Rye Patch Gold sells Rochester Royalty

Rye Patch Gold, V.RPM, gold, nevada

Rye Patch Gold Corp. (V.RPM)) announced today that it has received an election notice from Coeur Rochester, Inc. to purchase the Company’s 3.4% net smelter return royalty from the sale of silver and gold processed from the Rochester Mine for US$5.0 million.

Under the Net Smelter Returns Royalty Agreement between the Company and Coeur dated June 27, 2013, Coeur retained a right of first refusal to purchase the Royalty from the Company in the event that the Company should wish to sell or transfer the Royalty.

William C. Howald, the Company’s President and CEO commented, “The US$5,000,000 purchase price brings approximately one year’s worth of royalty payments forward. With the Rochester royalty ending in 2018, it seemed prudent to have the cash now and available as we ramp up our mining operation at Florida Canyon.” read more

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