Florida Canyon Mine Development Continues On Track
VANCOUVER, Feb. 9, 2017 /CNW/ - Rye Patch Gold Corp. (TSX.V: RPM; OTCQX: RPMGF; FWB: 5TN) (the "Company" or "Rye Patch") announces that it has delivered 3,409 ounces of gold into its hedged position at an average price of US$1,275.13 and sold 4,804 ounces of silver at US$17.51 for gross revenue of US$4,431,662 produced from existing leach pads at the Standard and Florida Canyon mines.
The Company also received US$1.2 million from its Rochester mine NSR royalty for Q4 2016 in mid-January. The next payment will be for Q1 2017 and is expected in mid-April 2017.
Rye Patch's subsidiary, Florida Canyon Mining, continues to produce and sell gold from the existing leach pads at the Standard and Florida Canyon mines, with the revenue from the gold sales and NSR royalty contributing to Florida Canyon re-start costs.
Mining, crushing and ore placement are continuing at the new South Heap Leach facility. The projected ramp-up to 600,000 tons per month production (545,000 tonnes per month) is on schedule. Irrigation followed by gold production is pending approval from the Nevada regulatory agency.
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, replacement 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
William C. (Bill) Howald, CEO & President
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.
SOURCE Rye Patch Gold
For further information: For additional information contact: Rye Patch Gold Corp, email@example.com, Tel.: (604) 638-1588, Fax: (604) 638-1589