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Rye Patch Gold RPMGD

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. The firm operates in one segment, which is the Exploration and Development of Mineral Properties. The firm operates through two geographical areas, Canada and the state of Nevada in the United States of America. The company's primary source of revenue is from the sale of gold dore.


OTCQX:RPMGD - Post by User

Post by thisisriskystufon Apr 11, 2018 9:39am
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Post# 27865371

RYE PATCH GOLD REPORTS Q1 2018 PRODUCTION RESULTS

RYE PATCH GOLD REPORTS Q1 2018 PRODUCTION RESULTSRYE PATCH GOLD REPORTS Q1 2018 PRODUCTION RESULTS Access to higher grade Radio Tower orebody in H2 2018 VANCOUVER, BC April 11, 2018 Rye Patch Gold Corp. (Rye Patch or the Company) (TSX.V: RPM; OTCQX: RPMGF; FWB: 5TN) reports Q1 2018 production results at the Companys flagship Florida Canyon mine in Pershing County, Nevada. Production Highlights for Q1 2018 Produced 10,844 ounces of gold and 5,457 ounces of silver; Achieved a price of gold sales of US$1,332.53 per ounce; Mined 1,856,400 tons of ore; Crushed 2,151,900 tons of ore; Placed 22,300 ounces of gold on the pad; and Realized a waste to ore stripping ratio of 1.16. Gold production dipped in January and February associated with managing the water balance during the ramp up of the second Carbon-in-Column (CIC) plant, and unplanned equipment failures in the refinery. Gold production rebounded in March with the production of 4,540 ounces of gold. The Company is forecasting between 15,000 and 16,000 ounces of gold in Q2 2018. Q1 started with the ramp up of the second CIC plant which increases the solution application capacity by 67 percent. The successful ramp up and water balance process was completed in early February and results are encouraging with increased application rates being realized. The CIC plant recovered 12,053 ounces of gold to carbon. Several issues occurred in the refinery as older equipment was brought back to commercial production levels. Challenges with the furnace, thermal fluid heater and regeneration kiln were solved, and the equipment is working at design specifications. The result of these refinery issues is deferral of approximately 1,500 ounces of gold production. Overall, winter weather was mild for January and February; however, March turned in to a heavy precipitation month the 4th wettest on record. The high moisture slowed crushing and delayed mining during the month. However, ore crushed, and gold ounces stacked to the pad were only 4 percent and 5 percent below plan respectively for the quarter as feed was made up from the ore and crush stockpiles. Waste mining increased slightly as access to the Main area was initiated in mid-February. The Main area contained more fill material than expected compared to the resource block model. The additional material increased the strip ratio to 1.16 for the quarter. The majority of the fill is now removed, and ore is exposed. For the quarter, the Company sold 10,637 ounces of gold at an average sales price of US$1,332.53 per ounce. During Q1, gold had a low of US$1,307.75 per ounce and a high of US$1,354.95 per ounce with an average price of US$1,329.28 per ounce. Rye Patch gold sales slightly beat the average gold price for the quarter. In addition, the Company sold 5,457 ounces of silver at a realized sales price of US$16.76 per ounce. Radio Tower Access Since acquiring the Florida Canyon mine, the Company has been in discussions with the Federal Aviation Administration (FAA), the Union Pacific Railway (UP), Pershing County and a local radio station to remove two communication towers located on the Radio Tower portion of the Florida Canyon orebody. During Q1, the FAA confirmed the tower is in the process of being decommissioned and can be dismantled and removed in Q2. A new location for the UP tower has been selected and the permitting and design work is underway with removal expected in late Q2 to early Q3. Sites for the Pershing county communication station and local radio station have been selected and are being readied for relocation. The result of the removal of the communication towers will be access to the highest-grade portion of the Florida Canyon orebody which is anticipated in H2 2018. Initial access and site preparation will commence in Q2. Mr. Doug Jones, Rye Patch Gold's Chief Operating Officer, a Registered Member of SME with a BSc. in Mining Engineering, is a Qualified Person as defined under National Instrument 43-101. He has reviewed and approved the contents of this news release.
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