Rye Patch Gold Corp.

Rye Patch Gold Corp.

May 16, 2008 13:30 ET

Rye Patch Closes $1.25 Million 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 has completed a non-brokered private placement of 5 million common shares at a price of $0.25 per share for gross proceeds of $1.25 million. All of the shares were purchased by Kinross Gold Corporation, which now holds approximately 15% of the issued and outstanding common shares of the Company.

The proceeds from the private placement will be used for exploration and development of the Company's mineral projects and for working capital.

The shares issued under the private placement are subject to a hold period expiring on September 17, 2008. The TSX Venture Exchange has conditionally accepted the private placement. A finder's fee of 6% of gross proceeds of the placement will be paid.

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.

Contact Information