News Release

Rossmere Gold Property Drilled, Thunder Bay, Ontario

West Vancouver, British Columbia – March 23, 2010 – Rainy Mountain Royalty Corp. (the “Company” or “Rainy Mountain”) is pleased to report that it has been informed by Drift Lake Resources Inc. (“Drift Lake Resources”) that two drill holes were recently completed on the Rossmere gold property.

The Rossmere gold property is adjacent to Hwy. 11 and is located 90 km west of Thunder Bay, Ontario and is jointly owned by Rainy Mountain and Marshall Lake Mining PLC, London, England (“Marshall Lake Mining”). As referred to in the Company’s news release dated January 21, 2009, Drift Lake Resources has an option from Rainy Mountain and Marshall Lake Mining to earn a 50% interest in the 224 claim unit property by incurring $300,000 in exploration expenditures and the right to earn a further 10% by incurring an additional $500,000 in exploration expenditures.

Drift Lake Resources has held the Rossmere gold property under option for the past 3 years and has to date completed 6 drill holes, a trenching program and induced polarization (IP) and magnetic surveys on the property.

Drift Lake Resources has indicated to the Company that the recently completed 276 metre drill program intersected numerous quartz veins in altered sediments flanking the Bandore gold deposit. Samples have been sent for assays.

The Rossmere gold property project is being supervised by R.S. Middleton, P.Eng., who has reviewed and approved the contents of this news release.

For further information, contact Mr. Clive Shallow, investor communications, at 604-922-2030 or visit the Company’s website at www.rmroyalty.com (an updated Rainy Mountain Royalty Corp. website is currently being developed).

Rainy Mountain Royalty Corp.
"Ronald A. Coombes"
Ronald A. Coombes, President

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 or accuracy of this release. This news release includes certain statements that may be deemed “forward-looking statements”. All statements, other than statements of historical facts, that address such matters as future exploration, drilling, exploration activities, potential mineralization and resources and events or developments that the Company expects, are forward looking statements and, as such, are subject to risks, uncertainties and other factors of which are beyond the reasonable control of the Company. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include such matters as market prices, exploitation and exploration results, continued availability of capital and financing, and general economic, market or business conditions. Any forward-looking statements are expressly qualified in their entirety by this cautionary statement. The information contained herein is stated as of the current date and subject to change after that date.

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