Rye Patch Gold Corp.

Rye Patch Gold Corp.

May 16, 2008 16:17 ET

Rye Patch Announces Follow-Up Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 16, 2008) - Rye Patch Gold Corp. (TSX VENTURE:RPM)(TSX VENTURE:RPM.WT) ("Rye Patch" or the "Company") announces that it intends to proceed with a follow-up financing of up to an additional 1 million common shares at a price of $0.25 per share. Rye Patch announced earlier today the issuance of 5 million common shares to Kinross Gold Corporation at a price of $0.25 per share.

The proceeds from the follow-up private placement will be used for exploration and development of the Company's mineral projects and for working capital. The Company will also pay a fee of up to 6% of the gross proceeds realized from the private placement, which may be payable in cash or shares of the Company.

The follow-up private placement is subject to the acceptance of the TSX Venture Exchange.

Rye Patch Gold Corp. is a Nevada-focused and discovery-driven company building a sizeable inventory of gold 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 deposits. Rye Patch Gold is developing its primary asset - the advanced-stage Wilco project located within the Humboldt Gold Trend in west-central Nevada, and has now acquired the Jessup project in Churchill County, Nevada.

Rye Patch Gold trades on the TSX Venture Exchange under the symbol RPM and the Company's warrants trade under the symbol RPM.WT. 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

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

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