Florida Canyon Mine Pours 3,094 Ounces of Gold in May
VANCOUVER, June 2, 2017 /CNW/ - Rye Patch Gold Corp. (TSX.V: RPM; OTCQX: RPMGF; FWB: 5TN) (the "Company" or "Rye Patch") reports that the Florida Canyon mine has poured 3,094 ounces of gold for the month of May 2017. This compares to 485 ounces of gold poured in the month of April 2017. The Company plans to sell its 3,094 ounces of gold into its forward gold price contract facility priced at approximately US$1,275.
William C. Howald, President and CEO of the Company, stated, "We are very pleased with the progress and positive ramp-up of gold and silver dore production. The upward trend shows the project is on track to meet production objectives in the third quarter of this year."
"In less than one year, the Company has made the transformation from a Nevada explorer to Nevada's newest gold producer. The acquisition of the Florida Canyon mine was a transformational transaction that Rye Patch was uniquely positioned to pursue and re-start the mine to create shareholder value," added Howald.
During the month of May, the Florida Canyon mine achieved:
- Mining of 1.174 million tons (1.07 million tonnes) of material including 551,359 tons (501,235 tonnes) of ore delivered to the crusher;
- Stacking of 582,161 tons (529,237 tonnes) of ore on the new South Heap Leach pad;
- Pouring of 5,566 troy ounces of dore containing 3,094 ounces of gold and 2,381 ounces of silver; and
- Progressing toward commercial production in Q3.
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 mining operations, resource projects and exploration upside. The combination of operations and organic growth 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, future deliveries of gold, 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: future deliveries of gold pursuant to the forward gold price contract 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.
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@example.com, Tel.: (604) 638-1588, Fax: (604) 638-1589