Rye Patch Gold Corp.
TSX VENTURE : RPM
TSX VENTURE : RPM.WT
OTC Bulletin Board : RPMGF

Rye Patch Gold Corp.

March 12, 2009 09:00 ET

Rye Patch Gold Completes Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 12, 2009) -

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Rye Patch Gold Corp. (TSX VENTURE:RPM)(TSX VENTURE:RPM.WT)(OTCBB:RPMGF) ("Rye Patch" or the "Company") is pleased to announce the completion of its non-brokered private placement (the "Private Placement"). Pursuant to the closing of the Private Placement, the Company issued 2,955,000 units at a price of $0.12 per unit for gross proceeds of $354,600.

Each unit consisted of one common share ("Share") of the Company and one common share purchase warrant ("Warrant"), with each Warrant entitling the holder to purchase one common share of the Company at a price of $0.15 for a period of two years from the issuance date of the Warrant.

In connection with the closing, the Company paid finder's fees in cash in the total amount of $14,616 to five arm's length parties.

The Shares and Warrants issued under the Private Placement, and the Shares issuable upon exercise of the Warrants, are subject to a hold period in Canada that expires on July 12, 2009.

The Private Placement is subject to the final approval of the TSX Venture Exchange.

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. 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 securities issued by the Company have not and will not be registered under the United States Securities Act of 1933, as amended (the "1933 Act"), or the securities laws of any state of the United States, and may not be offered or sold in the United States absent registration or an applicable exemption therefrom under the 1933 Act and the securities laws of all applicable states.

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

Contact Information