Rye Patch Gold Corp. (V.RPM) 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 a strong financial position and cash to acquire the operating Florida Canyon Gold Mine in late 2016, Rye Patch Gold Corp. now controls a trend-scale platform with operations, replacement assets and exploration upside. The combination of operations and exploration concentrated along a major Nevada gold trend positions Rye Patch as an emerging mid-tier gold producer with tremendous value-added potential for shareholders.
Click for TMX Money Rye Patch Gold (V.RPM) stock price
For more information please go to the Rye Patch Gold website.
Updates
click the headline
Press Releases
click the headline
The Stream
Everything about Rye Patch Gold
Rye Patch Gold Hires Chief Operating Officer
Rye Patch Gold Corp. (“Rye Patch” or the “Company“) (TSX.V: RPM; OTCQX: RPMGF; FWB: 5TN) is pleased to announce the appointment of Mr. Douglas M. Jones, B.Sc. Mining Engineering, as the Company’s Chief Operating Officer.
Mr. Jones brings over 30 years of experience in US and international precious and base metal mining projects, operations, and engineering, including over 15 years in the gold space. He has held increasing positions of responsibility from front line to general manager to executive in many sizes and types of mining operations. Prior to joining Rye Patch, he has served as Senior Vice President for Eldorado Gold, managing gold and base metal operations in Asia and Europe. He was General manager for Kinross Gold in Washington and for Stillwater Mining in Montana. He has consulted for mining operations in South America, Asia, and Europe. Mr. Jones is excited to work again in Nevada, having spent ten years with Newmont on the Carlin Trend in various projects and operations. He has a proven track record and is unwavering in his team approach to safe productivity. Mr. Jones is a Mining Engineer from Colorado School of Mines, a professional member of SME and a Qualified Person under National Instrument 43-101.
“Doug brings a wealth of operational and managerial knowledge, experience and, most importantly, a track record of making and maintaining profitable mining operations. His insight, understanding and capabilities will be a valuable addition to Rye Patch’s management team and the Florida Canyon mine. The addition of the COO position will allow me to focus on the Company’s vision, values and culture,” stated William C. Howald, the Company’s CEO and President.
The Company also announces the grant under its Stock Option Plan of stock options to purchase an aggregate of 1,242,000 common shares of the Company to its directors, officers, employees and consultants. The stock options are exercisable for a term of ten years at an exercise price of $1.30 per common share, subject to the options vesting schedule of 25% on the date of grant and another 25% every six months thereafter until fully vested.
In addition, the Company announces the award under its Restricted Share Unit Plan of an aggregate of 504,600 restricted share units (“RSUs”) to its directors, officers, employees and consultants. Each RSU entitles the recipient to receive one common share of the Company, or a cash payment equal to the equivalent for one common share of the Company, following the vesting period of the RSU. The RSUs awarded will vest as to one‑third on the date of grant and one‑third on the first and second anniversaries of the date of grant.
The stock option grants and RSU awards are subject to any necessary regulatory approvals.
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 Howald’
William C. (Bill) Howald, CEO & President
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, investorrelations@ryepatchgold.com, Tel.: (604) 638-1588, Fax: (604) 638-1589
Green Spots on a Red Day
The Dow is crashing, well, actually, correcting. Bitcoin is under $7000 as I write.
The consensus seems to be that the Dow is a pretty normal market correction after months of steady rises. There is no such soft soap for Bitcoin simply because it is pretty much impossible to make a case for any particular value for Bitcoin. With the companies which make up the Dow you can point to actual revenue and profits and, in some cases, dividends. With Bitcoin you are reduced to speculation about the risk appetite of Korean housewives, the willingness of governments to put up with crypto currencies and whether or not Millenials have any room left on their Visa cards.
On down days it is often a good idea to look at companies with solid fundamentals. I talk to a lot of CEOs and one of the questions I am always interested in is what their business model actually is. for some of the explorers, the model is all about developing a project to the point where a larger company will step in and buy the asset. But there are other juniors which are, in fact, mining a resource or very close to mining.
Here are a couple to watch: Ascendant Resources (T.ASND) runs a zinc mine in Honduras. The price of zinc is steadily rising and the world’s inventory of zinc and zinc miners is steadily shrinking. Ascendant has just achieved free cash flow, is exploring for more zinc and continues to improve the efficiency of its mining operations. I interviewed Chris Buncic a couple of weeks ago and you can go a bit deeper here.
I am just waiting on the final version of an article about Rye Patch Gold (V.RPM) which announced that it had attained commercial gold production in December 2017. Here is a small gold producer which is very close to generating free cash flow and has a very solid balance sheet. Analysts see it trading up from its current $1.25 to over $3.00 in the next 22 to 24 months.
Looking for junior mining companies in safe mining jurisdictions which are generating free cash flow or are about to is not the sexiest investment strategy but it offers the prospect of decent returns with very little downside. Compared to the frothy Dow or the Bitcoin bubble, well managed junior miners are a hugely attractive investment.
Rye Patch Gold Corp. Announces $15 Million Bought Deal Private Placement; Establishes Strategic Review Process
Rye Patch Gold Corp. (“Rye Patch” or the “Company“) (TSX.V: RPM; OTCQX: RPMGD; FWB: 5TN) is pleased to announce that it has entered into an agreement with PI Financial Corp., as lead underwriter on behalf of a syndicate of underwriters (collectively, the “Underwriters“), under which the Underwriters have agreed to purchase, on a bought deal private placement basis 11,538,500 units (the “Units“) of the Company at a price of $1.30 per Unit, for aggregate gross proceeds of $15,000,050 (the “Offering“). Each Unit will be comprised of one common share and one transferable common share purchase warrant (a “Warrant“). Each Warrant will entitle the holder thereof to acquire one common share of Rye Patch at a price of $1.65 for a period of 24 months following the closing of the Offering.
The Company has also granted the Underwriters the option to increase the size of the Offering by up to 3,846,200 Units to cover over-allotments, exercisable in whole or in part at up to 48 hours prior to the closing date of the Offering, for additional gross proceeds of up to $5,000,060.
The net proceeds of the Offering will be used for debt servicing, working capital and the continued ramp up of the Florida Canyon Mine.
The Offering is scheduled to close on or about January 31, 2018, or such other date as agreed between the Company and the Agents, and is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory and other approvals including the approval of the TSX Venture Exchange.
In addition, the board of directors (the “Board”) of Rye Patch has also determined to initiate a strategic review process to explore alternatives available to the Company for the enhancement of shareholder value.
Chief Executive Officer Bill Howald commented, “The Board has approved a process to review and evaluate potential alternatives that may further maximize value for Rye Patch’s shareholders.”
Mr. Howald added, “The strategic review will encompass a careful evaluation of the Company’s development strategy, business plan, market valuation and capital structure and will consider numerous opportunities or alternatives for the Company, including potential mergers, acquisitions or dispositions, restructuring or refinancing of its credit facility, and any other options identified with the fundamental objective of achieving the best value for the Company’s shareholders.”
The Board has appointed a Special Committee comprised solely of independent directors to review and evaluate proposals considered as part of the strategic review process, and to make recommendations to the Board thereon. The Special Committee is chaired by Tim Baker and is comprised of Jonathan Challis, Charles Russell and John Mansanti, being all of the independent directors of the Company.
There can be no assurance that the Company’s efforts will be successful or that the strategic review process will result in any transaction.
The Company’s mine ramp up at Florida Canyon will be unaffected by this review process.
This news release does not constitute an offer to sell or a solicitation of an offer to sell securities in the United States, nor in any other jurisdiction. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act“) or any state securities laws and may not be offered or sold within the United States unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
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 Howald’
William C. (Bill) Howald, CEO & President
Forward-Looking Statements
This release includes certain statements that may be deemed to be “forward-looking statements”, including statements as to use of proceeds of the Offering, closing of the Offering and review of strategic opportunities and alternatives. All statements in this release, other than statements of historical facts, that address events or developments that management of the Company expect, are forward-looking statements. These statements are based on assumptions that the Offering will complete as proposed, the proceeds will be available to the Company and used in the manner outlined and that the strategic review will identify opportunities for the Company. Actual results or developments may differ materially from those in forward-looking statements and there are risks attendant with completion of the Offering, risks that the proceeds may not be sufficient for the purposes intended and risks that the strategic review will not result in any transaction. Rye Patch disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, save and except as may be required by applicable securities laws.
Rye Patch Gold Announces Share Consolidation
Rye Patch Gold Corp. (“Rye Patch” or the “Company“) (TSX.V: RPM; OTCQX: RPMGF; FWB: 5TN) announces that the TSX Venture Exchange (the “TSX-V”) has approved a proposed share consolidation by the Company (the “Share Consolidation”) on the basis of one (1) post-consolidation common share for every 6.5 pre-consolidation common shares.
Effective as of the opening of markets on Friday, January 12, 2018, the Company will commence trading on the TSX-V on a consolidated basis under its existing name, Rye Patch Gold Corp. The post-consolidated common shares of the Company will be assigned a new CUSIP number of 783727407 (ISIN CA7837274074). Management anticipates that the Share Consolidation will benefit the Company by increasing investor interest, improving trading liquidity and improving the Company’s ability to raise additional capital at a higher price per common share which may appeal to a broader base of potential investors.
“The share consolidation and price will better reflect the space that Rye Patch now occupies as a mining company, given that it has now achieved commercial production,” stated William C. Howald, the Company’s President and CEO. “The previous share structure resulted from the Company’s ten‑year history as a mineral exploration company and the consolidation will position the Company strategically for its next phase of development as it looks to expand its production base.”
As at the date hereof, there are an aggregate of 427,160,783 common shares issued and outstanding. It is expected that, upon completion of the Share Consolidation, there will be an aggregate of approximately 65,717,043 common shares issued and outstanding.
About Rye Patch Gold Corp.
Rye Patch Gold Corp. is a Nevada focused, Tier 1, precious metal mining company engaged in the mining, development and exploration of a 180 square kilometre land package along the prospective Oreana trend in west central Nevada. Leveraging its strong financial position and cash to acquire the Florida Canyon Gold mining operation, Rye Patch now controls a trend-scale platform with mining operations, resource projects and significant exploration potential. The combination of mining and a growth profile along a major Nevada gold trend positions Rye Patch to become an emerging North American mid-tier precious metal producer. For more information, please visit our website at www.ryepatchgold.com.
On behalf of the Board of Directors
‘William Howald’
William C. (Bill) Howald, CEO & President
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: For additional information contact: Rye Patch Gold Corp, investorrelations@ryepatchgold.com, Tel.: (604) 638-1588, Fax: (604) 638-1589
Rye Patch Gold Announces Florida Canyon Q4 2017 Production
10,470 OUNCES OF GOLD PRODUCED
- 4,069 OUNCES OF GOLD PRODUCED IN DECEMBER
- COMMERCIAL PRODUCTION ACHIEVED IN DECEMBER
VANCOUVER, Jan. 9, 2018 /CNW/ – Rye Patch Gold Corp. (TSX.V: RPM; OTCQX: RPMGF; FWB: 5TN) (the “Company” or “Rye Patch”) reports Q4 2017 production metrics at the Company’s flagship Florida Canyon mine in Pershing County, Nevada.
 |
|
|
Production highlights for Q4 2017 as compared to Q3 2017 and the Company’s preliminary economic assessment “Plan” (see description below) are:
- Produced 10,470 ounces of gold and 5,447 ounces of silver in Q4;
- Mined 2,372,000 tons of ore (30 percent above Plan);
- Crushed 2,291,000 tons of ore (27 percent above Plan);
- Placed 25,434 ounces of gold on the pad;
- Maintained a consistent gold grade of 0.011 opt including over liner material; and
- Realized a stripping ratio of 0.55 which is significantly lower than Plan.
Gold production continued its upward trend, increasing 31 percent in Q4 compared to Q3. In December, gold production was 4,069 ounces of gold and 1,996 ounces of silver. Total precious metal production for the fourth quarter was 10,470 ounces of gold and 5,447 ounces of silver.
Gold sales benefitted from a combination of selling into the forward sales contract and spot price with a realized gold price of $1,278. Silver was sold at spot price during the quarter and realized an average price of $16.65. A total of 9,532 ounces of gold and 6,756 ounces of silver were sold during the quarter.
Mining and crushing rates are now consistently outperforming the original Plan by 30 percent and 27 percent respectively. As a consequence, the crusher throughput has been increased to 750,000 tons per month of ore crushed and stacked to the South Heap Leap Pad on a go-forward-basis, representing a 25 percent increase over the original Plan. The crusher continues to demonstrate operational performance above 750,000 tons per month, and a study to determine the optimal throughput and associated capital requirements will be completed in 2018.
The waste to ore stripping ratio of 0.55 continues to be much lower than 1.47 projected in the original Plan. The mine is realizing better continuity of grade and tonnage than forecast in the block model. An average of 17 percent increase in ore tons, a 7 percent increase in gold grade, and a 25 percent increase in gold ounces as compared to the resource block model has been achieved. As a result of internal revisions to Florida Canyon’s mining plan and changes to the production sequencing, the Company will be using an average stripping ratio 0.8 as a guide for 2018 and an overall stripping ratio of 1.05 for the life-of-mine schedule.
Gold ounces placed on the pad averaged 8,478 ounces of gold placed per month in Q4. Projected recoveries of 71 percent remain consistent with gold recoveries achieved to date. Based on gold ounces stacked and gold ounces poured, the South Heap Leach Pad (SHLP) is performing with 70 percent of the recoverable gold ounces being produced from the primary leach cycle. The remaining 30 percent will be produced during secondary and tertiary leach cycles. To date, only primary leaching has occurred to maximize cash flow and determine the optimal leach cycle. Primary, secondary and tertiary leach cycles will begin in 2018 as the second lifts of ore are placed on top of the first lift.
Based on the Company’s six months of operating experience, differences have become apparent between current gold production and that forecast under the Plan. These differences relate to the six-month construction/weather delay, the operational challenges associated with the mining fleet in Q1 and Q2, and a recognition that the process of putting tons under leach to the production of gold dore’ takes 60 days. This impacts solely the timing of gold production, not the amount of gold which is ultimately produced.
Florida Canyon Mine – South Heap Leach Pad ramp up data | ||||||
Three months | Three months | Three months | Three months | 12 months | ||
Ore mined | tons | 2,371,625 | 2,443,745 | 1,560,342 | 612,578 | 6,988,290 |
Waste mined | tons | 1,295,314 | 1,331,761 | 1,953,817 | 1,713,217 | 6,294,109 |
Total mined | tons | 3,666,939 | 3,775,506 | 3,514,159 | 2,325,795 | 13,282,399 |
Stripping ratio | 0.55 | 0.54 | 1.25 | 2.80 | 0.90 | |
Ore and overliner crushed | tons | 2,291,063 | 1,994,765 | 1,542,031 | 746,241 | 6,574,100 |
Ore and overliner stacked on pad | tons | 2,312,268 | 1,985,860 | 1,540,544 | 571,884 | 6,410,556 |
Ounces sent to HLP | 25,434 | 21,376 | 14,792 | 4,621 | 66,223 | |
Grade ore | ounce | 0.011 | 0.011 | 0.010 | – | 0.011 |
Grade overliner | ounce | 0.011 | 0.011 | – | 0.008 | 0.011 |
Combined grade | 0.011 | 0.011 | 0.010 | 0.008 | 0.011 | |
Gold absorbed onto carbon | Ounces | 10,509 | 8,125 | 7,480 | 2,091 | 28,205 |
Gold produced Dore | Ounces | 10,471 | 7,982 | 7,075 | 2,455 | 27,983 |
Silver produced Dore | Ounces | 5,447 | 5,239 | 5,603 | 4,529 | 20,818 |
All four newly purchased CAT 785C haulage trucks are in operation. In addition, the planned Carbon-in-Column (CIC) plant expansion is complete. The newly installed second CIC plant will nearly double the processing capacity with throughput increasing from 18,000 solution tons per day to 30,000 solution tons per day. The additional flow will allow for more square footage to come under leach and increase gold production. The additional CIC capacity will be operational in early Q1 of 2018.
Based on the above planned operational performance of the mine and the crusher and the actual versus model recovery and predictability of the South Heap Leach Pad, the Company has determined that the Florida Canyon mine achieved commercial production in December 2017.
“Plan” refers to the Company’s preliminary economic assessment effective March 16, 2016, and dated January 27, 2017, titled “Amended Technical Report – Preliminary Economic Assessment for the Florida Canyon Mine, Pershing County, Nevada” available on the Company’s website and under the Company’s profile at www.sedar.com.
Mr. William Howald, AIPG Certified Professional Geologist #11041, Rye Patch Gold’s CEO and President with a BSc. in Geological Engineering, is a Qualified Person as defined under National Instrument 43-101. He has reviewed and approved the contents of this news release.
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 Howald’
William C. (Bill) Howald, CEO & President
Forward-Looking Statements
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, timeline for commercial production, future events and conditions and other statements that are not historical facts, all of which are based on assumptions and 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 the following assumptions and risk factors, some of which may be beyond the Company’s control. These assumptions and risk factors include: future deliveries of gold pursuant to the forward gold price contract facility, the achievement of mine redevelopment plans and achievement of commercial production; 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. As a result, the Company cannot guarantee that the Florida Canyon mine redevelopment and achievement of commercial production will be completed on the terms and within the time disclosed herein or at all.
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, investorrelations@ryepatchgold.com, Tel.: (604) 638-1588, Fax: (604) 638-1589