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VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 2, 2011) -

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE U.S.

Rhyolite Resources Ltd. ("Rhyolite" or the "Company") (TSX VENTURE:RYE) announces that the annual and special meeting of shareholders is to occur on March 23, 2011 (the "Meeting") for the following purposes:

1. To receive and consider the audited financial statements of the Company for the financial year ended June 30, 2010 and the report of the auditors thereon;
2. To fix the board of directors of the Company to be elected at the Meeting at three (3) members and to elect the board of directors of the Company for the ensuing year;
3. To appoint the auditors of the Company for the ensuing year and to authorize the board of directors of the Company to fix the auditors' remuneration;
4. To consider, and if thought appropriate, to approve, with or without variation, an ordinary resolution relating to the renewal of the stock option plan of the Company;
5. To consider and, if thought appropriate, approve an amendment to the Company's articles to divide the issued and outstanding common shares of the Company on a two-for-one basis (the "Stock Split"); and
6. To transact such other business as may properly be brought before the Meeting or any adjournment thereof.

Rhyolite believes that the Stock Split will enhance liquidity in the Company. The Company currently has a total of 9,200,100 common shares issued and outstanding. Following the Stock Split, the Company will have a total of 18,400,200 common shares issued and outstanding.

The Stock Split is subject to shareholder approval at the Meeting and TSX Venture Exchange acceptance.

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

Richard Graham, Director, President and CEO

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.