🕐12.03.12 - 14:27 Uhr
RYE PATCH GOLD FILES MOTION FOR RESTRAINING ORDER AGAINST COEUR DALENE MINES
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Rye Patch Gold Files Motion for Restraining Order Against Coeur
dAlene Mines
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Vancouver, British Columbia, March 12, 2012 - Rye Patch Gold Corp
(TSX.V: RPM; OTCQX: RPMGF) (the "Company") announces that its wholly
owned subsidiary, Rye Patch Gold US Inc.
("Rye Patch US"), has filed a
motion with the Nevada Sixth District Court for injunctive relief
against Coeur Rochester Inc.
("CRI"), the wholly-owned subsidiary of
Coeur dAlene Mines Corp.
("CDE").
The motion seeks to enjoin CRI
from exploring for and mining minerals on Rye Patchs 100% owned senior
unpatented LH lode mining claims which comprise Rye Patchs Rochester
project.
Based on the statements made in CDEs 10-K Annual Report filed with the
United States Securities and Exchange Commission on February 23, 2012,
CDE acknowledges, on page 28 of the 10-K, the forfeiture of CRIs 541
unpatented lode mining claims as a result of CRIs failure to pay the
mandatory claim maintenance fee to the Bureau of Land Management
("BLM") which were due on or before August 31, 2011.
Under United
States law, CRIs failure to pay the annual mining claim maintenance
fees caused CRIs 541 unpatented mining claims to be forfeited and void
as a matter of law.
Ownership of and title to the minerals on the
federal public lands reverted to the United States government, and any
citizen or U.S.
company had the right to acquire mineral title through
staking unpatented lode mining claims on the open federal lands.
Rye
Patch identified the open ground and beginning in October 2011 and
November 2011 located 402 unpatented lode mining claims which it filed
and recorded with the BLM and Pershing County, Nevada.
Since November 2011, Rye Patch has completed considerable work on the
Rochester project -- LH Claims.
The Company completed detailed
mapping, structural analysis, rock-chip sampling, soil sampling, a 75
line-kilometre ground-magnetic geophysical survey, and has commenced a
10,000 metre (30,000 ft) reverse circulation drilling campaign on its
discoveries identified on the LH claims.
Rye Patch Gold controls over 100 square kilometres (40 sq.
miles) along
the Oreana trend.
The Rochester Property - LH Claims - covers 30.3
square kilometres (7,493.2 acres).
The District Court has enjoined the
Company from conducting exploration activities on approximately 7.4
square kilometres (1,839.3 acres) covering the active open pit, mine
dumps and leach pads in the immediate Rochester Mine area.
It is the
Companys position that all the LH claims are valid senior unpatented
mining claims, including those claims within the court-ordered enjoined
area.
Geologic assessment, and drilling confirm discoveries on the LH
claims and the land area which covers up to 20% of Rochesters
published proven and probable silver and gold reserve along with a
significant portion of the published silver and gold resource based on
Coeur dAlene Mines December 5, 2011 news release.
The trial is
scheduled for November 2012.
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 Companys
seasoned management team is engaged in the acquisition, exploration,
and development of quality resource-based gold and silver projects.
Rye Patch Gold is developing gold and silver resources along the
emerging Oreana trend, located in west-central Nevada, and is exploring
66 square kilometres along the Cortez trend near Barricks 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 Howald
William C.
(Bill) Howald, CEO & President
For additional information contact:
Rye Patch Gold Corp
Tel.: (604) 638-1588
Fax: (604) 638-1589
This news release contains forward-looking statements, which address
future events and conditions, which are subject to various risks and
uncertainties.
The Companys 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 Companys control.
These factors include: the
availability of funds, the financial position of Rye Patch to pursue
legal undertakings; the outcome of legal action relating to the
Rochester property and the LH unpatented claims, 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.
Litigation is inherently uncertain and factors that could cause actual
results to differ materially from those in forward-looking statements
include unexpected judicial findings of fact, previously unknown facts
arising, and decisions which depart from past legal precedent and
similar events.
Forward-looking statements are based on the expectations and opinions
of the Companys 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.
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Copyright (c) 2012 RYE PATCH GOLD CORP.
(RPM) All rights reserved.
For more information visit our website at http://www.ryepatchgold.com/
or send mailto:
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