Vancouver, British Columbia, May 1, 2017 – Rye Patch Gold Corp. (TSX.V: RPM; OTCQX: RPMGF; FWB: 5TN) (the “Company” or “Rye Patch”) announced that it has completed the first gold pour from the new leach pad at the refurbished Florida Canyon Mine in Northwestern Nevada.
A total 485 ounces of gold was poured as doré in the month of April from the new South Heap Leach Pad with the first pour occurring on April 25, 2017. In addition, residual leaching from the old Florida Canyon and Standard Gold mines produced 602 ounces.
“This is a significant milestone for Rye Patch Gold,” said President and CEO William Howald. “The Florida Canyon team has done a phenomenal job on the re-start of the Mine and we are excited to be Nevada’s newest gold producer. We can now turn our sights to realizing the tremendous potential of our other projects along the Oreana Trend and reaching our goal of becoming Nevada’s next mid-tier producer.”
Rye Patch began irrigation of the newly built South Heap Leach Pad in mid-April 2017 only nine months after acquiring the Florida Canyon mine in July 2016. The Company plans to ramp up towards commercial production during the second quarter of 2017.
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 operations, resource assets and exploration upside. The combination of operations and exploration concentrated 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
For additional information contact:
‘William Howald’
Rye Patch Gold Corp
William C. (Bill) Howald, CEO & President
info@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, 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: the requirement of the Company to satisfy the conditions for drawdowns in the credit agreement entered into with Macquarie Bank Limited (“Credit 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.
Rpm able to cover costs until commercial production or do we expect to see more dilution? With royalty and these ounces of gold sold, not sure if it is enough to cover expenses for another quarter.
Thoughts?