VANCOUVER, Jan. 3, 2018 /CNW/ - Rye Patch Gold Corp. (TSX.V: RPM; OTCQX: RPMGF; FWB: 5TN) (the "Company" or "Rye Patch") reports that in December, 2017, the Company completed its US$4.0 million principal repayment and paid US$609,000 in interest pursuant to its credit agreement with Macquarie Bank Limited. An aggregate of US$5.1 million in principal repayments was made in 2017, reducing the outstanding principal balance to US$21.8 million. The credit facility was used in the construction and re-start of the Company's flagship Florida Canyon mine in Pershing County, Nevada.
"Now that the Florida Canyon Mine is up and running, our priority is the reduction of this debt. With approximately 20% of the outstanding balance already repaid in 2017, and with repayments scheduled for 2018, the majority of the credit facility is forecast to be repaid by year's end," commented William C. Howald, the Company's President and CEO.
About Rye Patch Gold Corp.
Rye Patch Gold Corp. is a Nevada based, Tier 1, mining company engaged in the mining and development of quality resource-based gold and silver mines and projects along the established Oreana trend in west central Nevada. Leveraging its strong financial position and cash to acquire the operating Florida Canyon Gold Mine, Rye Patch Gold Corp. now controls a trendscale platform with mining operations, resource projects and exploration upside.
The combination of operations and organic growth along a major Nevada gold trend positions Rye Patch as an emerging mid-tier gold producer with tremendous valueadded potential. For more information, please visit our website at www.ryepatchgold.com.
On behalf of the Board of Directors
'William Howald'
William C. (Bill) Howald, CEO & President