Rhyolite Mobilizes Drill to Delta Project, Alaska

Rhyolite Resources Ltd. (TSX VENTURE:RYE) ("Rhyolite") and Grayd Resource
Corporation (TSX VENTURE:GYD) ("Grayd") announce that a diamond drill has been
mobilized to the Super Cub target of the Delta property in Alaska.


The initial 300 metre drill program is designed to test a gravity anomaly that
was defined during the 2006 exploration program. The geophysical anomaly lies
virtually straight up-hill from gold-rich, massive sulphide boulders in a talus
that have returned assays averaging 12.2 grams gold per tonne, 222.2 grams
silver per tonne, plus 0.8% copper, 11% lead and 7.5% zinc (Press Release March
19, 2007). The drill program is expected to test the anomaly from two drill
sites that are spaced 100 metres apart.


To the south of the Super Cub target, the Delta property hosts a National
Instrument 43-101 compliant inferred resource estimation of 15.4 million tonnes
grading 3.8% zinc, 0.6% copper, 1.7% lead, 1.7 g/t gold and 62 g/t silver in
seven deposits.


Through its US subsidiary, Rhyolite Resources (USA) Inc., Rhyolite can earn a
100% interest in the Delta property from Grayd by incurring $2.5 million in
exploration expenditures by December 31, 2010 and make escalating stock payments
totaling 5 million shares or, at its election, a number of shares with a deemed
value at the time of issuance not to exceed $5 million, between 2008 and 2010.
Grayd will retain a 2% NSR if Rhyolite vests.


Richard Graham P.Geol., President of Rhyolite, is a Qualified Person as defined
by National Instrument 43-101, and is responsible for the preparation of the
technical information in this release. All dollars are in Canadian currency
unless otherwise stated.


Forward-Looking Statement

Some statements in this report contain forward-looking information. These
statements include, but are not limited to, statements with respect to future
exploration, expenditures, transactions and financings. These statements address
future events and conditions and, as such, involve known and unknown risks,
uncertainties and other factors which may cause the actual results, performance
or achievements of to be materially different from any future results,
performance or achievements expressed or implied by the statements. Such factors
include, among others, risks related to actual results of exploration
activities, the timing and amount of expenditures and the completion of
transactions and financings.

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