Vancouver, British Columbia, November 7, 2012 - Rye Patch Gold Corp (TSX.V: RPM; OTCQX: RPMGF; FWB: 5TN)(the "Company" or "Rye Patch") is issuing this news release to clarify the disclosure contained in its November 6, 2012 news release. In that news release, the Company provided estimates of tonnage and grade and contained ounces of measured and indicated mineral resources and inferred mineral resources on the Company's LH and OG unpatented lode mining claims based upon resource information publicly disclosed by Coeur d'Alene Mines Corporation ("CDE").
The information in the news release was derived solely from public information disclosed by CDE, and the Company has not verified any of the data that CDE has relied upon in estimating CDE's total published resources on the Rochester property. Accordingly, the Company withdraws all references stated in the November 6, 2012 news release and located on the Company's website to the tonnage, grade and contained ounces estimates calculated on the LH and OG claims. There are no current mineral resources on the Company's LH and OG claims and there is no assurance any mineral resources will be established in the future.
As disclosed in CDE's presentations at the Denver Gold Forum (September 11, 2012) and the Spokane Silver Summit (October 25, 2012), written copies of which are accessible on CDE's public website, CDE reported that 74% of CDE's measured and indicated mineral resource tons and 59% of the inferred mineral resource tons on the Rochester property are located on CDE's undisputed mining claims. CDE's published 2011 year end disclosure of total Rochester mineral resources was extracted from CDE's 10-K is also available on CDE's website and is shown in Table 1 below.
Table 1: CDE's Coeur Rochester Inc. 2011 Measured, Indicated and Inferred Resources
|Rochester Year End 2011 Resources(1)||Ounces per Ton||Contained Ounces (100% Basis)|
|M & I||251,472,000||0.45||0.003||112,348,000||867,000||155,698,000|
(1) Rochester resources from Coeur d'Alene Mines Corporation 2011 yearend resource table at $1,500 per ounces gold and $30 per ounce silver;
(2) Ageq equals gold ounces times fifty plus silver ounces (Ageq = ((Au*50) + Ag).
CDE reported on December 5, 2011 that based on the 2010 year end reserve statement, up to 20% of the proven and probable reserve was affected by the LH and OG claims. From its September 11, 2012 and October 25, 2012 presentations, CDE now reports that no proven or probable reserves are located on the LH and OG Claims, notwithstanding a 19% increase in gold price ($1,220 vs. $1,025) and a 42% increase in silver price ($23 vs. $16.25) used in calculating CDE's December 31, 2011 year end reserve and resource disclosure.
Rye Patch Gold US Inc. controls over 100 square kilometres (40 sq. miles) along the Oreana trend. The LH and OG Claims which comprise the Rochester Project consist of 413 unpatented lode mining claims
which cover over 30 square kilometres (7,500 acres).
Mr. William Howald, AIPG Certified professional Geologist #11041, Rye Patch's CEO and President, is a Qualified Person as defined under NI 43-101. He has reviewed and approved the contents of this news release.
The Company 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 the acquisition, exploration, and development of quality resource-based gold and silver projects. Rye Patch Gold US Inc. is developing gold and silver resources 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 the Company, please visit our website at www.ryepatchgold.com.
On behalf of the Board of Directors
William C. (Bill) Howald, CEO & President
For additional information contact:
Rye Patch Gold Corp
Tel.: (604) 638-1588
Fax: (604) 638-1589
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 to pursue legal undertakings; the outcome of legal action relating to the Rochester property and the LH unpatented claims, 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. Litigation is inherently uncertain and factors that could cause actual results to differ materially from those in forward-looking statements include unexpected judicial findings of fact, previously unknown facts arising, and decisions which depart from past legal precedent and similar events.
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.