Rye Patch Clarifies MD&A and Technical Disclosure
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct 6, 2014) - As a result of a review by the British Columbia Securities Commission (the "BCSC"), Rye Patch Gold Corp. (TSX VENTURE:RPM)(OTCQX:RPMGF)(FRANKFURT:5TN) (the "Company" or "Rye Patch") is issuing this news release to advise that it has today filed an amended Management's Discussion and Analysis for the interim period ended June 30, 2014 ("MD&A") and an amended NI43-101 compliant technical report. These documents can be found on SEDAR at www.sedar.ca.
Amended MD&A
The amended MD&A has been filed to address and correct or include the following:
- Disclosure of the Company's revenue recognition accounting policy;
- Expanded disclosure on forward-looking statements in connection with the Company's royalty income projection and 2014 budget;
- Clarification of capital resources and planned development activities; and
- Discussion of transactions between related parties.
Amended Technical Report
The Company has filed an amended technical report titled "Preliminary Economic Assessment, Rye Patch Gold Corp., Lincoln Hill Property, Pershing County, Nevada, U.S.A." dated October 2, 2014 effective May 21, 2014 for the purpose of clarifying and correcting the following technical requirements under NI43-101 and Form 43-101F1:
- correcting authors' certificates;
- reassignment of independent QP responsibilities for certain portions of the Amended Report and inclusion of an additional independent QP;
- amending the statement of reliance on other experts;
- correcting and expanding the information and disclosures provided under Mineral Resource Estimates; and
- Correcting and expanding the disclosures relating to the preliminary economic assessment, including mineral resource cut-off grades and recoveries.
The economic parameters and production profile remain unchanged from those contained in the original report as announced May 21, 2014.
As a result of the BCSC's review, the Company has also removed or corrected any non-compliant disclosures on its website and in investor relations materials as a consequence of the amended technical report and MD&A filings.
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.