|By Marketwired .||
|July 3, 2014 09:01 AM EDT||
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 07/03/14 -- Rye Patch Gold Corp (TSX VENTURE: RPM)(OTCQX: RPMGF)(FRANKFURT: 5TN) (the "Company" or "Rye Patch") announces that it has filed a technical report entitled "Preliminary Economic Assessment, RYE PATCH GOLD CORP., Lincoln Hill Property, Pershing County, Nevada, USA" dated July 2, 2014. The report, prepared by Metal Mining Consultants, Inc., was completed pursuant to National Instrument 43-101 in support of the Company's May 21, 2014 news release which details the results of the Lincoln Hill Preliminary Economic Assessment ("PEA").
Highlights of the report are:
-- Base Case Pre-tax IRR of 76.5% and NPV (5% discount rate) of US$64.2M; -- Average annual production of 33,000 Au ounces and 753,000 Ag ounces per year with a peak annual production of 63,700 Au ounces and 1,011,000 Ag ounces; -- Life of Mine ("LOM") cash cost of US$575 per Au equivalent ("AuEq")(1) ounce, and total costs of US$759 per AuEq(1); and -- Drilling on the Independence Hill and Roosevelt targets has potential to expand the resource and enhance the project economic model.
( 1 )AuEq. means gold and silver equivalence at a gold-silver ratio of 1:67 based on price and recovery.
The Company cautions that the PEA is preliminary in nature in that it is based on Inferred Mineral Resources which are considered too speculative geologically to have the economic considerations applied to them that would enable them to be characterized as mineral reserves, and there is no certainty that the PEA will be realized. Mineral resources that are not mineral reserves do not have demonstrated economic viability.
The full report can be found under the Company's profile on SEDAR, available at www.sedar.com.
About Rye Patch Gold Corp.
Rye Patch Gold Corp. is a Tier 1, well-funded junior mining company with a royalty revenue stream from the operating Rochester silver mine and significant gold and silver resources, all located in the mining friendly state of Nevada, USA. The Company's seasoned management team is engaged in the acquisition, exploration, and development of quality resource-based gold and silver projects. Rye Patch Gold US Inc. controls over 75 square kilometres (30 sq. miles) of land, and has a 3.4 % Net Smelter Return (NSR) royalty from the Rochester silver mine along the Oreana trend located in west-central Nevada. The Company is aggressively developing gold and silver resources along this emerging trend, utilizing existing funds and cash flow from the NSR royalty which is fully leveraged to the price of gold and silver. In east central Nevada, Rye Patch Gold US Inc. is exploring 66 square kilometres of exploration land along the prolific Cortez trend contiguous to Barrick's new Goldrush deposit. The Company has established gold and silver resource milestones and time frames in order to build a premier resource development company. 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.
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