Rainbow Resources Announces Share Exchange Agreement to Acquire Braveheart Resources Canada Inc.

TORONTO, ONTARIO, October 18, 2011 -- Rainbow Resources Inc. (TSX VENTURE:RBW) ("Rainbow" or the "Company") announces that it has entered into a definitive share exchange agreement to acquire Braveheart Resources Canada Inc. ("Braveheart"), a private company incorporated under the laws of Alberta. Braveheart's main asset is its 100% interest in the Riverside claims near Duncan Lake in southeastern British Colombia (please see the Company's press release of September 7, 2011 for further details).

The terms of the acquisition are that Rainbow will issue a total of 8,036,137 common shares to the shareholders of Braveheart, representing one common share of Rainbow in exchange for each share of Braveheart issued and outstanding.

Rainbow Resources Inc. is a junior exploration company focused on the Company's St. Paul Bay Project which consists of 12 contiguous unpatented claims covering approximately 192 hectares in the common corner of Fairlie, Heysen and Baird townships in Ontario, Canada. Earlier in 2011, the Company carried out an exploration program on these claims which involved drilling a total of 9 holes aggregating a total of 1921 metres. While the assays from these holes returned no significant values, Rainbow is continuing to assess other data related to these mineral claims.

Rainbow's shares are listed for trading on the TSX Venture Exchange under the symbol RBW.V. Rainbow currently has 16,840,000 common shares issued and outstanding.

Bruce Durham, P.Geo, a Qualified Person under NI 43-101 is responsible for the technical information contained in this release related to the mineral claims held by Braveheart. All information of a technical nature contained in this release is of a historical nature and should not be relied upon. The Qualified Person has not visited the property or verified the data contained in the various historical reports on the geology and mineralization on the property.

Gerald Harron, P.Geo., a qualified person under NI 43-101 is responsible for the technical information contained in this release related to the St. Paul's Bay project.

For further information: R. Brian Murray, (416) 985-7810 Visit our website at www.rainbowresourcesinc.com 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.