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Rye Patch Gold Renegotiates Bonds, Results in $6.2 Million Refund30.10.2017 | 13:50 Uhr | CNW
VANCOUVER, Oct. 30, 2017 /CNW/ - Rye Patch Gold Corp. (TSX.V: RPM; OTCQX: RPMGF; FWB: 5TN) (the "Company" or "Rye Patch") reports that it has renegotiated the terms for its approximately C$49 million (US$32.4 million) of reclamation bonds for the Company's flagship Florida Canyon mine and the Standard Mine in the state of Nevada. Significantly, the new terms result in a material reduction in the portion of the reclamation bond that the Company is required to fund through cash reclamation deposits. This funding requirement has been reduced from 40 percent of the bond amount to 25 percent, resulting in a cash refund to the Company of approximately C$6.2 million (US$4.9 million). "As a consequence of reducing the risk profile of the Florida Canyon Mine since acquisition, Rye Patch has been successful in securing a significantly lower cash requirement for its reclamation bonds. In addition to generating a non-dilutive cash in?flow today, it will also reduce that aspect of our sustaining capital going forward," commented Tony Wood, Chief Financial Officer. In Nevada, the United States Bureau of Land Management require a company to place reclamation bonds in trust as security relating to a company's site closure obligation. The obligation is satisfied by a combination of reclamation deposits and reclamation insurance policies. About Rye Patch Gold Corp. 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 Forward-Looking Statements Forward-looking statements are based on the expectations and opinions of the Company's 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. As a result, the Company cannot guarantee that the Florida Canyon mine redevelopment and achievement of commercial production will be completed on the terms and within the time disclosed herein or at all. 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 Contact Rye Patch Gold Corp., investorrelations@ryepatchgold.com, Tel.: (604) 638-1588, Fax: (604) 638-1589 Dieser Artikel stammt von Rohstoff-Welt.de
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