VANCOUVER, March 2, 2015 /CNW/ - Rye Patch Gold Corp (TSX.V: RPM; OTCQX: RPMGF; FWB: 5TN) (the "Company" or "Rye Patch") is pleased to announce the appointment of Mr. Tony Wood as Chief Financial Officer ("CFO"). Along with his CFO responsibilities, Mr. Wood will continue in his current role as Vice President of Corporate Development.
Mr. Wood will work, with the Company's President and CEO, William Howald, to implement Rye Patch's operational growth and business development initiatives, and to ensure the Company's financial and reporting infrastructure evolves to meet the demands of a growing and successful corporation. His experience in guiding companies from exploration through development to production will become increasingly important as the Company advances its 100% owned Lincoln Hill project located along the Oreana trend in west central, Nevada.
Mr. Wood's executive experience includes oversight of finance and operations of various publicly-traded exploration and development companies. Over the last 15 years, he has successfully completed approximately $600-million in financing and M&A transactions in the mining industry. Most recently, as the CFO for Prodigy Gold Inc., he was pivotal in guiding that company through its expansion and rapid growth from a market capitalization of $25-million until its $341-million sale, a little over two years later. Mr. Wood has a proven record of success with strategic planning, organizational development, and company transformations. He has been instrumental in achieving performance and value growth across diverse commodities, countries and market conditions.
Mr. Wood is an honours graduate, Management Sciences (Marketing) B.Sc. from the University of Lancaster, U.K., and a qualified Chartered Accountant in the UK and Canada.
Mr. William Howald, President and CEO of Rye Patch, stated: "We are very pleased to have Tony take on this expanded and important role. His broad experience with M&A activity, project funding, operations, and financial management complement the Company's strong technical skills. Having a strong financial foundation is the first step in building Rye Patch Gold in to a premier Nevada based mining company."
The Company would like to acknowledge and thank Mr. Alnesh Mohan, Partner at Quantum Advisory Partners LLP, ("Quantum") for his service as CFO of Rye Patch, and the Company looks forward to continued collaboration with his firm.
The Company also announces the grant of incentive stock options to purchase 200,000 common shares of Rye Patch exercisable at $0.15 per share for term of ten years, subject to vesting in accordance with applicable Company policies.
About Rye Patch Gold Corp.
Rye Patch Gold Corp. is a Tier 1, well-funded junior mining company lead by a seasoned management team that has participated in major discoveries totally over 100-million ounces of gold. The team is engaged in the acquisition, exploration, and development of quality resource-based gold and silver projects along the emerging Oreana trend and the prolific Cortez trend. Benefitting from its strong financial position, the Company's strategy is to balance development and exploration risk, creating value by:
- Advancing the Lincoln Hill project toward production;
- Pursuing a world class discovery - Garden Gate and Patty - contiguous to and on strike with Barrick's Goldrush deposit; and
- Seeking new project opportunities and accretive transactions.
The Company's cash and cash flowing royalty allow for progress without dilution to shareholders. 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
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; 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 (and, in respect of the Coeur Rochester mine 3.4% NSR, the reliability of calculation of Coeur's mineral resources and reserves); 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.
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: Rye Patch Gold Corp, [email protected], Tel.: (604) 638-1588, Fax: (604) 638-1589