RYE PATCH GOLD REPORTS Q2 2017 FINANCIAL RESULTS
Provides Florida Canyon Mine Update
Vancouver, British Columbia, August 24, 2017 – Rye Patch Gold Corp. (TSX.V: RPM; OTCQX: RPMGF; FWB: 5TN) (the “Company” or “Rye Patch”) is pleased to announce that its financial statements and management’s discussion and analysis for the second quarter (“Q2”) ended June 30, 2017 have been filed with the securities regulatory authorities and are available at www.SEDAR.com and on the Company’s website.
The following update is provided for the Company’s flagship Florida Canyon mine in Nevada. All amounts are shown in U.S. dollar unless otherwise noted.
- Poured first gold from the new South Heap Leach Pad at the end of April 2017;
- Completed phase one of the new leach pad with ore stacking on portion 1B ongoing;
- Stacked 560,000 tons of ore during Q2;
- Improved strip ratio from 2.80:1 in Q1 to 1.25:1 in Q2;
- Increased crusher through-put, with crusher out-performing plan by 20 to 40 percent;
- Improved availability and utilization of the haulage fleet;
- Increased carbon plant efficiencies after rebuilding kiln and replacing acid wash plant;
- Mined and processed ore grades within five to 10 percent of modelled tons and grade;
- Completed leach pad audit which showed gold recovery within one percent of modelled recoveries;
- Recruited mine operators and technical staff to build workforce to near 100 percent capacity;
- Sold 100 percent of gold produced into the forward sales contract at $1,275 per ounce of gold, and;
- Purchased four 785C haulage trucks for $3.67 million, augmenting the current fleet and enabling planned production increases.
- At the end of the period the Company had cash and cash equivalents of Cdn.$22 million and had drawn down Cdn.$28.9 million of its credit facility.
Rye Patch President and CEO Bill Howald said, “During the quarter we welcomed Mike Iannacchoine as the Florida Canyon mine manager who is leading the team through the final stages of ramp-up into commercial production.”
Read entire release and disclosure information here