RYE Rhyolite Resources Ltd

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Rhyolite Resources Ltd. ("Rhyolite" or the "Company") (TSX VENTURE:RYE)
announces plans to offer a brokered private placement of its securities
comprised of 4,000,000 units ("Unit") at a price of $0.25 per Unit for gross
proceeds of $1,000,000 (the "Offering").


Each Unit will consist of one common share and one share purchase warrant of
Rhyolite ("Warrant"). Each Warrant shall entitle the holder thereof to acquire
one additional common share of Rhyolite at an exercise price of $0.32 per share
at any time on or before the date which is 12 months after the closing date of
the Offering.


Jones Gable & Company Limited (the "Agent") is acting as agent for the Offering.
On closing, the Company will pay the Agent a commission equal to 7.5 per cent of
the gross proceeds of the units sold payable in cash and will issue the agent
non-transferable warrants equal to 7.5 per cent of the units sold. Each Agent's
warrant will entitle the holder thereof to purchase one common share at a price
of $0.32 per common share for a period of 12 months from the closing.


Closing of the Offering is subject to a number of conditions, including the
receipt of all necessary corporate and regulatory approvals, including that of
the TSX Venture Exchange, as well as the negotiation and execution of certain
documentation, including an agency agreement between the Agent and Rhyolite.


The funds raised from the issuance of the Units shall be used to finance
potential acquisitions of new properties, for the Company's Paxson gold project
in Alaska and for general working capital purposes.


ON BEHALF OF THE BOARD OF DIRECTORS OF RHYOLITE RESOURCES LTD.

Richard Graham, Director, President and CEO

Cautionary Statement for Forward Looking Information

Certain information set forth in this press release contains forward-looking
statements. Specifically, this press release contains forward-looking statements
concerning the anticipated use of proceeds of the Offering and the anticipated
closing of the Offering. The anticipated closing date assumes that prior to that
date, the Company will obtain all necessary regulatory approvals. The
anticipated use of proceeds assumes that the Offering will occur as contemplated
and assumes the existence of certain other conditions with respect to the
capital expenditure program of the Company, general economic conditions,
industry conditions, currency fluctutations, commodity prices. In each case, the
risk factors that could cause actual results to vary from results expressed or
implied by the forward looking statements contained in this press release are
primarily events beyond the Company's control that preclude the Company from
satisfying all applicable pre-conditions and include the risks that the Offering
may not close, general economic conditions, industry conditions, currency
fluctutations, volatility of commodity prices, exploration risk, escalation of
operating and capital costs, the ability to access sufficient capital from
internal and external sources and competition from other industry participants
for, among other things, capital, services, acquisitions of new properties .
These forward-looking statements may prove to be incorrect and undue reliance
should not be placed on them. These forward-looking statements are made as of
the date hereof and unless otherwise required by applicable law, the Company
does not intend and does not assume any obligation to update or revise such
forward-looking statements, whether as a result of new information, future
events or otherwise.

Rhyolite Resources (TSXV:RYE)
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