Rye Patch Gold Corp.
OTC Bulletin Board : RPMGF

Rye Patch Gold Corp.

February 23, 2010 09:00 ET

Rye Patch Gold Extends Upper Oxide Zone at Wilco

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 23, 2010) - Rye Patch Gold Corp. (TSX VENTURE:RPM)(OTCBB:RPMGF) ("Rye Patch Gold" or the "Company") reports final assay results from the 2009 Wilco drill campaign.

Gold assays were received for the seven-hole reverse circulation drill program totaling 2,705 metres (8,870 feet). Table 1 summarizes significant results for RC drill holes WR-088 to WR-094 using a 0.34 g/t (0.01 opt) gold cutoff for intervals greater than 3 metres (10 feet).

Drillhole Target Au Drillhole interval From To TD
Area g/tonne metres metres metres (metres)
WR-088 North Basin 0.96 6.1 62.5 68.6 429.8
WR-088 North Basin 0.41 3.0 73.2 76.2
WR-088 North Basin 0.41 16.8 79.2 96.0
WR-089 North Basin 0.34 3.0 94.5 97.5 413.0
WR-090 North Basin 0.34 3.0 27.4 30.5 338.3
WR-090 North Basin 0.41 4.6 143.3 147.8
WR-090 North Basin 0.38 3.0 150.9 153.9
WR-090 North Basin 0.38 3.0 309.4 312.4
WR-093 North Basin 1.03 10.7 379.5 390.1 423.7
WR-094 North Basin 0.58 3.0 164.6 167.6 417.6
WR-094 North Basin 1.51 4.6 402.3 406.9
Including 13.13 1.5 402.3 403.9
WR-094 North Basin 0.34 3.0 411.5 414.5

"The Wilco drill program shows the upper oxide mineralization continues into the North Basin area, and northeast faults and structural intersections with north-south oriented structures are controlling the high-grade gold encountered in the target area. Based on the new drill information, a follow up program to test the northeast high grade is warranted," commented William C. (Bill) Howald, the Company's CEO and President.

The extent of the Lower Mineralized Zone (LMZ), located at the siltstone/claystone contact, appears to be controlled by the intersection of a dominate N-S fault, and a newly identified NE trending structural zone. As WR-094 indicates (1.5m @ 13.13 g/t Au), this favorable structural intersection (NE and NS) appears to be responsible for the high grade strata-bound mineralization located in the southern part of North Basin along the contact. North of the northeast structural zone, the favorable lithologic contact continues to be hydrothermally altered and returned anomalous gold values.

The Upper Mineralized Zone (UMZ) containing lower-grade oxide mineralization extends northward across the NE structural zone along the eastern part of the North Basin where mineralization becomes enriched in silver. Additional shallow, lower-grade ( greater than 3 metres @ 0.17 g/t Au) oxide mineralization was intercepted in WR-088, WR-089 and WR-090 starting at 62 metres, 90 metres and 27 metres respectively, and range from 14 to 47 metres in thickness.

Based on the new drill information, additional high grade gold could be intercepted between the WR-087 and the northeast structural zone. Additional 3-D visualization will be employed to better define this favorable structural intersection. Additional lower-grade strata-bound shallow oxide mineralization, (less than 120 metres from the surface) can be expected along and across the North Basin. Investigation of the contact zone to the north of Willard and especially along the Oreana Trend is also recommended.

Reconnaissance drillholes WR-091 and WR-092 were drilled in the Section 25 target and did return significant gold values; however, the drillholes were enriched in silver. Evaluation of the drillhole geochemistry will aid in understanding the gold and silver zonation and may lead to new drill targets in the Section 25 area.

Rye Patch Gold maintains a strict quality control program at all of its projects. American Assay and Alaska Assay collected the Wilco drill samples onsite and transported the samples directly to their preparation and analysis facilities. Analyses were conducted on 1-assay ton prepped samples with gold determined using industry standard fire assay methods with an atomic absorption finish. Silver values are determined using a four-acid digestion with an AA finish.

Mr. Shea Clark-Smith, an independent consultant specializing in geochemistry and quality control and assurance programs (QA/QC), is overseeing the gold assay and geochemical QA/QC programs for Rye Patch Gold's drill programs. He is responsible for creating, administering, and monitoring sample preparation and analytical QA/QC procedures. In sum, the QA/QC procedures will provide several measures of data quality and assure that the data is representative of the original sample.

As disclosed in the Company's news release dated February 10, 2010, Rye Patch Gold is acquiring Centerra Gold (U.S.) Inc.'s 63.96% interest in the Ren property, which is subject to a joint venture (the "Ren JV") between Centerra and Homestake Mining Company of California Inc. ("Homestake"). The completion of the acquisition of Centerra's interest is subject to a waiver of a pre-emptive right in favor of Homestake which must be exercised by Homestake within 60 days of notification by Centerra, payment obligations of Rye Patch Gold of the purchase price of US$42 million over a period of three years and final acceptance of the TSX Venture Exchange.

Mr. William Howald, AIPG Certified Professional Geologist #11041, Rye Patch Gold's CEO and President, is the Qualified Person as defined under National Instrument 43-101. He has reviewed and verified the technical information contained in this news release and approves of this news release.

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 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.

Contact Information