Rye
Patch Gold Files Motion for Restraining Order Against Coeur d'Alene Mines
Vancouver, British Columbia, March 12,
2012 - Rye Patch Gold Corp (TSX.V: RPM; OTCQX:
RPMGF) (the "Company") announces that its wholly owned
subsidiary, Rye Patch Gold US Inc. ("Rye Patch
US"), has filed a motion with
the Nevada Sixth District Court for injunctive relief against Coeur Rochester Inc. ("CRI"), the wholly-owned subsidiary of Coeur d'Alene Mines Corp.
("CDE"). The motion seeks to enjoin CRI from exploring for and mining minerals on Rye Patch's 100% owned senior unpatented LH lode mining claims which comprise Rye Patch's
Rochester project.
Based on the statements
made in CDE's 10-K Annual
Report filed with the
United States Securities and Exchange Commission on February
23, 2012, CDE acknowledges, on page 28 of the 10-K,
the forfeiture of CRI's 541
unpatented lode mining claims as a result of CRI's failure to pay the mandatory claim
maintenance fee to the Bureau of Land Management
("BLM") which were
due on or before August 31, 2011. Under United
States law, CRI's failure to pay the annual mining claim maintenance
fees caused CRI's 541 unpatented mining claims to be forfeited and void as a matter of law. Ownership of and title to the minerals on the federal public
lands reverted to the United States government, and any citizen or U.S. company had the right to acquire mineral title through staking unpatented lode mining claims on the open federal
lands. Rye Patch identified the open ground and beginning in October 2011 and November 2011 located 402 unpatented lode mining claims which it filed
and recorded with the BLM
and Pershing County, Nevada.
Since November 2011, Rye
Patch has completed considerable
work on the Rochester project
-- LH Claims. The Company completed
detailed mapping,
structural analysis, rock-chip sampling,
soil sampling, a 75 line-kilometre ground-magnetic geophysical survey, and has commenced a 10,000 metre
(30,000 ft) reverse circulation drilling
campaign on its discoveries identified on the
LH claims.
Rye Patch Gold controls over 100 square kilometres (40 sq. miles) along
the Oreana trend. The Rochester Property
- LH Claims - covers 30.3 square kilometres (7,493.2 acres). The District Court has enjoined the Company from conducting exploration activities on approximately 7.4
square kilometres (1,839.3 acres) covering the active open pit,
mine dumps and leach pads in the immediate Rochester Mine area. It is
the Company's position that
all the LH claims are valid senior unpatented mining claims, including those claims within the court-ordered enjoined area. Geologic assessment, and drilling confirm discoveries on the LH
claims and the land area which covers
up to 20% of Rochester's published
proven and probable silver
and gold reserve along with a significant portion of
the published silver and
gold resource based on Coeur d'Alene Mine's December 5, 2011 news
release. The trial is scheduled
for November 2012.
Rye Patch Gold 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 the acquisition, exploration, and development of
quality resource-based
gold and silver projects.
Rye Patch Gold is developing
gold and silver resources
along the emerging Oreana trend, located in west-central Nevada, and is exploring 66 square kilometres along the Cortez trend near Barrick's two new gold discoveries. 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
For additional information contact:
Rye Patch Gold Corp
info@ryepatchgold.com
Tel.: (604) 638-1588
Fax: (604) 638-1589
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 to pursue
legal undertakings; the outcome of legal action relating to the Rochester property
and the LH unpatented claims, 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. Litigation
is inherently uncertain and factors that could cause actual results to differ materially from those in forward-looking statements include unexpected judicial findings of fact, previously unknown facts arising, and decisions which depart from past legal
precedent and similar events.
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
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