VANCOUVER, Feb. 12, 2018 /CNW/ - Rye Patch Gold Corp. ("Rye Patch" or the "Company") (TSX.V: RPM; OTCQX: RPMGF; FWB: 5TN) is pleased to announce the appointment of Mr. Douglas M. Jones, B.Sc. Mining Engineering, as the Company's Chief Operating Officer.
Mr. Jones brings over 30 years of experience in US and international precious and base metal mining projects, operations, and engineering, including over 15 years in the gold space. He has held increasing positions of responsibility from front line to general manager to executive in many sizes and types of mining operations. Prior to joining Rye Patch, he has served as Senior Vice President for Eldorado Gold, managing gold and base metal operations in Asia and Europe. He was General manager for Kinross Gold in Washington and for Stillwater Mining in Montana. He has consulted for mining operations in South America, Asia, and Europe. Mr. Jones is excited to work again in Nevada, having spent ten years with Newmont on the Carlin Trend in various projects and operations. He has a proven track record and is unwavering in his team approach to safe productivity. Mr. Jones is a Mining Engineer from Colorado School of Mines, a professional member of SME and a Qualified Person under National Instrument 43-101.
"Doug brings a wealth of operational and managerial knowledge, experience and, most importantly, a track record of making and maintaining profitable mining operations. His insight, understanding and capabilities will be a valuable addition to Rye Patch's management team and the Florida Canyon mine. The addition of the COO position will allow me to focus on the Company's vision, values and culture," stated William C. Howald, the Company's CEO and President.
The Company also announces the grant under its Stock Option Plan of stock options to purchase an aggregate of 1,242,000 common shares of the Company to its directors, officers, employees and consultants. The stock options are exercisable for a term of ten years at an exercise price of $1.30 per common share, subject to the options vesting schedule of 25% on the date of grant and another 25% every six months thereafter until fully vested.
In addition, the Company announces the award under its Restricted Share Unit Plan of an aggregate of 504,600 restricted share units ("RSUs") to its directors, officers, employees and consultants. Each RSU entitles the recipient to receive one common share of the Company, or a cash payment equal to the equivalent for one common share of the Company, following the vesting period of the RSU. The RSUs awarded will vest as to one‑third on the date of grant and one‑third on the first and second anniversaries of the date of grant.
The stock option grants and RSU awards are subject to any necessary regulatory approvals.
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 trend-scale 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 value added 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
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.
SOURCE Rye Patch Gold
Rye Patch Gold Corp, [email protected], Tel.: (604) 638-1588, Fax: (604) 638-1589
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