill holes over two separate sections, approximately3,300 feet apart, at its Gold Viking Property in the Slocan Mining District ofsoutheast British Columbia.  This1500-acre property, part of the Company’s 100% owned Big Strike Project, hasnever been previously drilled and is located along a major structural break. Drilling overboth areas has intersected a potential stockwork vein system, dominated by disseminatedto coarse pyrite, and hosted by an intensely altered quartz monzonite intrusivecomplex.  Breccia zones and mafic dikeshave been observed within the intrusive package.  Gold is believed to be associated with thepyrite.  The Company is awaiting resultsfrom these holes in order to plan a step-out drilling strategy.  A largecoincident geophysical and geochemical anomaly stretches beyond the boundaries(north-south and east-west) of the areas drilled.  The property features numerous historicaladits as quantities of gold and silver were mined in the late 1800’s and early1900’s, and gold values have been discovered at surface through sampling byRainbow as previously reported.  TheCompany is already permitted for additional drilling at Gold Viking which is possibleover the winter months.  Jewel Ridge Property Update Rainbow hascompleted the first two holes of a Phase 1 reverse circulation drill program atthe Jewel Ridge Property near Eureka, Nevada. This first phase of drilling is focused on the past-producing HamburgPit area.  Each hole, drilled to depthsof approximately 500 feet, hit the contact zone between the Hamburg Dolomiteand the Dunderberg Shale with intense silicification reported throughout eachhole.  Drilling continues as  Rainbow follows up on some highly encouraging near-surfacehistorical drill results in this area of Jewel Ridge including 0.06 oz/ton over 131 feet.  Rainbow’sexploration target at Jewel Ridge is a sediment-hosted gold deposit.  Barrick Gold’s Ruby Hill Mine is contiguousto the northern border of Jewel Ridge, while Timberline Resources’advanced-stage Lookout Mountain deposit is immediately to the south.  International Silver Property Update MooseMountain Technical Services, Rainbow’s resource consultants, continue to receiveand compile final data on the Company’s recently completed 15-hole drillprogram at the International Silver Property in the West Kootenays.  Rainbow is eagerly looking forward to imminentlyreceiving assay results and Moose Mountain’s review, and a news release willfollow accordingly.  For furtherinformation:  President David W. Johnston -  (403) 701-2781.  Visit ourwebsite at www.RainbowResourcesInc.com.  Qualified Person & Assaying Procedures Rainbow'sdisclosure of a technical or scientific nature in this news release has beenreviewed and approved by Mr. Robert Morris, P.Geo., of Moose Mountain TechnicalServices, who serves as a Qualified Person under the definition of NationalInstrument 43-101.  About RainbowResources Rainbow is anewly-listed Canadian based junior exploration company focused on buildingshareholder wealth through aggressive exploration in two favorable and provenmining jurisdictions - the West Kootenays in southeast British Columbia (silver,gold and flake graphite), and Nevada where Rainbow's Jewel Ridge Gold-SilverProject is in the heart of amajor producing district.  Rainbow'sshares 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 issuedand outstanding.CautionRegarding Forward-Looking InformationThis newsrelease includes certain information that may constitute "forward-lookinginformation" under applicable Canadian securities legislation.Forward-looking information includes, but is not limited to, statements aboutstrategic plans, future work programs and objectives and expected results fromsuch work programs. Forward-looking information is necessarily based upon anumber of estimates and assumptions that, while considered reasonable, are subjectto known and unknown risks,(more)uncertainties, and other factors which may cause the actualresults and future events to differ materially from those expressed or impliedby such forward-looking information and the risks identified in the Company'scontinuous disclosure record. There can be no assurance that such informationwill prove to be accurate, as actual results and future events could differmaterially from those anticipated in such information. Accordingly, readersshould not place undue reliance on forward-looking information. Allforward-looking information contained in this news release is given as of thedate hereof and is based upon the opinions and estimates of management andinformation available to management as at the date hereof. The Companydisclaims any intention or obligation to update or revise any forward-looking information,whether as a result of new information, future events or otherwise, except asrequired by law.Neither the TSX Venture Exchange nor itsRegulation Services Provider (as that term is defined in the policies of theTSX Venture Exchange) accepts responsibility for the adequacy of this newsrelease. 

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