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UPDATE: Rye Patch Gold Hits New Year High, But Retreats To Negative Territory; In Legal Battle With U.S. Firm

Rye Patch Gold Corp (RPM.V), a company focused on exploring well-known mineral trends in Nevada, saw its shares jump early today to hit a new year high of 84 cents. The shares opened at 77 cents. But its shares have since been pushed down to negative territory and are now trading at 70 cents, one cent below yesterday's close, perhaps on some profit taking.

Rye Patch's previous year high was 75 cents. Its year low was 23 cents, which it hit on Dec 15, 2010.

Rye Patch Gold has filed a lawsuit against Coeur Rochester, Inc, a wholly-owned subsidiary of Coeur d'Alene Mines Corporation.

According to a company statement, the lawsuit is based on claims owned by Rye Patch Gold US in Pershing County, Nevada. On August 31, 2011, CRI failed to pay the federal annual mining claim maintenance fees for unpatented mining claims which formerly were part of the Coeur Rochester Mine in Pershing County. Under U.S. federal law CRI's failure to pay the annual mining claim maintenance fees caused the CRI mining claims to be forfeited and void. As a result of CRI's failure to pay the fees, on August 31, 2011, the federal public lands were available to locate mining claims and any United States citizen or company could enter the public lands and locate unpatented mining claims.

CRI has filed a separate lawsuit in the Sixth Judicial District Court in Pershing County, Nevada. CRI asserts claims for relief that its junior mining claims are superior to the senior mining claims of Rye Patch Gold US.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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