Rye Patch Granted Access to the LH Claims
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 12/21/11 -- Rye Patch Gold Corp (TSX VENTURE: RPM)(OTCQX: RPMGF) ('Rye Patch' or the 'Company') reports that the state district court in Pershing County, Nevada granted access to Rye Patch Gold on the LH claims outside of a court-defined boundary. To ensure the safety of Coeur Rochester and Rye Patch Gold employees, contractors and consultants, the Sixth Judicial District Court outlined an area encompassing the Rochester mine's current open pit, waste dumps and heap-leach pads and a buffer area around them. The enjoined areas affect only a portion of the lands on which the 402 senior LH unpatented mining claims are located. Rye Patch Gold has access to continue exploration and development work on the remaining LH unpatented mining claims. The District Court will enter a formal written order.
The 402 unpatented mining claims cover 30.3 square kilometres and an unknown portion of the Rochester and Nevada Packard resources along with numerous gold-silver targets which Rye Patch Gold has identified within the newly staked ground. The geologic team is working to assess the amount of gold and silver resource present on the LH claims. According to Coeur d'Alene's disclosure statement, as much as 20% of the Rochester mine's reserves and a significant portion of the resource lie within the LH claims.
Rye Patch's geologic team will be back on the ground sampling, mapping and preparing for a winter drill program. Permits for drilling have been submitted to the BLM for the Packard/Mystic target and the portion of the Northwest Rochester discovery area outside of the injunction boundary. A third drill permit is in the works for the Independence Hill area adjacent to the Company's 100% owned and controlled Lincoln Hill project. Published drill results show the Nevada Packard resource continued from the patented claims northward on to the LH claims. Several additional targets are within the claim block including the Mystic, Independence Hill and Limerick Basin which will be permitted. Finally, the Black fault zone is within the eastern portion of the LH Claims. This ore control has significant potential and controls gold and silver mineralization at the Relief Canyon, Packard, Rochester, and Spring Valley deposits. All these targets are presently being evaluated and prioritized.
The Rochester ore body is open to the north and northwest and the pit boundary is projected by Coeur d'Alene to expand on to Rye Patch Gold's senior LH unpatented mining claims.
The court-ordered injunction remains in place until resolution of Rye Patch Gold's claim that title to the senior LH unpatented mining claims is superior to the junior unpatented mining claims which Coeur Rochester staked over the LH Claims. This injunction order supersedes the Temporary Restraining Order the judge entered on December 5, 2011 against Rye Patch. The underlying legal action in this case will continue and discovery will commence with a trial expected in 2012.
As announced on May 18, 2010, May 11, 2009, and June 2, 2009, in respect of the Lincoln Hill, Wilco, and Jessup projects, Rye Patch Gold's resource inventory along the Oreana trend totals 1,182,780 ounces of gold and gold equivalent in the measured and indicated category plus 2,727,100 ounces of gold and gold equivalent in the inferred category.
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 gold and silver assets along the emerging Oreana trend, located in west-central Nevada, and is exploring 66 square kilometres along the Cortez trend near Barrick's two new gold discoveries. 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.
(604) 638-1588
(604) 638-1589 (FAX)
info@ryepatchgold.com
www.ryepatchgold.com