RHRYF - Rhyolite Resources announces resignation of CEO Fred Stanford

• On heels of the decision by the board of Rhyolite Resources ( OTC:RHRYF ) to cease further development of the Muckahi Mining System. The company has reached a settlement with Fred Stanford who will resign from his duties as Chief Executive Officer and a director of the company, effective immediately.
• In connection with his resignation, the company has agreed to make a cash payment to Mr. Stanford and transfer ownership of its wholly-owned subsidiary, Muckahi Inc. to Mr. Stanford in settlement of any remaining obligations owing.
• Pursuant to the transfer, the company will have no further obligations related to the Muckahi Mining System and will retain a royalty.
• The Royalty will entitle the company to receive ten percent of the gross revenue generated by any party from the use of the Muckahi Mining System, until such time as the company has received C$10M.
• The Parties are reversing the transaction that was announced in the press release dated September 7, 2021 and returning Muckahi to Mr. Stanford.
• Mr. Stanford will be returning to treasury 9.5M common shares previously issued to him as consideration for the acquisition of Muckahi.

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