Rye
Patch Gold's Garden Gate Pass Project on Major Discovery Trend
Vancouver, British Columbia, February 21, 2012 - Rye Patch Gold Corp
(TSX.V: RPM; OTCQX: RPMGF) ("Rye Patch" or the "Company") is pleased to announce an update
on the Company's 100% owned
Garden Gate Pass project located along the Cortez trend - one of Nevada's
most prolific gold
trends.
HIGHLIGHTS:
- Barrick Gold has connected the Red Hill and Goldrush deposits and doubled the
gold resource from their September 6, 2011 announcement;
- The gold trend has 8 kilometres
of gold deposits starting
from the Horse Canyon mine to the ET Blue gold
deposit and remains
open toward the Garden Gate
Pass project;
- Rye Patch's 2011 drilling campaign intersected lower plate
lithologies in 4 of 6 drillholes,
and encountered thick
zones of Carlin-style alteration with geochemically anomalous gold and pathfinder
elements; and
- Using the data points generated from the 2011 drill program, Rye Patch is refining its drill targets and
plans to commence drilling in May 2012 pending drill rig availability.
On February 16, 2012, Barrick
announced a new resource
on their Red Hill and Goldrush complex of 1.3Mozs
gold in the indicated category,
and 5.7Mozs gold in the inferred category. The new resource
doubles the resource previously
announced on September 6,
2011, and shows the immense potential of the
district. Barrick's drilling
along the north-south
trend has connected the two
discoveries and indicates
the gold zone is open in multiple directions including toward the Garden Gate Pass project.
"Barrick's
recent summary of the Goldrush and Red Hills gold complex shows the
gold system is extremely strong with robust
gold grades and gold intercepts immediately
north of the Company's
Garden Gate Pass project. Rye Patch's 2011 drill
program confirmed the presence
of lower-plate host lithologies along
with thick alteration zones with geochemically anomalous gold
and known Carlin-style pathfinder
elements. A refinement of
the target areas using
the drillhole information and re-processing
our gravity and magnetic geophysical surveys will provide better resolution on the target areas
for the next round of drilling"
stated William C. Howald,
President and CEO of Rye Patch Gold.
Using the depth to lithology, structure and alteration
in the six drillholes completed
in 2011, Rye Patch's contract geophysicist, Terry
White, will constrain the
geophysical gravity and magnetic models to honor the recently acquired sub-surface
information. The new constrained models will better
define the gold trend and depth
to the permissive lower-plate lithologies. This iteration process is required for projects with pediment gravels or cover rocks above
the ore zones. The Garden Gate Pass
project lies within a gravel covered valley. The claims cover an
area of 13 square kilometres immediately
adjacent to Barrick's newly
discovered Goldrush and Red Hill gold deposit complex. Drill results to date indicate the project is along a
major gold trend with significant
upside potential that will be
addressed in the upcoming
drill program.
The size of the summer drill program has not yet been determined but will employ a combination of reverse circulation pre-collars
with core tails. This drill methodology will give the geologic team a better understanding of the host rock lithologies, structure and
potential ore zones. A budget of $1,000,000 is proposed.
Mr. William Howald, AIPG Certified
Professional Geologist #11041, Rye Patch Gold's CEO and President, is a Qualified Person as defined under National Instrument
43-101. He has verified the information contained in, and has reviewed
and approved the contents of, this
news release.
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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