Rhyolite Resources Halts Development of Muckahi Mining System

TORONTO, Dec. 13, 2022 (GLOBE NEWSWIRE) -- Rhyolite Resources Ltd. (TSXV: RYE) (“Rhyolite” or the “Company”) announces that the board of directors has elected to cease further development of the Muckahi Mining System due to the increasing uncertainty around securing and financing projects that adopt the System. Following the decision, the Company has released all employees previously retained in the further development of the System. This decision aims to preserve the cash of the Company and to focus on identifying new accretive options in order to serve the best interests of the shareholders. Further updates will be provided as they become available.

Read more at globenewswire.com