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RYE PATCH GOLD CORP. ANNOUNCES $15 MILLION BOUGHT DEAL PRIVATE PLACEMENT; ESTABLISHES STRATEGIC REVIEW PROCESS

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAWS

VANCOUVER, BC January 17, 2018 – Rye Patch Gold Corp. (Rye Patch” or the “Company”) (TSX.V: RPM; OTCQX: RPMGD; FWB: 5TN) is pleased to announce that it has entered into an agreement with PI Financial Corp., as lead underwriter on behalf of a syndicate of underwriters (collectively, the “Underwriters”), under which the Underwriters have agreed to purchase, on a bought deal private placement basis 11,538,500 units (the “Units”) of the Company at a price of $1.30 per Unit, for aggregate gross proceeds of $15,000,050 (the “Offering”). Each Unit will be comprised of one common share and one transferable common share purchase warrant (a “Warrant”). Each Warrant will entitle the holder thereof to acquire one common share of Rye Patch at a price of $1.65 for a period of 24 months following the closing of the Offering.

The Company has also granted the Underwriters the option to increase the size of the Offering by up to 3,846,200 Units to cover over-allotments, exercisable in whole or in part at up to 48 hours prior to the closing date of the Offering, for additional gross proceeds of up to $5,000,060.

The net proceeds of the Offering will be used for debt servicing, working capital and the continued ramp up of the Florida Canyon Mine.

The Offering is scheduled to close on or about January 31, 2018, or such other date as agreed between the Company and the Agents, and is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory and other approvals including the approval of the TSX Venture Exchange.

In addition, the board of directors (the “Board”) of Rye Patch has also determined to initiate a strategic review process to explore alternatives available to the Company for the enhancement of shareholder value.

Chief Executive Officer Bill Howald commented, “The Board has approved a process to review and evaluate potential alternatives that may further maximize value for Rye Patch’s shareholders.”

Mr. Howald added, “The strategic review will encompass a careful evaluation of the Company’s development strategy, business plan, market valuation and capital structure and will consider numerous opportunities or alternatives for the Company, including potential mergers, acquisitions or dispositions, restructuring or refinancing of its credit facility, and any other options identified with the fundamental objective of achieving the best value for the Company’s shareholders.”

The Board has appointed a Special Committee comprised solely of independent directors to review and evaluate proposals considered as part of the strategic review process, and to make recommendations to the Board thereon. The Special Committee is chaired by Tim Baker and is comprised of Jonathan Challis, Charles Russell and John Mansanti, being all of the independent directors of the Company.

There can be no assurance that the Company’s efforts will be successful or that the strategic review process will result in any transaction.

The Company’s mine ramp up at Florida Canyon will be unaffected by this review process.

This news release does not constitute an offer to sell or a solicitation of an offer to sell securities in the United States, nor in any other jurisdiction.  The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available. 

About Rye Patch Gold Corp.

Rye Patch Gold Corp. is a Nevada based, Tier 1, mining company engaged in the mining and development of quality resource-based gold and silver mines and projects along the established Oreana trend in west central Nevada. Leveraging its strong financial position and cash to acquire the operating Florida Canyon Gold Mine, Rye Patch Gold Corp. now controls a trend-scale platform with mining operations, resource projects and exploration upside. The combination of operations and organic growth along a major Nevada gold trend positions Rye Patch as an emerging mid-tier gold producer with tremendous value added potential. For more information, please visit our website at www.ryepatchgold.com.

On behalf of the Board of Directors

‘William Howald’
William C. (Bill) Howald, CEO & President

For additional information contact:
Rye Patch Gold Corp
investorrelations@ryepatchgold.com
Tel.: (604) 638-1588
Fax: (604) 638-1589

Forward-Looking Statements

This release includes certain statements that may be deemed to be “forward-looking statements”, including statements as to use of proceeds of the Offering, closing of the Offering and review of strategic opportunities and alternatives. All statements in this release, other than statements of historical facts, that address events or developments that management of the Company expect, are forward-looking statements.  These statements are based on assumptions that the Offering will complete as proposed, the proceeds will be available to the Company and used in the manner outlined and that the strategic review will identify opportunities for the Company.  Actual results or developments may differ materially from those in forward-looking statements and there are risks attendant with completion of the Offering, risks that the proceeds may not be sufficient for the purposes intended and risks that the strategic review will not result in any transaction. Rye Patch disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, save and except as may be required by applicable securities laws.

Neither 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.

Download the news release.

January 17th, 2018|

RYE PATCH GOLD ANNOUNCES SHARE CONSOLIDATION

VANCOUVER, BC January 10, 2018 – Rye Patch Gold Corp. (Rye Patch” or the “Company”) (TSX.V: RPM; OTCQX: RPMGF; FWB: 5TN) announces that the TSX Venture Exchange (the “TSX-V”) has approved a proposed share consolidation by the Company (the “Share Consolidation”) on the basis of one (1) post-consolidation common share for every 6.5 pre-consolidation common shares.

Effective as of the opening of markets on Friday, January 12, 2018, the Company will commence trading on the TSX-V on a consolidated basis under its existing name, Rye Patch Gold Corp.  The post-consolidated common shares of the Company will be assigned a new CUSIP number of 783727407 (ISIN CA7837274074).   Management anticipates that the Share Consolidation will benefit the Company by increasing investor interest, improving trading liquidity and improving the Company’s ability to raise additional capital at a higher price per common share which may appeal to a broader base of potential investors.

“The share consolidation and price will better reflect the space that Rye Patch now occupies as a mining company, given that it has now achieved commercial production,” stated William C. Howald, the Company’s President and CEO. “The previous share structure resulted from the Company’s ten‑year history as a mineral exploration company and the consolidation will position the Company strategically for its next phase of development as it looks to expand its production base.”

As at the date hereof, there are an aggregate of 427,160,783 common shares issued and outstanding.  It is expected that, upon completion of the Share Consolidation, there will be an aggregate of approximately 65,717,043 common shares issued and outstanding.

About Rye Patch Gold Corp.

Rye Patch Gold Corp. is a Nevada focused, Tier 1, precious metal mining company engaged in the mining, development and exploration of a 180 square kilometre land package along the prospective Oreana trend in west central Nevada. Leveraging its strong financial position and cash to acquire the Florida Canyon Gold mining operation, Rye Patch now controls a trend-scale platform with mining operations, resource projects and significant exploration potential. The combination of mining and a growth profile along a major Nevada gold trend positions Rye Patch to become an emerging North American mid-tier precious metal producer. For more information, please visit our website at www.ryepatchgold.com.

On behalf of the Board of Directors

‘William Howald’

William C. (Bill) Howald, CEO & President

For additional information contact:
Rye Patch Gold Corp
investorrelations@ryepatchgold.com
Tel.: (604) 638-1588
Fax: (604) 638-1589

Neither 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.

Download the news release.

January 10th, 2018|

RYE PATCH GOLD ANNOUNCES FLORIDA CANYON Q4 2017 PRODUCTION • 10,470 OUNCES OF GOLD PRODUCED • 4,069 OUNCES OF GOLD PRODUCED IN DECEMBER • COMMERCIAL PRODUCTION ACHIEVED IN DECEMBER

Vancouver, British Columbia, January 9, 2018 – Rye Patch Gold Corp. (TSX.V: RPM; OTCQX: RPMGF; FWB: 5TN) (the “Company” or “Rye Patch”) reports Q4 2017 production metrics at the Company’s flagship Florida Canyon mine in Pershing County, Nevada.

Production highlights for Q4 2017 as compared to Q3 2017 and the Company’s preliminary economic assessment “Plan” (see description below) are:

  • Produced 10,470 ounces of gold and 5,447 ounces of silver in Q4;
  • Mined 2,372,000 tons of ore (30 percent above Plan);
  • Crushed 2,291,000 tons of ore (27 percent above Plan);
  • Placed 25,434 ounces of gold on the pad;
  • Maintained a consistent gold grade of 0.011 opt including over liner material; and
  • Realized a stripping ratio of 0.55 which is significantly lower than Plan.

Gold production continued its upward trend, increasing 31 percent in Q4 compared to Q3.  In December, gold production was 4,069 ounces of gold and 1,996 ounces of silver.  Total precious metal production for the fourth quarter was 10,470 ounces of gold and 5,447 ounces of silver.

Gold sales benefitted from a combination of selling into the forward sales contract and spot price with a realized gold price of $1,278.  Silver was sold at spot price during the quarter and realized an average price of $16.65.  A total of 9,532 ounces of gold and 6,756 ounces of silver were sold during the quarter.

Mining and crushing rates are now consistently outperforming the original Plan by 30 percent and 27 percent respectively.  As a consequence, the crusher throughput has been increased to 750,000 tons per month of ore crushed and stacked to the South Heap Leap Pad on a go-forward-basis, representing a 25 percent increase over the original Plan.  The crusher continues to demonstrate operational performance above 750,000 tons per month, and a study to determine the optimal throughput and associated capital requirements will be completed in 2018.

The waste to ore stripping ratio of 0.55 continues to be much lower than 1.47 projected in the original Plan. The mine is realizing better continuity of grade and tonnage than forecast in the block model.  An average of 17 percent increase in ore tons, a 7 percent increase in gold grade, and a 25 percent increase in gold ounces as compared to the resource block model has been achieved.  As a result of internal revisions to Florida Canyon’s mining plan and changes to the production sequencing, the Company will be using an average stripping ratio 0.8 as a guide for 2018 and an overall stripping ratio of 1.05 for the life-of-mine schedule.

Gold ounces placed on the pad averaged 8,478 ounces of gold placed per month in Q4.  Projected recoveries of 71 percent remain consistent with gold recoveries achieved to date.  Based on gold ounces stacked and gold ounces poured, the South Heap Leach Pad (SHLP) is performing with 70 percent of the recoverable gold ounces being produced from the primary leach cycle.  The remaining 30 percent will be produced during secondary and tertiary leach cycles.  To date, only primary leaching has occurred to maximize cash flow and determine the optimal leach cycle. Primary, secondary and tertiary leach cycles will begin in 2018 as the second lifts of ore are placed on top of the first lift.

Based on the Company’s six months of operating experience, differences have become apparent between current gold production and that forecast under the Plan.  These differences relate to the six-month construction/weather delay, the operational challenges associated with the mining fleet in Q1 and Q2, and a recognition that the process of putting tons under leach to the production of gold dore’ takes 60 days.  This impacts solely the timing of gold production, not the amount of gold which is ultimately produced.

 
All four newly purchased CAT 785C haulage trucks are in operation.  In addition, the planned Carbon-in-Column (CIC) plant expansion is complete.  The newly installed second CIC plant will nearly double the processing capacity with throughput increasing from 18,000 solution tons per day to 30,000 solution tons per day.  The additional flow will allow for more square footage to come under leach and increase gold production. The additional CIC capacity will be operational in early Q1 of 2018.

Based on the above planned operational performance of the mine and the crusher and the actual versus model recovery and predictability of the South Heap Leach Pad, the Company has determined that the Florida Canyon mine achieved commercial production in December 2017.

 “Plan” refers to the Company’s preliminary economic assessment effective March 16, 2016, and dated January 27, 2017, titled “Amended Technical Report – Preliminary Economic Assessment for the Florida Canyon Mine, Pershing County, Nevada” available on the Company’s website and under the Company’s profile at www.sedar.com.

Mr. William Howald, AIPG Certified Professional Geologist #11041, Rye Patch Gold’s CEO and President with a BSc. in Geological Engineering, is a Qualified Person as defined under National Instrument 43-101. He has reviewed and approved the contents of this news release.

About Rye Patch Gold Corp. 

Rye Patch Gold Corp. is a Nevada based, Tier 1, mining company engaged in the mining and development of quality resource-based gold and silver mines and projects along the established Oreana trend in west central Nevada. Leveraging its strong financial position and cash to acquire the operating Florida Canyon Gold Mine, Rye Patch Gold Corp. now controls a trend‑scale platform with mining operations, resource projects and exploration upside.

The combination of operations and organic growth along a major Nevada gold trend positions Rye Patch as an emerging mid-tier gold producer with tremendous value‑added potential. For more information, please visit our website at www.ryepatchgold.com.

On behalf of the Board of Directors

‘William Howald’

William C. (Bill) Howald, CEO & President

For additional information contact:
Rye Patch Gold Corp
investorrelations@ryepatchgold.com
Tel.: (604) 638-1588
Fax: (604) 638-1589

Forward-Looking Statements

This news release contains forward-looking statements relating to future plans and objectives of the Company, future deliveries of gold, proposed operations of the Company including mine development, funding requirements, timeline for commercial production, future events and conditions and other statements that are not historical facts, all of which are based on assumptions and subject to various risks and uncertainties. The Company’s actual results, programs and financial position could differ materially from those anticipated in such forward‑looking statements as a result of the following assumptions and risk factors, some of which may be beyond the Company’s control. These assumptions and risk factors include: future deliveries of gold pursuant to the forward gold price contract facility, the achievement of mine redevelopment plans and achievement of commercial production; the availability of funds; the financial position of Rye Patch; the timing and content of work programs; the results of exploration activities and development of mineral properties; the interpretation of drilling results and other geological data; the reliability of calculation of mineral resources; the reliability of calculation of precious metal recoveries; the receipt and security of mineral property titles; project cost overruns or unanticipated costs and expenses; fluctuations in metal prices; currency fluctuations; and general market and industry conditions.

Forward-looking statements are based on the expectations and opinions of the Company’s management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.  As a result, the Company cannot guarantee that the Florida Canyon mine redevelopment and achievement of commercial production will be completed on the terms and within the time disclosed herein or at all.

Neither 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.

Download the News Release. 

January 9th, 2018|

RYE PATCH GOLD COMPLETES 2017 PRINCIPAL REPAYMENTS ON ITS CREDIT FACILITY

Vancouver, British Columbia, January 3, 2018 – Rye Patch Gold Corp. (TSX.V: RPM; OTCQX: RPMGF; FWB: 5TN) (the “Company” or “Rye Patch”) reports that in December, 2017, the Company completed its US$4.0 million principal repayment and paid US$609,000 in interest pursuant to its credit agreement with Macquarie Bank Limited. An aggregate of US$5.1 million in principal repayments was made in 2017, reducing the outstanding principal balance to US$21.8 million. The credit facility was used in the construction and re-start of the Company’s flagship Florida Canyon mine in Pershing County, Nevada.

“Now that the Florida Canyon Mine is up and running, our priority is the reduction of this debt.  With approximately 20% of the outstanding balance already repaid in 2017, and with repayments scheduled for 2018, the majority of the credit facility is forecast to be repaid by year’s end,” commented William C. Howald, the Company’s President and CEO.

About Rye Patch Gold Corp. 

Rye Patch Gold Corp. is a Nevada based, Tier 1, mining company engaged in the mining and development of quality resource-based gold and silver mines and projects along the established Oreana trend in west central Nevada. Leveraging its strong financial position and cash to acquire the operating Florida Canyon Gold Mine, Rye Patch Gold Corp. now controls a trend‑scale platform with mining operations, resource projects and exploration upside.

The combination of operations and organic growth along a major Nevada gold trend positions Rye Patch as an emerging mid-tier gold producer with tremendous value‑added potential. For more information, please visit our website at www.ryepatchgold.com.

On behalf of the Board of Directors

‘William Howald’

William C. (Bill) Howald, CEO & President

For additional information contact:
Rye Patch Gold Corp
investorrelations@ryepatchgold.com
Tel.: (604) 638-1588
Fax: (604) 638-1589

Forward-Looking Statements

This news release contains forward-looking statements relating to future plans and objectives of the Company, future deliveries of gold, proposed operations of the Company including mine development, funding requirements, timeline for commercial production, future events and conditions and other statements that are not historical facts, all of which are based on assumptions and subject to various risks and uncertainties. The Company’s actual results, programs and financial position could differ materially from those anticipated in such forward‑looking statements as a result of the following assumptions and risk factors, some of which may be beyond the Company’s control. These assumptions and risk factors include: future deliveries of gold pursuant to the forward gold price contract facility, the achievement of mine redevelopment plans and achievement of commercial production; the availability of funds; the financial position of Rye Patch; the timing and content of work programs; the results of exploration activities and development of mineral properties; the interpretation of drilling results and other geological data; the reliability of calculation of mineral resources; the reliability of calculation of precious metal recoveries; the receipt and security of mineral property titles; project cost overruns or unanticipated costs and expenses; fluctuations in metal prices; currency fluctuations; and general market and industry conditions.

Forward-looking statements are based on the expectations and opinions of the Company’s management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.  As a result, the Company cannot guarantee that the Florida Canyon mine redevelopment and achievement of commercial production will be completed on the terms and within the time disclosed herein or at all.

Neither 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.

January 3rd, 2018|

RYE PATCH GOLD ANNOUNCES FLORIDA CANYON NOVEMBER PRODUCTION • 3,491 OUNCES OF GOLD PRODUCED

Vancouver, British Columbia, December 11, 2017 – Rye Patch Gold Corp. (TSX.V: RPM; OTCQX: RPMGF; FWB: 5TN) (the “Company” or “Rye Patch”) reports November production metrics at the Company’s flagship Florida Canyon mine in Pershing County, Nevada.

Production Highlights for the month of November 2017 as compared to the Company’s preliminary economic assessment “plan” (see description below) are:

  • Placed 8,059 ounces of gold on the pad (23 percent above plan);
  • Produced 3,491 ounces of gold and 1,825 ounces of silver, 20 percent higher than October;
  • Mined 730,900 tons of ore (21 percent above plan);
  • Crushed 728,900 tons of ore (21 percent above plan);
  • Maintained a grade of 0.011 opt of gold including over liner material; and
  • Achieved a low strip ratio of 0.45 for the month (74 percent below plan).

“Production reaching 3,500 ounces represents a key milestone in the continuing upward production trend.  At this point mining operations now begin to contribute positive cash flows to the Company,” stated William Howald, the Company’s President and CEO.

Howald continued, “Three of the four new 785 haulage trucks are working with the fourth to be operational in early December.  Over liner material has been laid over an extent that maximizes leach cell size and allows for a primary leach cycle of 45 days before stacking the second lift.   Over liner will be completed in late December.  The positive trend is continuing in Q4.”

“The October and now November production results confirm the Florida Canyon mine is ramping up to commercial production in Q1 2018,” he added.

“Plan” refers to the Company’s preliminary economic assessment effective March 16, 2016 and dated January 27, 2017 titled “Amended Technical Report – Preliminary Economic Assessment for the Florida Canyon Mine, Pershing County, Nevada” available on the Company’s website and under the Company’s profile at www.sedar.com.

Mr. William Howald, AIPG Certified Professional Geologist #11041, Rye Patch Gold’s CEO and President with a BSc. in Geological Engineering, is a Qualified Person as defined under National Instrument 43-101. He has reviewed and approved the contents of this news release.

About Rye Patch Gold Corp. 
Rye Patch Gold Corp. is a Nevada based, Tier 1, mining company engaged in the mining and development of quality resource-based gold and silver mines and projects along the established Oreana trend in west central Nevada. Leveraging its strong financial position and cash to acquire the operating Florida Canyon Gold Mine, Rye Patch Gold Corp. now controls a trend‑scale platform with mining operations, resource projects and exploration upside.

The combination of operations and organic growth along a major Nevada gold trend positions Rye Patch as an emerging mid-tier gold producer with tremendous value‑added potential. For more information, please visit our website at www.ryepatchgold.com.

On behalf of the Board of Directors
‘William Howald’
William C. (Bill) Howald, CEO & President

For additional information contact:
Rye Patch Gold Corp
investorrelations@ryepatchgold.com
Tel.: (604) 638-1588
Fax: (604) 638-1589

Forward-Looking Statements

This news release contains forward-looking statements relating to future plans and objectives of the Company, future deliveries of gold, proposed operations of the Company including mine development, funding requirements, timeline for commercial production, future events and conditions and other statements that are not historical facts, all of which are based on assumptions and subject to various risks and uncertainties. The Company’s actual results, programs and financial position could differ materially from those anticipated in such forward‑looking statements as a result of the following assumptions and risk factors, some of which may be beyond the Company’s control. These assumptions and risk factors include: future deliveries of gold pursuant to the forward gold price contract facility, the achievement of mine redevelopment plans and achievement of commercial production; the availability of funds; the financial position of Rye Patch; the timing and content of work programs; the results of exploration activities and development of mineral properties; the interpretation of drilling results and other geological data; the reliability of calculation of mineral resources; the reliability of calculation of precious metal recoveries; the receipt and security of mineral property titles; project cost overruns or unanticipated costs and expenses; fluctuations in metal prices; currency fluctuations; and general market and industry conditions.

Forward-looking statements are based on the expectations and opinions of the Company’s management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.  As a result, the Company cannot guarantee that the Florida Canyon mine redevelopment and achievement of commercial production will be completed on the terms and within the time disclosed herein or at all.

Neither 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.

Download the News Release.

December 11th, 2017|

RYE PATCH INTERSECTS SUBSTANTIAL GOLD MINERALIZATION BENEATH FLORIDA CANYON OXIDE DEPOSIT

Vancouver, British Columbia, November 29, 2017 – Rye Patch Gold Corp. (TSX.V: RPM; OTCQX: RPMGF; FWB: 5TN) (the “Company” or “Rye Patch”) reports results of scout drilling of the sulfide zone at the Company’s flagship Florida Canyon mine in Nevada.

Highlights of sulfide scout drillholes:

  • Drillhole FCR-17-016 contained two gold zones including 70.1 metres grading 2.94 grams per tonne (g/t) gold and 56.4 metres grading 2.60 g/t gold;
  • FCR-17-015 contained three gold zones including 35.1 metres grading 2.08 g/t gold, 57.9 metres grading 1.30 g/t gold, and 15.2 grading 1.08 g/t gold.

William Howald, Rye Patch President and CEO said, “We are extremely pleased with the results of this scout drilling program. Based on the drill results and our exploration model, management believes the sulfide blanket beneath Florida Canyon could host a substantive high-grade ore body beneath the oxide zone.  By quantifying the sulfide mineralization, Florida Canyon has the initial makings of a world-class ore body located in Nevada.”

The reverse circulation (RC) drill program was designed to test the distribution of the sulfide body and validated the current geologic model and ore controls.  The three gold zones identified in drill hole FCR-17-015 consist of 35.1 metres grading 2.08 g/t gold starting at 88.4 metres, 57.9 metres grading 1.30 g/t gold starting 129.5 metres, and 15.2 grading 1.08 g/t gold starting at 236.2 metres, all using a 1.0 g/t gold cut off.

The drillhole was located in an untested sulfide area between the Central and Main pits.  The intersections confirm the notion that the mineralization has a similar structural geometry to the oxide zone thus connecting the two zones.  The multiple intercepts demonstrate a substantial thickness and breadth of the sulfide zone.

Using a 1.0 g/t gold cut off, FCR-17-016 identified two gold zones including 70.1 metres grading 2.94 g/t gold starting at 79.2 metres and 56.4 metres grading 2.60 g/t gold starting at 164.6 metres.  The drillhole was located along the northern portion of the sulfide body where existing assay information suggested lower grade in the sulfide zone.  The drillhole shows the historic data will need more off-set and twin drillholes to confirm grade distribution and tenor.  The results are well above the predicted grade and thickness of the northern sulfide area and are a promising surprise.

A follow-up core program is warranted and will use the new information to better target and quantify the down dip and lateral extensions of the sulfide body.

Previous owner of the Florida Canyon mine, Pegasus Gold, completed an internal report titled “Sulfide Project Pre-feasibility Study” dated July 18, 1996 on the sulfide mineralization at Florida Canyon.  A total of 262 drillholes (241 RC and 21 core) touched or penetrated the sulfide body and yielded an average grade of 2.36 g/t gold in the sulfide zone with gold values as high as 100 g/t Au (2.93 opt Au) in a northeast oriented structural zone.  Pegasus completed a resource estimate within a Whittle pit design at US$400 gold price, and a series of metallurgical tests including floatation, pressure oxidation, roasting, and bio-oxidation.

The metallurgical test work showed an overall recovery of 90 percent by flotation with 94 percent of the gold reporting to a sulfide concentrate.  Additional metallurgical test work will be done by Rye Patch on material from the drill program.  A Qualified Person has not done sufficient work to classify this historical information as a current mineral resource or mineral reserve and the Company is not treating this historical information as a current mineral resource or mineral reserve.

Drilling in the Central area has expanded the oxide resource.  Drillholes FCR-17-001 to FCR-17-014 and FCR-17-017 and FCR-17-018 were drilled in the Central pit area where the block model showed waste material but mining is encountering gold above cut-off grade.  The drillholes were successful in changing the waste designation to ore and expanding the oxide resource, and the area is currently being mined.

All drillhole sampling was conducted under the supervision of the Company’s project geologists, and a strict chain of custody from the project to the sample preparation facility was implemented and monitored. The RC samples were delivered to American Assay Laboratory’s preparation facility in Reno, Nevada, where they were crushed and pulverized. The pulverized material was digested and analyzed for gold using fire assay fusion and an atomic absorption spectroscopy finish on a 30-gram assay split. All other elements were determined by inductively coupled plasma analysis. Data verification of the assay and analytical results are completed to ensure accurate and verifiable results. A blank, duplicate or a certified standard was inserted approximately every 10th sample.

IDS Directional Drilling and Borehole Surveying of Elko, Nevada completed gyroscopic downhole surveys on all drillholes.  The Florida Canyon mine survey team completed final collar locations using differential GPS.

William Howald, AIPG Certified Professional Geologist #11041, Rye Patch Gold’s CEO and President with a BSc. in Geological Engineering, is a Qualified Person as defined under National Instrument 43-101. He has reviewed and approved the contents of this news release.

About Rye Patch Gold Corp. 

Rye Patch Gold Corp. is a Nevada based, Tier 1, mining company engaged in the mining and development of quality resource-based gold and silver mines and projects along the established Oreana trend in west central Nevada. Leveraging its strong financial position and cash to acquire the operating Florida Canyon Gold Mine, Rye Patch Gold Corp. now controls a trend‑scale platform with mining operations, resource projects and exploration upside.

The combination of operations and organic growth along a major Nevada gold trend positions Rye Patch as an emerging mid-tier gold producer with tremendous value‑added potential. For more information, please visit our website at www.ryepatchgold.com.

On behalf of the Board of Directors

‘William Howald’
William C. (Bill) Howald, CEO & President

For additional information contact:
Rye Patch Gold Corp
investorrelations@ryepatchgold.com
Tel.: (604) 638-1588

Forward-Looking Statements

This news release contains forward-looking statements relating to future plans and objectives of the Company, future deliveries of gold, proposed operations of the Company including mine development, funding requirements, timeline for commercial production, future events and conditions and other statements that are not historical facts, all of which are based on assumptions and subject to various risks and uncertainties. The Company’s actual results, programs and financial position could differ materially from those anticipated in such forward‑looking statements as a result of the following assumptions and risk factors, some of which may be beyond the Company’s control. These assumptions and risk factors include: future deliveries of gold pursuant to the forward gold price contract facility, the achievement of mine redevelopment plans and achievement of commercial production; the availability of funds; the financial position of Rye Patch; the timing and content of work programs; the results of exploration activities and development of mineral properties; the interpretation of drilling results and other geological data; the reliability of calculation of mineral resources; the reliability of calculation of precious metal recoveries; the receipt and security of mineral property titles; project cost overruns or unanticipated costs and expenses; fluctuations in metal prices; currency fluctuations; and general market and industry conditions.

Forward-looking statements are based on the expectations and opinions of the Company’s management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.  As a result, the Company cannot guarantee that the Florida Canyon mine redevelopment and achievement of commercial production will be completed on the terms and within the time disclosed herein or at all.

Neither 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.

Download the News Release

November 29th, 2017|

RYE PATCH GOLD CELEBRATES FIVE YEAR SAFETY MILESTONE AT FLORIDA CANYON

 Vancouver, British Columbia, November 9, 2017 – Rye Patch Gold Corp. (TSX.V: RPM; OTCQX: RPMGF; FWB: 5TN) (the “Company” or “Rye Patch”) announces the Florida Canyon mine in Nevada has achieved the significant milestone of five continuous years without a lost-time accident.

Rye Patch Gold acquired the Florida Canyon mine in 2016 and began production in the spring of 2017 continuing the safety culture under the leadership of General Manager Mike Iannacchione, PE. “Safety is a cornerstone of success and the team at Florida Canyon has built a magnificent foundation to which Rye Patch can continue to create successful operations,” said President and CEO William Howald.

This summer Florida Canyon was recognized by the Nevada Mining Association with the top safety award in the small mine category.

About Rye Patch Gold Corp. 

Rye Patch Gold Corp. is a Nevada based, Tier 1, mining company engaged in the mining and development of quality resource-based gold and silver mines and projects along the established Oreana trend in west central Nevada. Leveraging its strong financial position and cash to acquire the operating Florida Canyon Gold Mine, Rye Patch Gold Corp. now controls a trend‑scale platform with mining operations, resource projects and exploration upside.

The combination of operations and organic growth along a major Nevada gold trend positions Rye Patch as an emerging mid-tier gold producer with tremendous value‑added potential. For more information, please visit our website at www.ryepatchgold.com.

On behalf of the Board of Directors

William Howald’

William C. (Bill) Howald, CEO & President

For additional information contact:
Rye Patch Gold Corp
investorrelations@ryepatchgold.com
Tel.: (604) 638-1588
Fax: (604) 638-1589

Neither 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.

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November 9th, 2017|

RYE PATCH GOLD ANNOUNCES FLORIDA CANYON OCTOBER PRODUCTION

  • 9,100 AU OZ placed on pad
  • 2,911 AU OZ produced

Vancouver, British Columbia, November 7, 2017 – Rye Patch Gold Corp. (TSX.V: RPM; OTCQX: RPMGF; FWB: 5TN) (the “Company” or “Rye Patch”) reports that it has completed a record setting month at the Company’s flagship Florida Canyon mine in Pershing County, Nevada.

Production Highlights for the month of October 2017 as compared to the Company’s preliminary economic assessment “plan” (see description below) are:

  • Placed 9,100 ounces of gold on the pad (48 percent above plan);
  • Produced 2,911 ounces of gold and 1,626 ounces of silver;
  • Mined 815,400 tons of ore (35 percent above plan);
  • Crushed 821,100 tons of ore (37 percent above plan);
  • Maintained a grade of 0.011 opt of gold including over liner material; and
  • Achieved a low strip ratio of 0.43 for the month (77 percent below plan).

“The Florida Canyon mine overwhelmingly outperformed its plan in a safe and prudent fashion in October and is successfully showing capacity well above its Q4 production goals. We are benefiting from the larger leach cell size with gold now being produced at increasingly higher rates,” stated William Howald, the Company’s President and CEO.

“Given the gold ounces placed in October,” Mr. Howald added, “the addition of the new 785 haulage trucks planned for November, and the completion of the over liner in early December, the mine is on a positive trend that should continue through Q4.”

“We are on track to achieve commercial production at Florida Canyon in Q1 2018,” he added.

At the end of October, the Company reports $16.5 million in its treasury.

“Plan” refers to the Company’s preliminary economic assessment effective March 16, 2016 and dated January 27, 2017 titled “Amended Technical Report – Preliminary Economic Assessment for the Florida Canyon Mine, Pershing County, Nevada” available on the Company’s website and under the Company’s profile at www.sedar.com.

Mr. William Howald, AIPG Certified Professional Geologist #11041, Rye Patch Gold’s CEO and President with a BSc. in Geological Engineering, is a Qualified Person as defined under National Instrument 43-101. He has reviewed and approved the contents of this news release.

About Rye Patch Gold Corp.

Rye Patch Gold Corp. is a Nevada based, Tier 1, mining company engaged in the mining and development of quality resource-based gold and silver mines and projects along the established Oreana trend in west central Nevada. Leveraging its strong financial position and cash to acquire the operating Florida Canyon Gold Mine, Rye Patch Gold Corp. now controls a trend-scale platform with mining operations, resource projects and exploration upside. The combination of operations and organic growth along a major Nevada gold trend positions Rye Patch as an emerging mid-tier gold producer with tremendous value-added potential. For more information, please visit our website at www.ryepatchgold.com.

On behalf of the Board of Directors‘William Howald’

William C. (Bill) Howald, CEO & President

For additional information contact:
Rye Patch Gold Corp
info@ryepatchgold.com
Tel.: (604) 638-1588
Fax: (604) 638-1589

Forward-Looking Statements

This news release contains forward-looking statements relating to future plans and objectives of the Company, future deliveries of gold, proposed operations of the Company including mine development, funding requirements, future events and conditions and other statements that are not historical facts, all of which are subject to various risks and uncertainties. The Company’s actual results, programs and financial position could differ materially from those anticipated in such forward-looking statements as a result of numerous factors, some of which may be beyond the Company’s control. These factors include: future deliveries of gold pursuant to the forward gold price contract facility, the achievement of mine redevelopment plans and production results; the availability of funds; the financial position of Rye Patch; the timing and content of work programs; the results of exploration activities and development of mineral properties; the interpretation of drilling results and other geological data; the reliability of calculation of mineral resources; the reliability of calculation of precious metal recoveries; the receipt and security of mineral property titles; project cost overruns or unanticipated costs and expenses; fluctuations in metal prices; currency fluctuations; and general market and industry conditions.

Forward-looking statements are based on the expectations and opinions of the Company’s management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. As a result, the Company cannot guarantee that the drawdowns under the Credit Facility and the Florida Canyon mine redevelopment will be completed on the terms and within the time disclosed herein or at all.

Neither 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.

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November 7th, 2017|

RYE PATCH GOLD RENEGOTIATES BONDS, RESULTS IN $6.2 MILLION REFUND

Vancouver, British Columbia, October 30, 2017 – Rye Patch Gold Corp. (TSX.V: RPM; OTCQX: RPMGF; FWB: 5TN) (the “Company” or “Rye Patch”) reports that it has renegotiated the terms for its approximately C$49 million (US$32.4 million) of reclamation bonds for the Company’s flagship Florida Canyon mine and the Standard Mine in the state of Nevada.

Significantly, the new terms result in a material reduction in the portion of the reclamation bond that the Company is required to fund through cash reclamation deposits.  This funding requirement has been reduced from 40 percent of the bond amount to 25 percent, resulting in a cash refund to the Company of approximately C$6.2 million (US$4.9 million).

“As a consequence of reducing the risk profile of the Florida Canyon Mine since acquisition, Rye Patch has been successful in securing a significantly lower cash requirement for its reclamation bonds. In addition to generating a non-dilutive cash in-flow today, it will also reduce that aspect of our sustaining capital going forward,” commented Tony Wood, Chief Financial Officer.

In Nevada, the United States Bureau of Land Management require a company to place reclamation bonds in trust as security relating to a company’s site closure obligation. The obligation is satisfied by a combination of reclamation deposits and reclamation insurance policies.

About Rye Patch Gold Corp.

Rye Patch Gold Corp. is a Nevada based, Tier 1, mining company engaged in the mining and development of quality resource-based gold and silver mines and projects along the established Oreana trend in west central Nevada. Leveraging its strong financial position and cash to acquire the operating Florida Canyon Gold Mine, Rye Patch Gold Corp. now controls a trend-scale platform with mining operations, resource projects and exploration upside. The combination of operations and organic growth along a major Nevada gold trend positions Rye Patch as an emerging mid-tier gold producer with tremendous value-added potential. For more information, please visit our website at www.ryepatchgold.com.

On behalf of the Board of Directors‘William Howald’

William C. (Bill) Howald, CEO & President

For additional information contact:
Rye Patch Gold Corp
info@ryepatchgold.com
Tel.: (604) 638-1588
Fax: (604) 638-1589

Forward-Looking Statements

This news release contains forward-looking statements relating to future plans and objectives of the Company, future deliveries of gold, proposed operations of the Company including mine development, funding requirements, future events and conditions and other statements that are not historical facts, all of which are subject to various risks and uncertainties. The Company’s actual results, programs and financial position could differ materially from those anticipated in such forward-looking statements as a result of numerous factors, some of which may be beyond the Company’s control. These factors include: future deliveries of gold pursuant to the forward gold price contract facility, the achievement of mine redevelopment plans and production results; the availability of funds; the financial position of Rye Patch; the timing and content of work programs; the results of exploration activities and development of mineral properties; the interpretation of drilling results and other geological data; the reliability of calculation of mineral resources; the reliability of calculation of precious metal recoveries; the receipt and security of mineral property titles; project cost overruns or unanticipated costs and expenses; fluctuations in metal prices; currency fluctuations; and general market and industry conditions.

Forward-looking statements are based on the expectations and opinions of the Company’s management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. As a result, the Company cannot guarantee that the drawdowns under the Credit Facility and the Florida Canyon mine redevelopment will be completed on the terms and within the time disclosed herein or at all.

Neither 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.

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October 30th, 2017|

RYE PATCH OUTLINES PROGRAM TO EXPAND OXIDE RESOURCES AND EXPLORE SULFIDE POTENTIAL AT FLORIDA CANYON AND LINCOLN HILL

RYE PATCH OUTLINES PROGRAM TO EXPAND OXIDE RESOURCES AND EXPLORE SULFIDE POTENTIAL AT FLORIDA CANYON AND LINCOLN HILL

 Vancouver, British Columbia, October 16, 2017 – Rye Patch Gold Corp. (TSX.V: RPM; OTCQX: RPMGF; FWB: 5TN) (the “Company” or “Rye Patch”) outlines a three-year program to expand oxide resource and delineate sulfide potential along the Oreana trend in west-central Nevada.  The program is designed to increase measured and indicated oxide resources at Florida Canyon and Lincoln Hill and quantify and deliver a sulfide resource beneath the Florida Canyon oxide deposit.  A Phase 1 10,000 metre expansion drilling campaign at the Florida Canyon mine is planned which seeks to increase the oxide resource and to test and confirm the grade, character and extent of the sulfide mineralization beneath the oxide ore body.

The initial drill program will consist of 1,200 metres of core and 8,800 metres of reverse circulation drilling.  Drillhole depths will range between 150 to 300 metres for the sulfide program and 60 to 180 metres for the oxide program.  The estimated cost of the phase-1 campaign is US$1 million, and the program commenced in early October.

At the end of the three-year program, Rye Patch anticipates delivering significant additional oxide resources at Florida Canyon and Lincoln Hill, and a sulfide resource beneath the Florida Canyon oxide deposit.  A portion of the sulfide body above the water table may also lend itself to an accelerated mine and processing option for the Company.

William Howald, the Company’s President and CEO noted, “Over the history of the Florida Canyon mine, a total of 3.5-million ounces of gold from oxide material has been placed on the historic leach pad and the Company is currently mining a 1.12-million ounces of measured and indicated oxide gold resource.  Based on our exploration model, Management believes the sulfide resource beneath Florida Canyon has a similar number of ounces of gold but at a much higher grade.  If our exploration model is correct, the combined oxide and sulfide mineralization could make Florida Canyon a world-class deposit in Nevada.”

Sulfide Program

The core program will focus on the sulfide deposit beneath the Florida Canyon oxide resource.  The objective of the drill program is to establish the overall size, extent and thickness of the sulfide body and collect material for additional metallurgical testing.

In 1996, Pegasus Gold completed an internal report titled “Sulfide Project Pre-feasibility Study” dated July 18, 1996 on the sulfide mineralization at Florida Canyon.  A total of 262 drillholes (241 RC and 21 core) touched or penetrated the sulfide body and yielded an average grade of 2.36 g/t gold in the sulfide with gold values as high as 100 g/t Au (2.93 opt Au) in a northeast oriented structural zone.  Pegasus completed a resource estimate within a Whittle pit design at US$400 gold price, and a series of metallurgical tests including floatation, pressure oxidation, roasting, and bio-oxidation.  The metallurgical test work showed an overall recovery of 90% with flotation with 94% of the gold reporting to a sulfide concentrate.  Additional metallurgical test work will be done by Rye Patch on material from the drill program.  A Qualified Person has not done sufficient work to classify this historical information as a current mineral resource or mineral reserve and the Company is not treating this historical information as a current mineral resource or mineral reserve.

The core program will also test the distribution of the sulfide body and validate the current geologic model and high-grade ore controls.  Core holes will be located to test the down dip extension of sulfides between the Radio Tower and Central pits; the down dip extension west of the Main pit; and potential structural zone east of the Radio Tower and Central pit areas.

An additional 2,700 metres of reverse circulation drilling will target the down dip potential and structural controls on the sulfide zone to help validate the geologic model.  The RC program will fill in gaps between historic sulfide drilling programs to see if the mineralization connects between areas which, if positive, could have a dramatic impact on the potential size of the sulfide mineralization.

Oxide Program

The objective of the oxide program is to expand and upgrade the current oxide resource and step out along structural zones.  A total of 5,500 metres of drilling is planned with drillhole depths ranging between 60 and 180 metres.  The program will include upgrading inferred material within the designed pits to measured and indicated adjacent to the Radio Tower and Central pit areas.   A major portion of the program will be step-out drilling along low- and high‑angle structural trends.

The primary drill target is the contact between Grass Valley siltstone and Natchez Pass limestone. The contact is a low-angle fault (thrust fault) which controls mineralization in Radio Tower and Central pits.  The zone is significant within the mine and may represent a regional exploration target.  Drilling will target jasperioid alteration and hydrothermal breccias within the thrust fault zone.

Mr. William Howald, AIPG Certified Professional Geologist #11041, Rye Patch Gold’s CEO and President with a BSc. in Geological Engineering, is a Qualified Person as defined under National Instrument 43-101. He has reviewed and approved the contents of this news release.

About Rye Patch Gold Corp. 

Rye Patch Gold Corp. is a Nevada focused, Tier 1, precious metal mining company engaged in the mining, development and exploration of a 180 square kilometre land package along the prospective Oreana trend in west central Nevada. Leveraging its strong financial position and cash to acquire the Florida Canyon Gold mining operation, Rye Patch now controls a trend‑scale platform with mining operations, resource projects and significant exploration potential. The combination of mining and a growth profile along a major Nevada gold trend positions Rye Patch to become an emerging North American mid-tier precious metal producer. For more information, please visit our website at www.ryepatchgold.com.

On behalf of the Board of Directors For additional information contact:
‘William Howald’ Rye Patch Gold Corp
William C. (Bill) Howald, CEO & President info@ryepatchgold.com
Tel.: (604) 638-1588
Fax: (604) 638-1589

Forward-Looking Statements

This news release contains forward-looking statements relating to future plans and objectives of the Company, future production and deliveries of gold, proposed operations of the Company including mine development, funding requirements, future events and conditions and other statements that are not historical facts, all of which are subject to various risks and uncertainties. The Company’s actual results, programs and financial position could differ materially from those anticipated in such forward-looking statements as a result of numerous factors, some of which may be beyond the Company’s control. These factors include, but are not limited to: future deliveries of gold pursuant to the forward gold price contract facility, the achievement of mine redevelopment plans and production results; the availability of funds; the financial position of Rye Patch; the timing and content of work programs; the results of exploration activities and development of mineral properties; the interpretation of drilling results and other geological data; the reliability of calculation of mineral resources; the reliability of calculation of precious metal recoveries; the receipt and security of mineral property titles; project cost overruns or unanticipated costs and expenses; fluctuations in metal prices; currency fluctuations; and general market and industry conditions.

Forward-looking statements are based on the expectations, opinions and assumptions of the Company’s management on the date the statements are made including, but not limited to, the continued operation of the Company’s mining operations, no material adverse change in the market price of commodities, and mining operations and production to be completed in accordance with management’s expectations.  The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.  As a result, the Company cannot guarantee that the drawdowns under the Credit Facility and the Florida Canyon mine redevelopment will be completed on the terms and within the time disclosed herein or at all. 

Neither 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.

Download the News Release

October 16th, 2017|