Rye Patch Gold Corp.
TSX VENTURE : RPM
TSX VENTURE : RPM.WT
OTC Bulletin Board : RPMGF

Rye Patch Gold Corp.

June 23, 2009 12:13 ET

Rye Patch Gold Announces Brokered Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 23, 2009) -

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Rye Patch Gold Corp. (TSX VENTURE:RPM)(TSX VENTURE:RPM.WT)(OTCBB:RPMGF) ("Rye Patch" or the "Company") is pleased to announce a brokered private placement of up to 10,000,000 units (each, a "Unit") at a price of $0.20 per Unit to be marketed on a best efforts basis (the "Private Placement") by Haywood Securities Inc. (the "Agent"). Each Unit will consist of one common share of the Company and one common share purchase warrant ("Warrant"). Each Warrant will entitle the holder thereof to purchase one common share of the Company at an exercise price of $0.27 for a period of 18 months from the closing date.

The Company has agreed to pay a commission in cash equal to 7.5% of the offering proceeds and issue Agent's Warrants equal to 10% of the number of Units sold under the Private Placement. Each Agent's Warrant shall be exercisable for one Unit at a price of $0.20 for a period of 18 months from the closing date.

The net proceeds from the Private Placement will be used for exploration and development of the Company's Lincoln Hill and Wilco projects as well as for general working capital.

The shares and Warrants issued under the Private Placement and the shares issuable upon exercise of the Warrants are subject to a hold period of four months and one day following the closing date.

The Private Placement and issuance of the Agent's Warrants are subject to approval of the TSX Venture Exchange.

The securities issued by the Company have not and will not be registered under the United States Securities Act of 1933, as amended (the "1933 Act"), or the securities laws of any state of the United States, and may not be offered or sold in the United States absent registration or an applicable exemption therefrom under the 1933 Act and the securities laws of all applicable states.

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 located within the emerging Oreana gold trend in west-central 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 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 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.

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