VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 7, 2008) - Rye Patch Gold Corp (TSX VENTURE:RPM)(TSX VENTURE:RPM.WT)(OTCBB:RPMG) ("Rye Patch" or the "Company") announces it has mobilized a drill rig back to the Lincoln Hill property to follow up on drillhole LR-013 which returned 700 feet grading 0.792 opt gold including an interval of 25 feet grading 2.200 opt gold (21.3 metres grading 27.16 g/t gold including an interval of 7.6 metres grading 75.44 g/t gold) which was released on September 24, 2008. The objective of the follow-up drilling will be to follow the high-grade gold and silver intervals along strike of the northeast breccias zones as well as test the depth extent of this near-surface, shallow mineralisation.
Drilling is nearing completion at the Company's Wilco project and was recently completed at the Jessup project. The Company will have additional drill results for Wilco, Jessup and now Lincoln Hill over the next 8 weeks.
As released on the Company's Wilco project on May 12, 2008, and on the Jessup project in December 11, 2007, Rye Patch Gold now holds 779,517 ounces of gold and gold equivalent in the measured and indicated category plus 1,151,776 ounces of gold and gold equivalent in the inferred category. The table below summarizes the resources for Rye Patch Gold's advance-stage projects.
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Table 2: Rye Patch Gold's NI43-101 Gold Resource Inventory
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Contained
Gold &
Contain- Contain- Gold
Resource Gold Silver ed ed Equiv.
Category Tons Grade Grade Gold Silver Ounces
Property (1) (X 1,000) opt opt Ounces Ounces (3)
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Wilco(2) Measured 8,091 0.018 NC 146,701 NC 146,701
Indicated 32,950 0.015 NC 478,816 NC 478,816
Inferred 99,978 0.011 NC 1,124,776 NC 1,124,776
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Jessup(2) Measured 0 0 0 0 0 0
Indicated 5,423 0.022 0.31 120,000 1,655,000 154,000
Inferred 1,265 0.017 0.23 22,000 286,000 27,000
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Total Measured Resources 146,701 0 146,701
Total Indicated Resources 598,816 1,655,000 632,816
Total Inferred Resources 1,146,776 286,000 1,151,776
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(1) Conforms to 43-101 definitions for resources. All numbers are rounded.
(2) Cutoff grade for Willard Measured and Indicated resource is reported
at 0.0056 opt Au for oxide mineralisation and 0.042 opt Au for
sulphide mineralisation. The Inferred resource is reported at
0.0056 opt Au for oxide, sulphide and carbonaceous ore types; however,
a higher opt Au cut-off grade may be required to upgrade the inferred
resource to the measured and indicated resource category. Cutoff
grade for Jessup is 0.01 oz Au/t for oxide mineralisation,
0.015 oz Au/t for mixed material, and 0.025 oz Au/ton for all
unoxidised material;
(3) Jessup Resource includes Au equivalent ounces (50 g/t Ag equals
1 g/t Au). NC equals not calculated
Mr. William Howald, AIPG Certified Professional Geologist #11041, Rye Patch Gold's CEO and President, is the Qualified Person as defined under National Instrument 43-101. He has verified the information and has reviewed and approved the contents of this news release.
Mr. Shea Clark-Smith is overseeing the gold assay and geochemical quality control and assurance programs for Rye Patch Gold's drill programs at Wilco, Jessup and Lincoln Hill. He is responsible for creating, administering, and monitoring sample preparation and analytical QA/QC procedures for the drilling program. In sum, the QA/QC procedures will provide several measures of data quality and assure the Company that the data is representative of the original sample.
Rye Patch Gold maintains a strict quality control program at all of its projects. ALS Chemex collects the Wilco, Lincoln Hill-Gold Ridge, and Jessup drill samples onsite and transports the samples directly to the ALS Chemex's preparation and analysis facility located in Reno, Nevada. Analyses are conducted on 1-assay ton prepped samples with gold determined using industry standard fire assay methods, with an atomic absorption finish.
Rye Patch Gold Corp. is a Nevada-focused and discovery-driven company building a sizeable inventory of gold resource assets in the mining friendly state of Nevada, USA. The Company's seasoned management team is engaged in acquisition, exploration and development of quality resource-based gold projects. Rye Patch Gold is developing its primary assets - the advanced-stage Wilco project located within the Humboldt Gold Trend in west-central Nevada and the Jessup project in Churchill County, Nevada. The Company is seeking gold opportunities that continue to create shareholder value and leverage the gold price. The Company's goal is to have 5-million ounces of gold inventory within the next 3 years. For more information about Rye Patch Gold, please visit our website at www.ryepatchgold.com.
On behalf of the Board of Directors
William C. (Bill) Howald, CEO & President
FOR FURTHER INFORMATION PLEASE CONTACT:
Rye Patch Gold Corp.
Karen Robb
Manager, Investor Relations
(604) 638-1588
(604) 638-1589 (FAX)
Email: info@ryepatchgold.com
Website: www.ryepatchgold.com
Renmark Financial Communications Inc.
Christine Stewart
Senior Account Manager
(416) 644-2020
(416) 644-2021 (FAX)
Email: cstewart@renmarkfinancial.com
Website: www.renmarkfinancial.com
