Rye Patch Gold Corp.

Rye Patch Gold Corp.

February 28, 2008 12:37 ET

Rye Patch Gold Releases Project Programs and Budgets for 2008

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 28, 2008) - Rye Patch Gold Corp (TSX VENTURE:RPM)(TSX VENTURE:RPM.WT) ("Rye Patch" or the "Company") is pleased to announce its plans, programs and budgets for 2008 on its Nevada gold project portfolio.

Rye Patch has budgeted expenditures totalling US$1.85 million for its Wilco, Jessup, Lincoln Hill/Gold Ridge, and Keystone South projects. The four projects cover a total of 30 square miles (78 square kilometers) within some of the best exploration trends in Nevada. The majority of the work will be directed at drilling the new discovery at Wilco and expanding the gold resources at Jessup. Work on Lincoln Hill/Gold Ridge and Keystone South will be directed toward advancing and refining drill targets to a drill-ready stage.

At Wilco, the Company is earning 100% interest in the project from Newmont Mining Corporation. A gold resource update for the Willard and Colado resource areas is scheduled for completion by the end of the second quarter and an increase in the gold resources (announced on September 6, 2007) is anticipated.

The Company plans to spend US$750,000 on a phase-2, 8,000-metre drill program to expand the Section Line discovery zone. The geologic model indicates two sub-parallel zones that localize gold along an east-west structural corridor that are open to the west and south. The gold grades along the structural corridor are elevated indicating it may be a potential feeder zone to the flat, bulk-tonnage zones. The drill campaign will target expansion potential along the east-west structural corridor as well as link the Section Line gold with the newly identified Area 46 zone located 1.6 kilometres to the west. If the two zones are connected, the potential in the Section Line to Area 46 zones could be substantial.

The drill program will also address targets not drilled in 2007. A similar east-west corridor exists to the north of the Section Line discovery at the location of the historic Willard Mine. East-west veins at surface were exploited at the turn of the 20th century. These historic workings followed east-west oriented vein structures for gold. The zone is structurally identical to the Section Line discovery area and could yield additional gold resources for the Wilco project.

The Wilco drilling program is scheduled to start in late spring with initial drill results expected in the fall of 2008.

Geologic mapping and sampling activities at the Company's 100%-owned Jessup project are continuing. This winter, a detailed review of the past drilling and a structural analysis of the core and surface region pinpointed structural controls to mineralization. These controls are open along northwest and northeast oriented faults cutting the volcanic host lithologies. The resource areas show zones of open mineralization which have not yet been drilled, as well as several new zones.

The Company is planning a 3,000-metre drill program to address these new targets which will potentially expand and connect the known gold resource areas. The program is envisioned to start in mid-summer with results expected in the fall of 2008. The exploration program is budgeted at US$550,000.

At the recently acquired 100%-controlled Lincoln Hill project, the Company is compiling historic geologic and gold/silver assay data. This project together with the adjacent and connected, 100%-owned Gold Ridge project has the potential for a bulk-tonnage style gold/silver deposit similar to Midway Gold's Spring Valley discovery 3 kilometres to the northeast. The property hosts potential for a bulk-tonnage Au-Ag system adjacent to the mapped tourmaline-andalusite breccia carapace outcroppings. Historic workings within the prominent Lincoln Hill mountain have produced high-grade gold and silver values along mapped northeast and northwest structural controls. Mapping and sampling will focus on the high grade structures and a 2,000-metre drill program is planned to commence in late summer with results expected in the fall. The cost of the total exploration program is US$400,000.

The Company is earning a 60% interest in the Keystone South project from Barrick Gold. The geologic team is compiling known information and will start field work this spring. The Keystone South project represents an early stage property within one of Nevada's premier gold belts - the Cortez Trend. Barrick Gold has consolidated the Cortez district located immediately to the north of the project. The crown jewel of the Cortez area is the Cortez Hills deposit which hosts a multi-million ounce gold deposit. The Cortez gold trend is geologically and structurally similar to the better-known 100 million ounce of gold Carlin trend. Past exploration within the Cortez trend has taken a back seat to exploration advancements and expenditures seen on the Carlin trend but is thought to have similar potential. The geologic features believed to be beneath the Keystone South project are considered by the Company to make this a great exploration opportunity. A budget of US$150,000 is planned to define drill targets on the project to be followed up with drilling.

Dr. Radu Conelea, AIPG Certified Professional Geologist #06871, the Company's Chief Geologist, is the Qualified Person as defined under National Instrument 43-101 responsible for the scientific and technical work on the exploration program and has reviewed the technical disclosure in this press release.

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

Contact Information