Rye Patch Appoints Buffington to Board of Directors
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Sep 17, 2014) - Rye Patch Gold Corp. (TSX VENTURE:RPM)(OTCQX:RPMGF)(FRANKFURT:5TN) (the "Company" or "Rye Patch") is pleased to announce the appointment of Randy Buffington to the Board of Directors of the Company as an independent director.
Mr. Buffington has over 28 years' experience with mining companies in management, operations, engineering and construction, which he attained through his various management positions at globally focused mid-tier and senior mining companies.
Mr. Buffington has worked at Coeur d'Alene Mines Corporation, where he was Senior Vice President, Operations and was responsible for the safe operation of five mines located in Bolivia, Argentina, Mexico and the United States. Prior to that, he served in a variety of general management roles with Barrick Gold Corp., including Managing Director of Barrick's Lumwana copper mine in Zambia; General Manager of Barrick's Goldstrike mine complex; and General Manager of their Ruby Hill and Bald Mountain mines in Nevada. Prior to his time at Barrick Gold Corp., Mr. Buffington gained significant experience in Nevada working at Placer Dome Inc.'s Bald Mountain mine, and Cominco American Inc.'s Buckhorn Mine. Randy is currently President and CEO of Allied Nevada and has a Master's degree in Civil Engineering.
"I am extremely pleased to have Randy join the Company as a director. He has the knowledge, experience and common sense that are required to guide a successful public company. His extensive experience in advanced project development and mine production will serve Rye Patch and its shareholders well."
"Randy and I worked together on various projects at Placer Dome, and I have seen firsthand his ability to understand the issues and provide candid, cost-effective solutions while not compromising on safety or quality. Although Randy comes from an operational background, he is very supportive of exploration and understands its potential wealth creation mission. I believe Randy will help guide the Company to achieve its next set of milestones," stated Mr. William C. (Bill) Howald, President and CEO of the Company.
Mr. Buffington will be appointed to the corporate governance and audit committees. The Company has granted 150,000 common shares at an exercise price of $0.27 per share to Mr. Buffington for a term of ten years. The options will vest over 2 years, with 25% vesting 6 months following the grant date and a further 25% every 6 months thereafter.
About Rye Patch Gold Corp.
Rye Patch Gold Corp. is a Tier 1, well-funded junior mining company with a royalty revenue stream from the operating Rochester silver mine and significant gold and silver resources, all located in the mining friendly state of Nevada, USA. The Company's seasoned management team is engaged in the acquisition, exploration, and development of quality resource-based gold and silver projects. Rye Patch Gold US Inc. controls over 75 square kilometres (30 sq. miles) of land, and has a 3.4 % Net Smelter Return (NSR) royalty from the Rochester silver mine along the Oreana trend located in west-central Nevada. The Company is aggressively developing gold and silver resources along this emerging trend, utilizing existing funds and cash flow from the NSR royalty which is fully leveraged to the price of gold and silver. In east central Nevada, Rye Patch Gold US Inc. is exploring 66 square kilometres of exploration land along the prolific Cortez trend contiguous to Barrick's new Goldrush deposit. The Company has established gold and silver resource milestones and time frames in order to build a premier resource development company. For more information about the Company, please visit our website at www.ryepatchgold.com.
On behalf of the Board of Directors
William C. (Bill) Howald, CEO & President
This news release contains forward-looking statements, which address future events and conditions, 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: 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 (and, in respect of the Coeur Rochester mine 3.4% NSR, the reliability of calculation of Coeur's mineral resources and reserves); 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.
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.