VANCOUVER, July 9, 2015 /CNW/ - Rye Patch Gold Corp (TSX.V: RPM; OTCQX: RPMGF; FWB: 5TN) (the "Company" or "Rye Patch") is pleased to announce that for the period ended June 30, 2015, the Company purchased and cancelled a total of 923,500 common shares under its previously announced Normal Course Issuer Bid ("NCIB" or "Share Buy Back").
As announced on April 29, 2015, Rye Patch may, by allocating up to a maximum of 10% of its quarterly royalty income, commence making purchases of up to a maximum of 7,300,000 common shares, which represents approximately 5% of the Company's 146,446,746 issued and outstanding common shares as at May 1, 2015.
William Howald, the Company's President and CEO stated, "Management believes, and I'm sure investors feel the common shares have been trading at prices far below the underlying value of the Company. By conducting the share buy back, the Company is acting in the best interest of its shareholders by acquiring shares at these low prices."
The parameters of the NCIB, have been established to ensure that Rye Patch continues to have a healthy treasury, substantial on-going cash flow from the Rochester Royalty and ensure that its current projects and its ability to capitalize on new opportunities remains well funded.
About Rye Patch Gold Corp.
Rye Patch Gold Corp. is a Tier 1, well-funded junior mining company led by a seasoned management team that has participated in major discoveries totaling 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