Rye Patch Gold Corp.
OTC Bulletin Board : RPMGF

Rye Patch Gold Corp.

December 15, 2008 15:21 ET

Rye Patch Gold Announces Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 15, 2008) - Rye Patch Gold Corp. (TSX VENTURE:RPM)(TSX VENTURE:RPM.WT)(OTCBB:RPMGF) ("Rye Patch" or the "Company") announces a non-brokered private placement (the "Private Placement") of up to 5,000,000 units ("Units") of the Company at a price of $0.12 per Unit for gross proceeds of up to $600,000. Each Unit will consist of one common share of the Company and one common share purchase warrant ("Warrant"), with each Warrant entitling the holder thereof to purchase one common share of the Company at an exercise price of $0.15 for a term of two years.

Certain insiders of the Company intend to participate in the Private Placement. The Company may pay to certain finders a fee of up to 6% of the gross proceeds of the Private Placement, which fee may be payable in cash or common shares of the Company.

The Private Placement and payment of the finder's fees are subject to the TSX-Venture Exchange's approval.

The net proceeds from the Private Placement will be used for exploration and development of the Company's projects, for acquisitions and for working capital.

Rye Patch Gold Corp. is a Nevada-focused and discovery-driven company building a sizeable inventory of gold 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 projects. Rye Patch Gold is developing its primary assets - the advanced-stage Wilco project located within the Humboldt Gold Trend in west-central Nevada and the Jessup project in Churchill County, Nevada. The Company is seeking gold opportunities that continue to create shareholder value and leverage the gold price. The Company's goal is to have 5-million ounces of gold inventory within the next 3 years. 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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