Lundin refreshes Rye Patch buy
Rye Patch Gold Corp (C:RPM)
Shares Issued 138,235,445
Last Close 3/8/2012 $0.68
Friday March 09 2012 - In the News
Brien Lundin, in the February, 2012, edition of the Gold Newsletter, refreshes his buy of Rye Patch Gold Corp., recently 66 cents. Mr. Lundin said buy four times between October, 2009, and October, 2011, at prices ranging from 20 cents to 40 cents. Assuming a $1,000 investment for each buy, the $4,000 investment is now worth a pleasing $8,860. Rye Patch has received court approval to begin exploration at its Rochester claims in Nevada. It acquired the claims after Coeur d'Alene Mines failed to pay maintenance fees for them; it now holds about a fifth of the land that Coeur originally held. Mr. Lundin says Rye Patch and Coeur are now dealing with each other's lawsuits and countersuits. Meanwhile, Rye Patch has started a 10,000-metre drill program at its Rochester silver and gold property, focusing on the Mystic and Northwest Rochester targets. It has also added 36 more claims to the property. The company says assays from its rock chip sampling program have returned higher grades than those mined by Coeur at Rochester. Mr. Lundin has confidence in Rye Patch's chances of winning the landownership dispute. He says now is an excellent time to buy the stock, because the price has pulled back from 80 cents.
© 2012 Canjex Publishing Ltd.
