Rye Patch Gold Corp.

Published : February 10th, 2010

Executes Definitive Agreement with Centerra Gold (U.S.) Inc. for Acquisition of Interest in Ren Join

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NEWS RELEASE
No. 07 - 07

Rye Patch Gold Corp. Executes Definitive Agreement with Centerra Gold (U.S.) Inc. for Acquisition of Interest in Ren Joint Venture

NEWS RELEASE No. 10 - 04

Vancouver, British Columbia, February 10, 2010 - Rye Patch Gold Corp (TSX-V: RPM; OTC: RPMGF) ("Rye Patch" or the "Company") is pleased to announce that it has entered into a binding definitive agreement (the "Agreement") with Centerra Gold (U.S.) Inc. ("Centerra"), a subsidiary of Centerra Gold Inc., for the acquisition of Centerra's participating interest (currently 63.96%) in the Ren property which is the subject of a joint venture (the "Ren JV") between Homestake Mining Company of California Inc. ("Homestake") and Centerra. Completion of the acquisition is subject to a waiver of a pre-emptive right in favour of Homestake which must be exercised by Homestake within 60 days of notification by Centerra, and is subject to final acceptance of the TSX Venture Exchange.

The Ren property consists of 91 contiguous unpatented lode mining claims covering 7.4 square kilometres of the Northern Carlin trend which are under lease to the Ren JV. The southern boundary of the property adjoins Barrick Gold's Goldstrike property. On the Goldstrike property, Barrick is currently mining from the Meikle mine and is developing the Banshee deposits, located approximately 250 metres south of the Ren property. The Nevada Bureau of Mines and Geology (NBMG) compiled and published geologic mapping that shows the Meikle/Banshee geology and structural settings continue onto the Ren property. Using the REN drillhole database, Rye Patch has completed geologic cross sections confirming the NBMG interpretation.

The Company has completed a National Instrument 43-101 ("NI 43-101") compliant resource estimate on the REN property as of the date hereof. The results of the estimate are summarized in Table 1. The corresponding technical report will be filed on SEDAR within 45 days of this news release.

Table 1: REN Project Resource Estimate (February 2010)
Cut
Off
Grade
Category Tonnes
x 1,000
Au
Grade
(g/t)
Au
Contained
Ounces
Rye Patch's Share
(63.96%)
Gold Ounces
5 g/t Au Indicated 4,541 10.29 1,656,000 1,059,177
Inferred 1,135 12.94 520,000 332,592

The gold resource estimate is based on 3-D geologic model that incorporated over 645 individual gold assays, of 5 g/t Au or greater, from 395 drillholes. Holes were established by Reverse Circulation (RC) drilling to the mineralized rock, then completed by drilling out the mineralization with core drilling. Block model grades were interpolated from over 585 five foot down-the-hole composites, that had grades of 5 g/t Au or greater, using Inverse Distance Squared (ID2) estimation techniques. Assays that are greater than 70 g/t Au were capped at 70 g/t Au. SEWC is not aware of any known environmental, permitting, legal, title, taxation, socio-economic, marketing or other relevant issues that could potentially affect this estimate of mineral resources. The mineral resources may be affected by subsequent assessments of mining, environmental, processing, permitting, taxation, socio-economic and other factors.

Rye Patch is prioritizing a number of targets for exploration on the Ren property for drilling in the spring of 2010. The most obvious targets are within the southern portion of the Ren property along the extension of the north-northwest trending Post fault system which is the same geologic environment as Barrick's Meikle underground mine. These targets are within 400 metres of the surface and offer additional upside to the known REN resource.

In the known resource, the JB Zone, has expansion potential. The deposit is open to the north, northwest and south. Additional work is warranted to follow up high-grade intercepts such as the 69 zone (RU-69-W2 which returned 13.7 g/t Au over 28.2 metres at a 5 g/t Au cut off) where open- ended, high-grade gold mineralization requires follow up.

"The Ren acquisition will represent a milestone in the Company's goals for building a quality inventory of gold and silver resources in Nevada. This transformational event will elevate Rye Patch to a new level by becoming the only junior mining company controlling over one million ounces of gold on the Carlin trend. In addition, the project contains multiple targets with potential for resource expansion and is located on one of the most prolific gold belts in the world.

The close proximity to infrastructure and a strong operating partner in Homestake/Barrick provide for excellent value to Rye Patch's shareholders. At an acquisition cost of approximately US$30 per ounce of existing resource, completion of the Ren acquisition will be highly accretive to the Company",
declared William C. (Bill) Howald, the Company's President and CEO.

The foregoing resource estimate was prepared by Scott Wilson, C.P.G., of Scott E. Wilson Consulting, Inc. ("SEWC"). Mr. Wilson is the "qualified person" as defined under NI 43-101 who is responsible for, and approves of, the technical disclosure in this news release. Mr. Wilson and SEWC are independent of the Company.

Pursuant to the Agreement, the Company will acquire all of Centerra's interest in the Ren JV (comprised of a 63.96% participating interest) for the total purchase price (the "Purchase Price") of US$42,000,000 payable in the following manner:
  1. US$2,000,000 on the date (the "First Payment Date") that is no later than two business days after obtaining TSX Venture Exchange acceptance of Rye Patch's acquisition of Centerra's interest and Homestake declining to exercise its pre-emptive rights to acquire Centerra's interest under the Ren joint venture agreement (the "Ren JV Agreement");

  2. US$10,000,000 on or before the second anniversary of the First Payment Date, or, at its election, the Company may issue that number of common shares of the Company with an aggregate value of US$5,000,000 or less and pay the balance of the US$10,000,000 to Centerra in cash; and

  3. US$30,000,000 on or before the second anniversary of the First Payment Date, or, at its election, the Company may issue that number of common shares of the Company with an aggregate value of US$15,000,000 or less and pay the balance of the US$30,000,000 to Centerra in cash.
Effective the First Payment Date, the Company will perform all of Centerra's obligations under the Ren JV Agreement, including acting as manager. When the Purchase Price has been paid in full, Centerra will transfer its participating interest in the Ren JV to the Company's subsidiary, Rye Patch Gold US Inc.

There are three underlying royalties on the REN property. The first relates to the VEK/Andrus lease which is subject to a 3% net smelter return (NSR) production royalty and covers the eighty-two REN and four UREN claims. The VEK/Andrus lease requires annual advance royalty payments of US$225,000 plus a producer price index (PPI) adjustment based on the March 1987 PPI. In March 2009, the advance royalty payment was US$400,148.37.

The second royalty relates to the Weise lease which is subject to a 4% gross proceeds royalty on the five WS claims, with annual advance royalty payments payable in amounts that vary with the gold price (US$50,000 is payable annually where the gold price is in excess of US$400 per ounce). All advance payments are recoverable from royalties payable after the commencement of production. The Weise lease is subject to a minimum annual royalty of $50,000 once production commences. At a gold price of $350 per ounce or higher, there is an annual work obligation of $10,000 for the WS claims.

The third royalty is the Wallace 3.5% net profits interest (NPI) which applies to the REN and UREN claims and which converts to 3.5% of net sale proceeds if the property is sold to a third party (mergers and transfers to affiliated companies are exempt from the conversion).

About Rye Patch Gold

Rye Patch Gold Corp. is a Tier 1, Nevada-focused and discovery-driven company seeking to build a sizeable inventory of gold and silver 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 and silver projects. Rye Patch Gold is developing its primary assets - the advanced-stage Wilco project, Lincoln Hill and located within the emerging Oreana gold trend in westcentral Nevada and the Jessup project in Churchill County, Nevada. 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 Rye Patch Gold, please visit our website at www.ryepatchgold.com.

On behalf of the Board of Directors

'William Howald'

William C. (Bill) Howald, CEO & President Rye Patch Gold Corp

For additional information contact:
Mr. Lindsay Malcolm
Manager Corporate Development
lindsay@ryepatchgold.com
Tel.: (604) 638-1588 ext 206
Fax: (604) 638-1589
www.ryepatchgold.com

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.

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.

Suite 1740 - 1177 West Hastings St., Vancouver, BC, V6E 2K3, Canada
Phone 604-638-1588    Fax 604-638-1589    www.ryepatchgold.com

Rye Patch Gold Corp.

EXPLORATION STAGE
CODE : RPM.V
ISIN : CA7837271005
CUSIP : 783727 10 0
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Rye Patch Gold is a gold exploration company based in Canada.

Rye Patch Gold holds various exploration projects in USA.

Its main exploration properties are LINCOLN HILL, JESSUP, WILCO, GARDEN GATE PASS and GOLD RIDGE NEVADA in USA.

Rye Patch Gold is listed in Canada. Its market capitalisation is CA$ 410.5 millions as of today (US$ 318.7 millions, € 273.4 millions).

Its stock quote reached its lowest recent point on February 20, 2009 at CA$ 0.10, and its highest recent level on January 19, 2018 at CA$ 1.66.

Rye Patch Gold has 387 300 000 shares outstanding.

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Financings of Rye Patch Gold Corp.
12/24/2009Closes First Tranche Of Private Placement
12/15/2009Announces Private Placement
12/15/2008Announces Private Placement
5/16/2008Rye Patch Announces Follow-Up Private Placement
5/16/2008Rye Patch Closes $1.25 Million Private Placement
Option Grants of Rye Patch Gold Corp.
6/11/2008Grants Stock Options
Nominations of Rye Patch Gold Corp.
10/22/2007Hires Manager Of Investor Relations
Project news of Rye Patch Gold Corp.
2/14/2014Discusses Exploration Programs And Budget For 2014
12/31/2013Coeur Rochester Mine Royalty Starts At Midnight
8/6/2013Quantifies 3.4% NSR Coeur Rochester Mine Royalty
5/9/2013(Lincoln Hill)Reports Lincoln Hill Exploration Update
5/8/2013Reports LH Claims Exploration Results
2/21/2013Expands Mystic And South Packard Pediment Silver-Gold Zones ...
10/1/2012Rye Patch Updates Gold Exploration Along the Cortez Trend
9/17/2012Rye Patch Announces Updated Gold and Silver Resources Within...
9/17/2012Rye Patch Announces Updated Gold and Silver Resources Within...
9/17/2012(Lincoln Hill)Announces Updated Gold and Silver Resources Within an Open P...
7/10/2012Rye Patch Intersects More Gold and Silver on the LH Claims
6/29/2012Rye Patch Leases Additional Land on the Rochester Project
6/27/2012Rye Patch Announces 1=2E28 Million ozs ofGold in the Measure...
5/30/2012(Garden Gate Pass)Starts Drilling at Garden Gate Pass
2/22/2012s Exploration Progress on Rochester Project
2/21/2012(Garden Gate Pass)Garden Gate Pass Project on Major Discovery Trend
2/1/2012(Gold Ridge Nevada)Reports Gold And Silver Assays From Gold Ridge
1/24/2012Stakes More Claims And Starts Drilling At Rochester
1/9/2012Makes New Gold and Silver Discoveries on the Rochester Prope...
1/6/2012(Garden Gate Pass)Bill Howald interviewed by Smallcappower.com regarding the r...
12/8/2011(Lincoln Hill)Announces Results of 2011 Lincoln Hill Drill Program
12/5/2011Expands Oreana Trend Holdings Stakes Mining Claims On Existi...
10/3/2011(Lincoln Hill)Finds New High-Grade Gold And Silver Zones At Lincoln Hill
9/13/2011(Garden Gate Pass)is Drilling at Garden Gate Pass Project
8/9/2011(Garden Gate Pass)is Ready to Drill Garden Gate Pass Project
7/27/2011(Wilco)Reports Metallurgical Results From Wilco
6/2/2011(Wilco)Drills Thick Gold Zone at Wilco
5/25/2011(Lincoln Hill)Starts Drilling on Jefferson Zone at Lincoln Hill
5/16/2011Resource Clips: Rye Patch Works Toward Eight Million Nevada ...
5/9/2011(Wilco)Extends North Basin High-Grade Zone At Wilco
4/20/2011(Jessup)Adds Jessup to 2011 Program and Budget
3/3/2011(Wilco)Drills More High-Grade Gold at Wilco
2/17/2011(Wilco)Announces 2011 Programs and Budgets for Nevada Portfolio
2/17/2011(Jessup)Announces 2011 Programs and Budgets for Nevada Portfolio
2/17/2011(Gold Ridge Nevada)Announces 2011 Programs and Budgets for Nevada Portfolio
2/8/2011(Lincoln Hill)Drills Thick Zones of Gold and Silver at Gold Ridge
1/25/2011(Wilco)Continues Drilling Success at Wilco
1/12/2011(Lincoln Hill)Drills New Gold and Silver Zone on Lincoln Hill
8/11/2010(Lincoln Hill)Identifies New Gold Target Along The Oreana Trend
6/30/2010(Lincoln Hill)Files Technical Report on Lincoln Hill Resource
6/7/2010(Wilco)Drills 44.5 G/T Au and 36.3 G/T Ag over 1.5 Metres at Wilco
12/10/2009(Lincoln Hill)Drills 21.19 g/t Gold Over 7.0 Metres At Lincoln Hill
11/13/2009(Lincoln Hill)Drills 15.2 G/T Gold And 308 G/T Silver Over 3 Metres At Lin...
6/11/2009(Lincoln Hill)Plans Program for High-Grade Gold at Lincoln Hill Project
6/2/2009(Jessup)Jessup Gold and Silver Resource Estimate
11/25/2008(Wilco)Drills 38.1 Metres Grading 2.61 G/T Au In New Target At Wilc...
11/12/2008(Jessup)Drills 7.6 Metres Grading 9.19 G/T Au At Jessup
6/17/2008(Wilco)Begins 2008 Drilling on Wilco Project to Expand Known Gold R...
5/12/2008(Wilco)Outlines Oxide Characteristics Of Wilco Resource
3/27/2008(Jessup)Extends Gold Mineralization At The Jessup Resource Project
3/12/2008(Lincoln Hill)Discusses Progress At The Lincoln Hill/Gold Ridge Project
1/9/2008(Wilco)Drills 176 Feet Of 0.030 Opt Gold At Wilco Discovery
Corporate news of Rye Patch Gold Corp.
7/29/2016Rye Patch Announces Acquisition of the Florida Canyon Gold M...
7/9/2016Rye Patch Announces Filing of NI 43-101 Technical Report on ...
6/16/2016Rye Patch Announces Completion of Cdn$49.1 Million Private P...
6/2/2016Rye Patch Announces Cdn$40 Million Private Placement of Subs...
5/25/2016Rye Patch Signs Agreement to Acquire Florida Canyon Gold Min...
1/14/2016Rye Patch Stakes claims along Gold Ridge-Florida Canyon tren...
12/18/2015Rye Patch Amends Patty Agreement with Barrick and Provides U...
12/15/2015Caesars Report's Thibaut Lepouttre Interviewed by The Gold R...
10/29/2015Rye Patch receives $1,462,300 quarterly royalty payment
10/28/2015Rye Patch Begins Drilling Within the Lincoln Hill Resource C...
10/19/2015U.S. Global Investors' Frank Holmes and Ralph Aldis Intervie...
9/15/2015Rye Patch Completes Metallurgical Drill Program at Lincoln H...
8/28/2015Rye Patch Gold Grants Stock Options
8/11/2015Rye Patch Arbitrates Q1 2014 Royalty Payment with Coeur
7/16/2015Rye Patch receives $1,490,000 quarterly royalty payment
7/9/2015Rye Patch Purchased and Cancelled 923,500 Common Shares in Q...
4/16/2015Rye Patch Receives $1,850,000 Quarterly Royalty Payment
4/9/2015Rye Patch Completes Land Purchase at Lincoln Hill
4/9/2015Rye Patch Hires Lincoln Hill Project Team
4/7/2015Rye Patch Completes Land Purchase at Lincoln Hill
4/2/2015Rye Patch Adds to Oreana Land Position
3/18/2015Rye Patch Drilling Targets World Class Cortez Gold Trend
3/3/2015Rye Patch Gold Buys Strategic Private Surface and Mineral Es...
3/2/2015Rye Patch Gold Appoints Tony Wood as Chief Financial Officer
2/10/2015Rye Patch Gold 2015 - Funded and Active
11/25/2014Rye Patch Updates Investors On Receipt Of Cash From Royalty
11/24/2014Rye Patch Drills High-Grade Structural Zones At Lincoln Hill
10/15/2014Rye Patch Drills High-Grade Gold At Wilco
10/6/2014Rye Patch Clarifies MD&A and Technical Disclosure
9/17/2014Rye Patch Appoints Buffington to Board of Directors
9/15/2014Rye Patch Drills 1.24 g/t AuEq Over 19.8m at Its Gold Ridge ...
9/8/2014Rye Patch Appoints VP Corporate Development
8/21/2014Rye Patch Gold Announces Stock Options Extensions
7/23/2014Rye Patch Gold Grants Stock Options
7/3/2014Rye Patch Announces Filing of Technical Report for Lincoln H...
5/28/2014Rye Patch Reports Drilling Starts at Lincoln Hill
5/21/2014Rye Patch Announces Lincoln Hill Preliminary Economic Assess...
5/9/2014Rye Patch Gold Appoints New Chairman
12/11/2013(Lincoln Hill)Receives Positive Metallurgical Results From Lincoln Hill
7/12/2013Grants Stock Options
6/25/2013And Coeur Reach Settlement On LH Claim Legal Dispute
6/3/2013Reports Expansion Of Goldridge Gold/Silver Zone
11/6/2012Rye Patch Updates Rochester Project Resources Based on Coeur...
11/6/2012s Rochester Project Resources Based on Coeur d'Alene's Recen...
10/26/2012Receives New Trial Date From Sixth District Court
10/16/2012Rye Patch Receives Court Order Granting Coeur's Motion to Po...
10/16/2012Receives Court Order Granting Coeur's Motion to Postpone
10/1/2012s Gold Exploration Along the Cortez Trend
8/16/2012Rye Patch Gold Announces Amended Non-Brokered Private Placem...
8/15/2012Rye Patch Updates Status of Lawsuit Against Coeur Rochester,...
8/6/2012Rye Patch Stakes More Mineral Claims at Rochester and Packar...
5/30/2012Mid-Day Breaking News From Gold Canyon and Rye Patch
5/29/2012Drills Significant Gold And Silver Zones On The LH Claims
3/12/2012Files Motion for Restraining Order Against Coeur d'Alene Min...
2/15/2012Rye Patch Gold Achieves #6 Ranking on the 2012 TSX Venture 5...
1/16/2012Added To S&P/Tsx-V Index
1/10/2012Bill Howald discusses the latest Rochester Press Release wit...
1/5/2012Cuts Lower Plate Carbonates, Carlin-Style Alteration, and El...
12/21/2011Granted Access To The LH Claims
12/17/2011s Court Proceedings
9/8/2011Barrick's New Multi-Million Ounce Discovery at Cortez (Nevad...
8/25/2011Jay Taylor writes up Rye Patch Gold Corp.
2/17/2011Announces 2011 Programs and Budgets for Nevada Portfolio
7/28/2010Leases Wilco Geothermal Rights
6/23/2010Ubika Research Initiates Coverage on Rye Patch Gold Corp.
2/26/2010has been added to GoldMinerPulse.com
2/10/2010Executes Definitive Agreement with Centerra Gold (U.S.) Inc....
10/21/2009Coverage in the Gold Newsletter
11/28/2008Announces Release Of Previously Escrowed Securities
11/4/2008TSX Venture Exchange Advances Rye Patch Gold To Tier 1 Statu...
9/24/2008Drills 25 Feet Grading 2.2 Ounces/Ton Au at Lincoln Hill
9/17/2008Drills 45.7 Metres Grading 1.34 G/T Au At Wilco
8/19/2008Reports Lincoln Hill - Gold Ridge Drilling Complete
7/29/2008Reports On The Wilco Drill Program
7/10/2008Begins Drilling On Lincoln Hill And Gold Ridge
5/29/2008Confirms Ridge Gold/Silver Anomaly On Lincoln Hill
5/28/2008to be featured on CEO Clips airing on BNN
4/30/2008Increases Wilco Gold Resource
4/3/2008 Retains Renmark Financial Communications
2/28/2008Releases Project Programs And Budgets For 2008
2/6/2008Options Cortez Trend Gold Play From Barrick
11/19/2007Acquires Rights to Lincoln Hill Property, Nevada and Consoli...
10/17/2007Expands Section Line Discovery on Wilco Project
10/3/2007Completes Acquisition Of The Jessup Project, Nevada From Mid...
9/25/2007Drills 21 Metres of 2.74 g/t Gold New Gold Zone on Wilco Pro...
9/6/2007Doubles Wilco Gold Resource
8/21/2007Acquiring The Jessup Project, Nevada From Midway Gold Corp.
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