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Wednesday, 29th April 2009 (783 views)

Rye Patch Gold has announced that it has staked claims in more than ten square kilometers along the Oreana Trend.

President and chief executive officer of the firm, William C Howald, said that the area is "developing potential for multiple gold deposits".

Rye Patch Gold now has 65 square kilometeres with gold and silver.

The newly acquired properties are between existing projects in Lincoln Hill and Wilco.

At Wilco there are 788,000 ounces of gold and gold equivalent, described as measured and indicated.

Rye Patch Gold has five million ounces of gold as its target.

It wants to reach this goal within 36 months.

A programme was carried out in Wilco in 2007, which led to drill exploration in the following year.

The company claims to be in a secure position with regards to cash, making it "well positioned to capitalise on new opportunities in this rapidly-changing market".

 

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