VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 30, 2008) - Rye Patch Gold Corp (TSX VENTURE:RPM)(TSX VENTURE:RPM.WT)(OTCBB:RPMGF) ("Rye Patch" or the "Company") is pleased to release the third set of gold assay results from its phase-2 drill program on the Wilco project. The phase-2 program was completed on October 4, 2008, with a total of 9,841 metres (32,290 feet) in 39 reverse circulation drillholes. The Wilco drillhole results are continuing to return significant gold assays from the Willard Mine area as well as higher grade assays from a new target - North Basin. Table 1 summarizes significant drill interval results for WR-071 to WR-081 using a 0.34 g/t (0.01 opt) gold cutoff for intervals greater than 3 metres (10 feet).
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TABLE 1: WILCO PROJECT - 2008 REVERSE CIRCULATION DRILL PROGRAM
(WR-071 to WR-081)
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Drillhole
Target Au interval From To TD
Drillhole Area g/tonne metres metres metres (metres)
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WR-071 Section Line 0.38 3.0 88.4 91.4 167.6
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WR-072 Section Line 0.38 3.0 153.9 157.0
---------------------------------------------------------------- 213.4
WR-072 Section Line 0.58 9.1 164.6 173.7
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WR-073 Section Line 1.03 3.0 135.6 138.7
---------------------------------------------------------------- 254.5
WR-073 Section Line 1.51 21.3 157.0 178.3
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WR-074 Section Line 0.34 6.1 125.0 131.1
---------------------------------------------------------------- 202.7
WR-074 Section Line 1.95 16.8 137.2 153.9
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WR-075 Section Line 0.41 3.0 178.3 181.4 202.7
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WR-076 Section Line 0.55 4.6 204.2 208.8
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WR-076 Section Line 0.38 3.0 230.1 233.2 254.5
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WR-076 Section Line 0.72 3.0 239.3 242.3
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WR-077 Section Line 0.34 9.1 65.5 74.7
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WR-077 Section Line 0.82 3.0 125.0 128.0
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WR-077 Section Line 2.09 4.6 147.8 152.4 289.6
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WR-077 Section Line 0.72 3.0 246.9 249.9
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WR-077 Section Line 2.26 4.6 271.3 275.8
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WR-078 Section Line 0.51 10.7 184.4 195.1
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WR-078 Section Line 1.99 3.0 333.8 336.8
---------------------------------------------------------------- 385.6
Including 3.87 1.5 335.3 336.8
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WR-078 Section Line 0.41 3.0 359.7 362.7
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WR-079 Section Line 0.75 13.7 173.7 187.5
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WR-079 Section Line 0.51 7.6 234.7 242.3
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WR-079 Section Line 0.62 6.1 249.9 256.0 324.6
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WR-079 Section Line 1.17 12.2 260.6 272.8
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WR-079 Section Line 0.96 12.2 275.8 288.0
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WR-080 Section Line 0.41 6.1 190.5 196.6
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WR-080 Section Line 0.69 13.7 204.2 217.9 327.7
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WR-080 Section Line 1.17 3.0 257.6 260.6
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WR-081 North Basin 0.55 4.6 140.2 144.8
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WR-081 North Basin 0.38 3.0 164.6 167.6
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WR-081 North Basin 0.51 3.0 275.8 278.9
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WR-081 North Basin 1.82 3.0 336.8 339.9
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Including 3.50 1.5 336.8 338.3 385.6
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WR-081 North Basin 1.95 36.6 341.4 378.0
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Including 4.80 3.0 353.6 356.6
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Including 3.67 9.1 359.7 368.8
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WR-081 North Basin 0.38 3.0 382.5 385.6
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NSV equals No Significant Values
Drillholes WR-071 through WR-080 are step-out drilling within the Section Line discovery area following the east-west trend of the gold zones. The drillholes have stepped off known gold mineralisation from 50 metres (150 feet) to 300 metres (1,000 feet). WR-081 was drilled on a new target and shows higher grade gold mineralisation over a significant drill interval.
Drillhole WR-081 followed up on significant alteration identified in drillhole WR-079 and confirms gold mineralisation continues to the north in to a new area designated the North Basin target. The untested North Basin target is defined by an area covering 500 metres (1,500 feet) north-south by 300 metres (1,000 feet) east-west, and has potential to be a significant new discovery on the Wilco property as indicated by the results of drillhole WR-081 (36.6 metres grading 1.95 g/t Au). Drillholes WR-082 and WR-087 encountered similar thicknesses of quartz stockwork alteration as in WR-081. The distribution and alteration indentified in these three drillholes suggest a blanket of quartz stockwork above porphyry system, and the alteration dimensions are commensurate with a porphyry-style target. Based on the distribution of known gold mineralisation on the Wilco property, the North Basin target may represent the center of the gold system. At this time, assay results for WR-082 and WR-087 are pending.
All drillholes intercepted significant gold mineralisation in the Section Line area. WR-073 and WR-074 demonstrate the Section Line discovery is open and continues with significant strength and thickness to the west along the crest of the fold (anticline) structure. WR-079 shows the gold zones are open to the north toward the North Basin target. WR-079 and WR-081 show gold mineralisation is connected between the Section Line and North Basin areas.
Based on the new Wilco drilling, management anticipates an increase in the Wilco resource estimate. The Company plans an update of the Wilco resource estimate in early 2009.
"The Wilco project continues to outperform our expectations. Drillhole WR-081 in the North Basin target opens up a brand new area with a new gold model that could be the next wave of discovery for Nevada gold deposits. The potential presence of a large gold porphyry system at Wilco could be a game changer for the district," stated Rye Patch's CEO and President, William C. (Bill) Howald.
The drill programs are now complete at Wilco, Jessup and the follow-up drill program at Lincoln Hill - 1,000 metres to expand on the recently released results of 21.3 metres grading 27.16 g/t gold including an interval of 7.6 metres grading 75.44 g/t gold. The Company will report additional drill results for Wilco, Jessup and Lincoln Hill projects through the end of the year.
The Company released assay results for WR-049 to WR-059 and WR-060 to WR-070 on September 17, 2008, and October 15, 2008, respectively. A map showing the drillhole locations is available on the Company's website at www.ryepatchgold.com. Rye Patch holds the Wilco project pursuant to the terms of a lease and sublease with Newmont Mining Corporation.
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
Resource Tons Gold Silver Contained Contained Gold &
Category (X Grade Grade Gold Silver Gold Equiv.
Property (1) 1,000) opt opt Ounces 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 Measured 0 0 0 0 0 0
(2) 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 (50g/t Ag equals
1g/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.
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.
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 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
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 timing and content of work programs; results of exploration activities and development of mineral properties, the interpretation of drilling results and other geological data, the uncertainties of resource and reserve estimations, 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.
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
