Rhyolite completed its initial public offering of 3 million shares priced at $0.35 per share in August of 2006. In 2007, Rhyolite through its wholly-owned USA subsidiary Paxson Resources (USA) Inc. staked a core land position 50 km southwest of Tok, Alaska known as the Paxson gold project. In 2011, Rhyolite completed its initial diamond drill program on the Paxson gold project comprising 14 drill holes totalling 2.247 meters.

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