VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 16, 2011) - Rye Patch Gold Corp. (TSX VENTURE:RPM)(OTCQX:RPMGF.PK - News) ("Rye Patch" or the "Company") provides the following update on the Nevada District Court proceedings arising out of the lawsuit filed by its wholly-owned subsidiary Rye Patch Gold US Inc. ("RPMUS") against Coeur Rochester, Inc. ("CRI"), a wholly-owned subsidiary of Coeur d'Alene Mines Corporation announced by news release dated December 6, 2011.
Court proceedings began on Thursday, December 15, 2011 on the motion of RPMUS to dissolve the temporary restraining order entered on December 5, 2011, to restrain RPMUS from working on the LH unpatented mining claims which RPMUS staked in October and November. The hearing also considered RPMUS's motion for preliminary injunctive relief against CRI to restrain CRI from working on the LH Clams and the corresponding motion of Coeur to extend the effect of the temporary restraining order. The temporary restraining order will expire on December 20, 2011 unless extended by the Court. The restraining order was obtained by CRI without affording RPMUS an opportunity to oppose its application.
The Court hearing re-convened this morning and continued until 12:30 p.m. without resolution. The proceedings are scheduled to continue on Tuesday, December 20, 2011 at which time final arguments will be presented and the Court will rule on the motions.
Rye Patch will provide a further update following continuation of the hearing on December 20, 2011.
Rye Patch Gold Corp. is exploring well-known mineral trends in Nevada - the world's fourth-richest gold region. Starting with 150,000 inferred ounces of gold in mid-2007, this well-funded Company now has 1.2-million ounces of gold and gold equivalent in the measured and indicated category, plus 2.7-million ounces of gold and gold equivalent in the inferred category. Rye Patch Gold is a Tier 1, Nevada-focused and discovery-driven company seeking to build a sizeable inventory of gold and silver 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 and silver projects. Rye Patch Gold is developing gold and silver assets along the emerging Oreana trend, located in west-central Nevada, and is exploring 66 square kilometres along the Cortez trend near Barrick's two new gold discoveries. The Company has established gold and silver resource milestones and time frames in order to build a premier resource development company. 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
This news release contains forward-looking statements, which address future events and conditions, which are subject to various risks and uncertainties. The Company's actual results, programs and financial position could differ materially from those anticipated in such forward-looking statements as a result of numerous factors, some of which may be beyond the Company's control. These factors include: the availability of funds; the timing and content of work programs; results of exploration activities and development of mineral properties, the interpretation of drilling results and other geological data, the uncertainties of resource and reserve estimations, receipt and security of mineral property titles; project cost overruns or unanticipated costs and expenses, fluctuations in metal prices; currency fluctuations; and general market and industry conditions.
Forward-looking statements are based on the expectations and opinions of the Company's management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
- temporary restraining order