Rye Patch Gold Updates Shareholder's Meeting Results and Grants Incentive Stock Options
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 05/27/11 -- Rye Patch Gold Corp. (TSX VENTURE: RPM)(OTCQX: RPMGF) ('Rye Patch' or the 'Company') is pleased to inform that all the resolutions were passed at the Annual General Meeting and that Messrs. Jonathan Challis, Charles Russell, Joe Kajszo and William C. Howald were re-elected to the Board of Directors.
The Company announces the grant of 660,000 stock options to directors, officers, employees and consultants of the company at a price of $0.35 per share for a term of 5 years according to the terms of the Company's Stock Option Plan.
The Company also announces the renewal for another 6 months of the engagement services signed with Ubika Corporation ('Ubika') to promote investor relations. In consideration for Ubika's services, Rye Patch Gold will pay a monthly fee of $5,000 and grant a stock option to acquire up to 250,000 common shares of the Company at an exercise price of $0.40 per share for a 5-year term and vesting in accordance with the policies of the Exchange.
Rye Patch Gold Corp. is exploring well-known mineral trends in Nevada - the world's fourth-richest gold region. Starting with 150,000 inferred ounces of gold in mid-2007, this well-funded Company now has 1.2-million ounces of gold and gold equivalent in the measured and indicated category, plus 2.7-million ounces of gold and gold equivalent in the inferred category. Rye Patch Gold is a Tier 1, Nevada-focused and discovery-driven company seeking to build a sizeable inventory of gold and silver resource assets in the mining friendly state of Nevada, USA. The Company's seasoned management team is engaged in acquisition, exploration and development of quality resource-based gold and silver projects. Rye Patch Gold is developing its primary assets - the advanced-stage Wilco, Lincoln Hill, Jessup, and Gold Ridge projects located along the emerging Oreana gold trend in west-central Nevada. 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 Rye Patch Gold, 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 timing and content of work programs; results of exploration activities and development of mineral properties, the interpretation of drilling results and other geological data, the uncertainties of resource and reserve estimations, 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.
Contacts:
Rye Patch Gold Corp.
William C. (Bill) Howald
CEO & President
(604) 638-1588
(604) 638-1589 (FAX)
info@ryepatchgold.com
www.ryepatchgold.com