Rhyolite Resources Ltd.
TSX VENTURE : RYE

December 29, 2014 13:06 ET

Rhyolite Appoints Pete Hughes as Chief Executive Officer

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Dec. 29, 2014) - Rhyolite Resources Ltd. ("Rhyolite" or the "Company") (TSX VENTURE:RYE) has strengthened its management team by appointing Pete Hughes as President and Chief Executive Officer, effective January 1, 2015.

With 30 years of experience, Mr. Hughes is an energy industry specialist for high profile global oil and gas organizations specializing in both the corporate and advisory sectors. Most recently, Mr. Hughes was Vice President of Corporate Development for Petra Petroleum Inc. ("Petra"), a TSXV listed company which recently announced a proposed business combination of Petra and Mitra Energy. Immediately prior to this he was as an advisor to Wintershall's Global Business Unit in Germany which was responsible for the company's new country entry strategy development and execution. He previously spent 18 years in a variety of senior commercial and management roles with Texaco Inc. where he was Vice President, Contracts and Negotiations in the Worldwide Growth Division. Subsequently, Mr. Hughes was CEO of Penton Energy Inc. and Concorde Oil & Gas PLC. Initially, he will be based in London.

"At a time of weakening commodity prices and the subsequent emergence of attractive acquisition opportunities, the addition of a strong oil & gas professional to Rhyolite's team of experienced mineral explorationist's supports the new strategy of acquiring international oil and gas assets with current or imminent production and material upside development potential and further enhances our corporate development capability heading into 2015" stated Rhyolite Director, Richard Graham, P.Geol.

Mr. Hughes will also be joining Rhyolite's Board of Directors. Richard Graham has resigned as President and Chief Executive Officer but will remain on Rhyolite's Board of Directors.

ON BEHALF OF THE BOARD OF DIRECTORS OF RHYOLITE RESOURCES LTD.

"Richard Graham"

Director

Neither the 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.

Forward-Looking Statement

Some statements in this report contain forward-looking information. These statements include, but are not limited to, statements with respect to future exploration, expenditures, transactions and financings. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of to be materially different from any future results, performance or achievements expressed or implied by the statements. Such factors include, among others, risks related to actual results of exploration activities, the timing and amount of expenditures and the completion of transactions and financings.

Contact Information

  • Richard Graham, P.Geol.
    604-488-8717