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Rye Patch Gold Corp.
Summary
| Project: | Florida Canyon Mine | |
|---|---|---|
| Deposit: | Florida Canyon Mine | |
| Location: | United States | |
| Commodities: | Gold | |
| Date: | 2/7/2017 | |
| Report Code: | NI43-101 | |
| Report Type: | PEA | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 7-2-2017: Rye Patch Gold Corp. announces a PEA report for its Florida Canyon Mine deposit at the Florida Canyon Mine project. Amended PEA results incl. post-tax NPV (7.5%) of $45.8M, IRR of 34.4%. Mine Development Associates (“MDA”) was requested by Rye P | |
| Resources: | (Resource, M+I): 84.202Mt @ 0.013oz Au/t for 1126.6Koz Au contained at Florida Canyon | |
| CP/QP: | [Resources]: Neil B. Prenn (Mine Development Associates) | |
| ABSTRACT: | Mine Development Associates (“MDA”) was requested by Rye Patch Gold Corp. (“Rye Patch”) to prepare a Canadian National Instrument 43-101 (“NI 43-101”) technical report based on a Preliminary Economic Assessment (PEA) of Florida Canyon’s recently permitted new South leach pad. Rye Patch agreed to acquire the Florida Canyon property and related assets from Admiral Financial Group (“Admiral”), and Jipangu International Inc. (“Jipangu”) through the acquisition of their three subsidiary companies, FCMI, SGMI, and Jipangu Exploration in consideration for payment of $US 15.0 million and 20 million common shares of Rye Patch at closing. A further contingent payment of $US5.0 million and 15 million warrants, each warrant exercisable for one common share of Rye Patch at a price of $0.50 per share is payable following commercial production. Rye Patch agreed to assume certain liabilities of the acquired companies to a maximum aggregate amount. The Florida Canyon property includes the Florida Canyon and Standard mines, operated by Florida Canyon Mining, Inc. (“FCMI”) and Standard Gold Mining, Inc. (“SGMI”), respectively, and located near Imlay, Nevada. The Florida Canyon property had been in continuous production since 1986, and the combined Florida Canyon and Standard mines have produced in excess of 2.5 million ounces of gold. Production from the property ceased in the second quarter of 2015. | |
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