News Release

Rainy Mountain Provides Update On Max (PGE-Ni) Property, Ontario

West Vancouver, British Columbia – October 15, 2010 – Rainy Mountain Royalty Corp. (the “Company” or “Rainy Mountain”) is pleased to report that its joint venture partner, Northern Shield Resources Inc. (“Northern Shield”) (TSX-V: NRN) will be commencing drilling on the Max Property later this month.

The Max Property is located in the James Bay Lowlands of northern Ontario and is a PGE (Platinum Group Elements) and Ni (nickel) exploration property. Northern Shield intends to proceed with a diamond drill program on the Max Property later this month where two holes, totaling approximately 700 metres, will be drilled to test a VTEM anomaly that coincides with a magnetic feature that management of Northern Shield interprets to be a conduit or feeder pipe. As reported by Northern Shield in its news release of October 13, 2010, the conduit appears to link a peridotite (ultramafic) body that Northern Shield drilled in 2008 that contained very high background levels of PGEs and nickel and the Wabassi North gabbro which shows below normal levels of PGEs and nickel. Northern Shield believes that the target is akin to Magma Metal’s Thunder Bay North project where significant PGE mineralization is hosted in conduits that link two larger mafic/ultramafic bodies.

The Max Property is currently a 50/50 joint venture between Northern Shield and Rainy Mountain and Northern Shield is the operator. Rainy Mountain has elected not to participate in the current drill program on the Max Property, and accordingly, Rainy Mountain’s joint venture interest will be diluted to 40.8% (and Northern Shield’s interest will be increased to 59.2%) assuming that $450,000 is spent on the Max  Property drill program by Northern Shield.

For further information, contact Mr. Clive Shallow, investor communications at 604-922-2030 or visit the Company’s new website atwww.rmroyalty.com.

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

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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