LOS ANGELES, CA, Jan. 08, 2020 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Reign Sapphire Corporation (OTCPK: RGNP) (“Reign”) is pleased to announce that Reign has completed its due diligence on the gold exploration license application it intends to acquire from Quad Equities Pty Ltd. ("Quad") and intends to commence drafting and signing of definitive agreements with Quad.

Reign previously announced the signing of a non-binding letter of intent with Quad on December 18, 2019, whereby Reign plans to acquire 100% of the equity ownership interests of Quad.  Quad currently holds EL006892, which is a gold exploration license application in the Mount Rothwell area in Victoria, Australia (the “Exploration License”).

Reign Sapphire Corporation has changed its name to Reign Resources Corporation and intends to focus on gold exploration in Victoria, Australia, with the project associated with the Exploration License being its first Victorian Gold project, with additional projects under review.

The project associated with the Exploration License is situated in the Mount Rothwell area in Victoria, Australia, to the East of Steiglitz Golfields. Mount Rothwell is 20 km west of Werribee, and 45 km west of Melbourne.

As of January 8, 2020, definitive agreements with Quad have not been executed.  Reign will provide details of the Quad acquisition on Form 8-K pursuant to applicable disclosure rules and regulations.

About Reign Sapphire Corp

Reign Sapphire Corp. (OTCQB: RGNP) is a Los Angeles-based, direct to consumer custom and branded jewelry company selling ethically produced, millennial targeted sapphire jewelry.

For more information, visit www.ReignSC.com

About Quad Equities

Quad Equities is the holder of Gabriel Kushnir Victorian resource investment – The Kushnir Group of Companies holds a portfolio of projects throughout Australia. Formally Kushnir was involved in projects with Barrick Gold of Australia and built a full-service prospecting business that managed its own exploration projects.

Forward Looking Statements

This press release includes "forward-looking statements" within the meaning of the U.S. federal securities laws, which statements may include information regarding the plans, intentions, expectations, future financial performance, or future operating performance of Reign Sapphire Corporation ("Reign" or the "Company"). Forward-looking statements are based on the expectations, estimates, or projections of the Company's management as of the date of this press release. Although Reign's management believes these expectations, estimates, or projections to be reasonable as of the date of this presentation, forward-looking statements are inherently subject to significant business risks, economic and competitive uncertainties, or other contingencies, which could cause the Company's actual results or performance to differ materially from what may be expressed or implied in the forward-looking statements. Important factors that could cause Reign's actual results or performance to differ materially from the forward-looking statements include those set forth in the "Risk Factors" sections in the Company's filings with the Securities and Exchange Commission, including the risks set forth in the company's Annual Report on Form 10-K for the year ended December 31, 2018 which is available for viewing on the SEC's EDGAR website. These forward-looking statements speak only as of the date of this press release and, except as required by law, Reign specifically disclaims any obligation to update these forward-looking statements, even if new information becomes available in the future.

Contact:

Reign Sapphire Corporation

213 457 3772

info@reignsc.com