2020 - Revival Gold

Revival Gold 2020 Year In Review

kai erfle on December 30, 2020

Toronto, ON – December 30^th, 2020 – Revival Gold Inc. (TSXV: RVG, OTCQB: RVLGF) (“Revival Gold” or the “Company”), a growth‐focused gold exploration and development company, provides a summary of the Company’s key 2020 accomplishments advancing the past-producing Beartrack-Arnett Gold Project (“Beartrack-Arnett”) located in Idaho, USA.

Highlights

Increased Beartrack-Arnett’s Inferred Mineral Resource estimate by 114% to 47.1 million tonnes grading 1.08 g/t gold containing 1.64 million ounces of gold and the project’s Indicated Mineral Resource estimate by 11% to 36.6 million tonnes grading 1.15 g/t gold containing 1.36 million ounces of gold;
Raised C$15 million in an upsized bought-deal equity financing with funds earmarked towards advancing Beartrack-Arnett exploration and technical studies in 2020 and 2021;
Announced the appointment of Maura Lendon as a non-executive member of the Board;
Delivered a solid First Phase Preliminary Economic Assessment (“PEA”) outlining initial production of 72,000 ounces gold per year from the restart of open pit heap leach operations at Beartrack-Arnett with initial capital of $100 million and an AISC of $1,057 per ounce;
Completed 8,450 meters of drilling in 40 core holes in four target areas to upgrade and expand the resource at the Haidee target and test new targets located along approximately eight kilometers of favourable geological structure at Beartrack-Arnett;
Released results from 23 drill holes at the Haidee target all of which intersected oxide gold mineralization close to surface including 0.93 g/t gold over 28.3 meters and 0.86 g/t gold over 48.5 meters;
Initiated work on a fully integrated three-dimensional computer model of the geology at Beartrack-Arnett to facilitate the application of industry leading artificial intelligence technologies, deepen Revival Gold’s understanding of the deposit setting and target high grade mineralization on the project; and,
Achieved an exemplary safety record with zero lost-time incidents among Company employees and contractors this year.

“Despite difficult operating conditions through most of 2020, Revival Gold’s operating team is to be commended for delivering a zero-lost time year while the company continued to grow and de-risk its flagship Beartrack-Arnett Gold Project. A significant expansion of the Mineral Resource in February paved the way for a large equity financing in August and the completion of a PEA on the first phase restart of open pit heap leach operations in November. Mineralization at Beartrack-Arnett remains open along strike and at depth. As the year draws to a close, Revival Gold has begun to release results demonstrating the potential to build on the recent first phase PEA heap leach mine plan and advance the prospect for an exciting new second phase mill opportunity,” said President and CEO Hugh Agro. “The outlook for gold is favorable going into 2021 while new quality growth projects in gold in good locations are becoming increasingly rare,” he added.

Qualified Person

Steven T. Priesmeyer, C.P.G., Vice President Exploration, Revival Gold Inc., is the Company’s designated Qualified Person for this news release within the meaning of National Instrument 43-101 Standards of Disclosure for Mineral Projects and has reviewed and approved its scientific and technical content.

About Revival Gold Inc.

Revival Gold Inc. is a growth-focused gold exploration and development company. The Company has the right to acquire a 100% interest in Meridian Beartrack Co., owner of the former producing Beartrack Gold Project located in Idaho, USA. Revival Gold also owns rights to a 100% interest in the neighboring Arnett Gold Project.

Beartrack-Arnett is the largest past-producing gold mine in Idaho. A Preliminary Economic Assessment has been completed for a first phase restart of heap leach operations to produce 72,000 ounces of gold per year over an initial seven-year mine life at an AISC of $1,057 per ounce of gold. Meanwhile, exploration continues, focused on expanding the current Indicated Mineral Resource of 36.6 million tonnes at 1.15 g/t gold containing 1.36 million ounces of gold and Inferred Mineral Resource of 47.1 million tonnes at 1.08 g/t gold containing 1.64 million ounces of gold. The mineralized trend at Beartrack extends for over five kilometers and is open on strike and at depth. Mineralization at Arnett is open in all directions.

For further details, including key assumptions, parameters and methods used to estimate the Mineral Resources, and data verification, please see the Company’s NI 43-101 compliant technical report titled, “Preliminary Economic Assessment of the Heap Leach Operation on the Beartrack Arnett Gold Project, Lemhi County, Idaho, USA – NI 43-101 Technical Report”, dated December 18^th, 2020.

Revival Gold has approximately 71.2 million shares outstanding and had a cash balance of approximately C$12.7 million on September 30^th, 2020. Additional disclosure including the Company’s financial statements, technical reports, news releases and other information can be obtained at www.revival-gold.com or on SEDAR at www.sedar.com.

For further information, please contact:

Hugh Agro, President & CEO or Adam Rochacewich, CFO
Telephone: (416) 366-4100 or Email: info@revival-gold.com

Cautionary Statement

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 news release. Technical information in this news release has been reviewed and approved by Steven T. Priesmeyer, C.P.G., Vice President Exploration, Revival Gold Inc. and Rodney A. Cooper, P.Eng., a consultant to Revival Gold Inc., Qualified Persons within the meaning of National Instrument 43-101 – Standards of Disclosure for Mineral Projects.

This News Release includes certain “forward-looking statements” which are not comprised of historical facts. Forward-looking statements include estimates and statements that describe the Company’s future plans, objectives or goals, including words to the effect that the Company, or management, expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as “believes”, “anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “will”, or “plan”. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, the Company provides no assurance that actual results will meet management’s expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward-looking information in this news release includes, but is not limited to, the Company’s intentions regarding its objectives, goals or future plans and statements. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, the Company’s ability to predict or counteract the potential impact of COVID-19 coronavirus on factors relevant to the Company’s business, failure to identify additional mineral resources, failure to convert estimated mineral resources to reserves with more advanced studies, the inability to eventually complete a feasibility study which could support a production decision, the preliminary nature of metallurgical test results may not be representative of the deposit as a whole, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, capital, operating and reclamation costs varying significantly from estimates and the other risks involved in the mineral exploration and development industry, and those risks set out in the Company’s public documents filed on SEDAR. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.

Revival Gold Files NI 43-101 PEA Technical Report

kai erfle on December 18, 2020

Toronto, ON – December 18th, 2020 – Revival Gold Inc. (TSXV: RVG, OTCQB: RVLGF) (“Revival Gold” or the “Company”), a growth‐focused gold exploration and development company, announces the SEDAR filing of an independent technical report (the “Report”) prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) supporting the results of a Preliminary Economic Assessment (“PEA”) on the Company’s Beartrack-Arnett (“Beartrack-Arnett”) phase one heap leach gold project located in Idaho, USA. The results of the PEA were reported in the Company’s news release dated November 17th, 2020 and there are no material differences in the Report from those results. The effective date of the report is November 17th, 2020.

Beartrack-Arnett Phase One Heap Leach Gold Project – PEA Highlights*

Production of 72,000 ounces of gold per year for a total of 506,000 ounces of gold over an initial seven-year mine life;
Pre-production capital of $100 million and life-of-mine (“LOM”) sustaining capital of $61 million;
Total cash cost of $809 per ounce and all in sustaining cost of $1,057 per ounce of gold;
After-tax NPV at a 5% discount rate (“NPV_5%“) of $88 million and after-tax IRR of 25% at $1,550 per ounce gold increasing to a $211 million NPV_5% and 49% IRR at $1,950 per ounce gold;
After-tax payback period of 3.0 years;
Lower technical and execution risk of a brownfields project with existing infrastructure and recent history as the largest past-producing gold mine in Idaho; and,
Excellent additional exploration potential as demonstrated by this season’s drill results and with over 10km of favorable geological structure to explore.

* All amounts shown are in United States dollars and metric units of measurement unless otherwise stated.

The PEA is preliminary in nature; it includes Inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the PEA will be realized. Mineral resources are not mineral reserves and do not have demonstrated economic viability.

The full Report prepared by Wood plc of Oakville, Canada and Boise, Idaho and dated December 18th, 2020 entitled, “Preliminary Economic Assessment of the Heap Leach Operation on the Beartrack Arnett Gold Project Lemhi County, Idaho, USA – NI 43-101 Technical Report”, to be found on the Company’s website at www.revival-gold.com and on SEDAR under the Company’s issuer profile at www.sedar.com.

Qualified Persons

Steven T. Priesmeyer, C.P.G., a QP and Vice President Exploration for the Company, and Mr. Rodney A. Cooper, P.Eng., a QP and a consultant to the Company, are the Company’s designated Qualified Persons for this news release within the meaning of National Instrument 43-101 Standards of Disclosure for Mineral Projects and has reviewed and approved its scientific and technical content.

About Revival Gold Inc.

Beartrack-Arnett is the largest past-producing gold mine in Idaho. A Preliminary Economic Assessment has been completed for a first phase restart of heap leach operations to produce 72,000 ounces of gold per year over an initial seven-year mine life at an AISC of $1,057 per ounce of gold. Meanwhile, exploration continues focused on expanding the current Indicated Mineral Resource of 36.6 million tonnes at 1.15 g/t gold containing 1.36 million ounces of gold and Inferred Mineral Resource of 47.1 million tonnes at 1.08 g/t gold containing 1.64 million ounces of gold. The mineralized trend at Beartrack extends for over 5 km and is open on strike and at depth. Mineralization at Arnett is open in all directions.

For further details, including key assumptions, parameters and methods used to estimate the Mineral Resources, and data verification, please see the Company’s NI 43-101 compliant technical report titled, “Preliminary Economic Assessment of the Heap Leach Operation on the Beartrack Arnett Gold Project Lemhi County, Idaho, USA – NI 43-101 Technical Report”, dated December 18th, 2020.

Revival Gold has approximately 71.2 million shares outstanding and had a cash balance of approximately C$12.7 million on September 30th, 2020. Additional disclosure including the Company’s financial statements, technical reports, news releases and other information can be obtained at www.revival-gold.com or on SEDAR at www.sedar.com.

For further information, please contact:

Hugh Agro, President & CEO or Adam Rochacewich, CFO
Telephone: (416) 366-4100 or Email: info@revival-gold.com

Cautionary Statement
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 news release. Technical information in this news release has been reviewed and approved by Steven T. Priesmeyer, C.P.G., Vice President Exploration, Revival Gold Inc. and Rodney A. Cooper, P.Eng., a consultant to Revival Gold Inc., Qualified Persons within the meaning of National Instrument 43-101 – Standards of Disclosure for Mineral Projects.

Revival Gold Intersects Near-Surface Oxide Gold In An Additional Eleven Drill Holes At Beartrack-Arnett

kai erfle on December 10, 2020

Toronto, ON – December 10th, 2020 – Revival Gold Inc. (TSXV: RVG, OTCQB: RVLGF) (“Revival Gold” or the “Company”), a growth‐focused gold exploration and development company, announces results from an additional eleven drill holes from the Company’s 2020 drilling program on the past-producing Beartrack-Arnett Gold Project (“Beartrack-Arnett”) located in Idaho, USA.

The eleven holes released today are core holes drilled in the Haidee target area to upgrade resources from the Inferred category to the Indicated category (see Technical Report on the Beartrack-Arnett Gold Project, Lemhi County, Idaho, USA dated February 21st, 2020) and to expand the resource along strike and up-dip.

Highlights

1.01 g/t gold over 11.0 meters¹ and 0.39 g/t gold over 10.4 meters¹ in AC20-49D
0.40 g/t gold over 13.2 meters¹ AC20-052D
0.86 g/t gold over 48.5 meters¹ in AC20-059D
0.45 g/t gold over 36.1 meters¹ in AC20-062D
0.83 g/t gold over 13.4 meters¹ in hole AC20-065

¹ Drilled width; true width estimated to be approximately equivalent to drilled width.

Drillholes AC20-062D and AC20-059D were drilled along the northeast margin of the existing mineral resource at Haidee. Both holes intersected long intervals of gold mineralization indicating that mineralization extends up-dip into the gold soil anomaly northeast of the current Haidee resource. The anomaly is largely untested and represents an attractive target for further exploration.

“We are very pleased to see additional broad intercepts of near-surface oxide gold mineralization in the Haidee area. The results offer potential to expand the open pit heap leach mine plan outlined in the results of Revival Gold’s first phase Preliminary Economic Assessment released in November,” said President and CEO Hugh Agro.

Drill Results

Detailed results for the Haidee target drill holes released today are presented in the table below:

Hole Number	Area	Azimuth (deg.)	Dip (deg.)	From (m)	To (m)	Drilled Width¹ (m)	Fire Assay Gold Grade² (g/t)
AC20-049D³	Haidee	64.6	-60.9	4.0	14.9	11.0	1.01
Incl.				6.8	8.8	2.0	3.67
				20.3	23.7	3.4	0.72
Incl.				20.3	20.7	0.5	3.19
				80.2	84.4	4.3	1.15
				91.1	101.5	10.4	0.39
				111.6	137.3	25.7	0.27
AC20-052D⁴	Haidee	82.4	-47.2	22.9	34.4	11.6	0.28
				71.0	77.1	6.1	0.28
				106.1	119.3	13.2	0.40
Incl.				106.1	107.6	1.5	2.67
				140.5	151.5	11.0	0.22
				181.2	189.2	8.1	0.20
AC20-055D⁵	Haidee	88.1	-46.3	2.7	9.1	6.4	0.81
				25.6	29.0	3.4	0.54
				62.2	69.2	7.0	1.03
				98.1	102.0	3.8	1.70
				120.9	122.6	1.8	0.35
				144.8	148.4	3.7	0.48
				168.8	173.6	4.8	0.24
				182.3	184.7	2.4	0.28
AC20-057D⁶	Haidee	63.3	-60.3	7.3	11.9	4.6	0.41
				41.8	70.9	29.2	0.19
				96.5	117.1	20.6	0.21
				130.1	136.2	6.1	0.26
				142.5	144.6	2.1	0.40
AC20-058D	Haidee	77.3	-50.8	56.4	59.4	3.0	2.82
Incl.				56.4	57.9	1.5	5.38
				82.5	86.6	4.1	0.87
Incl.				82.5	83.2	0.7	2.97
AC20-059D⁷	Haidee	66.6	56.0	3.8	8.5	4.7	0.28
				17.4	23.2	5.8	0.31
				44.5	48.2	3.7	0.33
				64.6	113.1	48.5	0.86
Incl.				64.6	66.4	1.8	3.59
Incl.				84.7	92.4	7.6	1.55
Incl.				86.3	87.6	1.4	4.13
Incl.				99.1	100.5	1.4	7.66
				127.4	132.0	4.6	0.60
AC20-060D	Haidee	64.8	-63.4	74.1	77.1	3.0	0.24
				155.4	165.8	10.4	0.70
Incl.				158.5	165.8	7.3	0.93
AC20-062D⁸	Haidee	61.0	-60.5	5.5	12.5	7.0	0.91
				27.4	46.6	19.2	0.25
				99.5	135.6	36.1	0.45
Incl.				105.6	110.2	4.6	1.14
AC20-063D	Haidee	63.9	-60.8	No significant results
AC20-064D⁹	Haidee	65.8	-60.0	6.9	11.6	4.7	0.21
AC20-065D¹⁰	Haidee	64.1	-60.9	17.5	30.9	13.4	0.83
				83.9	89.9	6.0	0.89
				113.3	134.1	20.8	0.19

¹True width estimated to be approximately equivalent to drilled width although some variation may occur. Numbers may not add up due to rounding.
² Where applicable, grades at Arnett are capped at 8.0 g/t Au using the methodology described in the Technical Report on the Beartrack-Arnett Gold Project, Lemhi County, Idaho, USA dated February 21st, 2020. No capping was applicable in the results presented above.
³ Average core recovery for the interval 4.0 meters to 14.9 meters was 74%. Recovery for individual intervals was as follows: 7.0 meters to 7.9 meters – 38%; 8.8 meters to 10.1 meters – 50%; 11.3 meters to 12.6 meters – 43%; 13.1 meters to 13.7 meters – 25%; 14.0 meters to 14.3 meters – 50%.
⁴ Core recovery for intervals with recovery below 50% was as follows: 22.9 meters to 23.2 meters – 50%; 23.5 meters to 23.8 meters – 50%; 143.6 meters to 145.1 meters – 36%.
⁵ Core recovery for intervals for the intervals 6.1 meters to 7.6 meters and 8.2 meters to 8.5 meters was 40% and 0%; respectively. The interval from 8.3 meters to 8.5 meters was included at 0 g/t Au.
⁶ Core recovery for the intervals with recovery below 50% was as follows: 10.8 meters to 11.9 meters – 43%; 113.4 meters to 114.9 meters was 0%; 114.9 meters to 116.4 meters – 50%; 130.1 meters to 130.8 meters – 40%. The interval from 113.4 meters to 114.9 meters was included at 0 g/t Au.
⁷ Core recovery for the interval 45.1 meters to 46.6 meters was 50%.
⁸ Core recovery for the interval 110.2 meters to 111.1 meters was 40%.
⁹ Hole AC20-064D represents the re-drilled upper 32.0 meters of hole AC20-046D, which had very poor core recovery.
¹⁰ Core recovery from 20.3 meters to 20.7 meters was 13%.

Figure 1 below is a plan view of the Arnett Haidee target area describing the collar locations for all thirty drill holes completed in this year’s drilling program (including those for which results have been released to-date).

Figure 1: Haidee Target Area 2020 Drilling Program

Drill Program Update

The thirty exploration and infill drill holes completed this season on the Haidee target totaled approximately 4,900 meters of drilling.

A further five holes have been completed between the North and South Pit areas totaling approximately 1,660 meters. The holes in this area cover a strike length varying from 400 to 600 meters along the Panther Creek Shear Zone (“PCSZ”). Each of the holes intersected the PCSZ with varying amounts of oxidized and unoxidized sulfides in each hole.

An initial three exploration holes have been drilled in the Rabbit target area for a total of approximately 900 meters. Difficult drilling conditions limited the depth of drilling at Rabbit, however, the operating and geological information obtained in drilling these holes will be of use in planning next year’s follow-up program.

This year’s drill program will conclude shortly with the completion of two exploration drill holes in the Joss target area for a total of approximately 960 meters. Remaining assay results for the seven outstanding drill holes at Haidee and the nine outstanding drill holes at Beartrack are expected to be available in January and February 2021.

Claim Staking

Revival Gold staked an additional 47 claims on the northwestern boundary of the Beartrack-Arnett property this fall. The claims were staked around the periphery of the existing claim block to cover areas of alteration or conceptual targets developed during the Company’s 2020 mapping program. The new claims cover approximately 380 hectares, bringing the area covered by Revival Gold’s total land position at Beartrack-Arnett to approximately 5,800 hectares.

Upcoming Activities

With 2020 field work coming to an end, Revival Gold has initiated a review of the data collected during this year’s exploration program and the integration of this data into the Beartrack-Arnett geological model. In connection with these activities, the Company has contracted Mira Geoscience Ltd. (“Mira”), a geological consulting firm with expertise in three-dimensional computer modeling and artificial intelligence. Mira will take a holistic approach to data analysis, integrating all drilling data, including historical blast hole drilling from the Beartrack mine, geological, geochemical, and geophysical data to generate a three-dimensional model of the mineral systems at Beartrack-Arnett. The aim is to build on the Company’s understanding of mineralization controls at the deposit scale, the controls on higher grades within the deposits and to identify additional exploration targets beyond the known resource.

The Company has also retained consulting structural geologist, Mr. Brett Davis, to investigate incidents of high-grade mineralization within the current mineral resource at Beartrack-Arnett, at depth and along strike within the PCSZ. Drilling in the PCSZ to-date has intersected several instances of bonanza-style grades including 71 g/t gold over 9.8 meters (BT12-175D), 23.1 g/t gold over 3.3 meters (BT17-201D), and 20.1 g/t gold over 2.1 meters (BT18-221D). These results have received little follow-up to-date.

Qualified Person

About Revival Gold Inc.

Beartrack-Arnett is the largest past-producing gold mine in Idaho. A Preliminary Economic Assessment has been completed for a first phase restart of heap leach operations to produce 72,000 ounces of gold per year over an initial seven-year mine life at an AISC of $1,057 per ounce of gold. Meanwhile, exploration continues focused on expanding the current Indicated Mineral Resource of 36.6 million tonnes at 1.15 g/t gold containing 1.36 million ounces of gold and Inferred Mineral Resource of 47.1 million tonnes at 1.08 g/t gold containing 1.64 million ounces of gold. The mineralized trend at Beartrack extends for over 5 km and is open on strike and at depth. Mineralization at Arnett is open in all directions.

For further details, including key assumptions, parameters and methods used to estimate the Mineral Resources, and data verification, please see the Company’s press release dated November 17th, 2020 and NI 43-101 compliant technical report titled “Technical Report on the Beartrack-Arnett Gold Project, Lemhi County, Idaho, USA” dated February 21st, 2020.

For further information, please contact:

Hugh Agro, President & CEO or Adam Rochacewich, CFO
Telephone: (416) 366-4100 or Email: info@revival-gold.com

Cautionary Statement

Revival Gold Announces AGM Results and Option Grant

kai erfle on November 24, 2020

Toronto, ON – November 24^th, 2020 – Revival Gold Inc. (TSXV: RVG, OTCQB: RVLGF) (“Revival Gold” or the “Company”), a growth-focused gold exploration and development company, announces voting results for the election of directors at its Annual General Meeting (“AGM”) of Shareholders held on November 24^th, 2020, in Toronto.

A total of 33,508,817 common shares representing 47.1% of the Company’s issued and outstanding shares were voted in connection with the AGM. Shareholders approved all items of business before the AGM including the election of Directors as follows:

Director Nominees	Votes For	% of Votes Cast
Wayne Hubert	27,043,048	99.8%
Hugh Agro	27,063,304	99.9%
Donald Birak	27,043,048	99.8%
Robert Chausse	27,049,219	99.9%
Maura Lendon	27,033,219	99.8%
Michael Mansfield	27,047,219	99.9%
Carmelo Marrelli	24,509,469	90.5%

Following the AGM, Revival Gold re-appointed Wayne Hubert as Chairman of the Board, Robert Chausse as Audit Committee Chair, Carmelo Marrelli as Compensation Committee Chair and Donald Birak as Technical, Safety, Environment and Social Responsibility Committee Chair, and appointed Maura Lendon as Corporate Governance and Nominating Committee Chair.

Subject to regulatory approval, Revival Gold has granted 1,325,000 incentive stock options to directors, officers, and consultants of the Company as part of its annual compensation plan. Pursuant to the Company’s Stock Option Plan, the options are exercisable at a price of $1.00 per share for a period of five years and are subject to vesting provisions.

About Revival Gold Inc.

Beartrack-Arnett is the largest past-producing gold mine in Idaho. A Preliminary Economic Assessment has been completed for a first phase restart of heap leach operations to produce 72,000 ounces of gold per year over an initial seven-year mine life at an AISC of $1,057 per ounce of gold. Meanwhile, exploration continues focused on expanding the current Indicated Mineral Resource of 36.6 million tonnes at 1.15 g/t gold containing 1.36 million ounces of gold and Inferred Mineral Resource of 47.1 million tonnes at 1.08 g/t gold containing 1.64 million ounces of gold. The mineralized trend at Beartrack extends for over 5 km and is open on strike and at depth. Mineralization at Arnett is open in all directions.

For further details, including key assumptions, parameters and methods used to estimate the Mineral Resources, and data verification, please see the Company’s press release dated November 17^th, 2020 and NI 43-101 compliant technical report titled “Technical Report on the Beartrack-Arnett Gold Project, Lemhi County, Idaho, USA” dated February 21^st, 2020.

For further information, please contact:

Hugh Agro, President & CEO or Adam Rochacewich, CFO
Telephone: (416) 366-4100 or Email: info@revival-gold.com

Cautionary Statement

Revival Gold Delivers Solid Phase One Preliminary Economic Assessment

kai erfle on November 17, 2020

72,000 ounces gold per year at $1,057 per ounce AISC with a 25% after-tax IRR

Toronto, ON – November 17th, 2020 – Revival Gold Inc. (TSXV: RVG, OTCQB: RVLGF) (“Revival Gold” or the “Company”), a growth‐focused gold exploration and development company, is pleased to announce positive results from a Preliminary Economic Assessment (“PEA”) on the Company’s Beartrack-Arnett (“Beartrack-Arnett”) phase one heap leach gold project located in Idaho, USA.

Beartrack-Arnett Phase One Heap Leach Gold Project – PEA Highlights*

Production of 72,000 ounces of gold per year for a total of 506,000 ounces of gold over an initial seven-year mine life;
Pre-production capital of $100 million and life-of-mine (“LOM”) sustaining capital of $61 million;
Total cash cost of $809 per ounce and all in sustaining cost of $1,057 per ounce of gold;
After-tax NPV at a 5% discount rate (“NPV5%”) of $88 million and after-tax IRR of 25% at $1,550 per ounce gold increasing to a $211 million NPV5% and 49% IRR at $1,950 per ounce gold;
After-tax payback period of 3.0 years;
Lower technical and execution risk of a brownfields project with existing infrastructure and recent history as the largest past-producing gold mine in Idaho; and,
Excellent additional exploration potential as demonstrated by this season’s drill results and with over 10km of favorable geological structure to explore.

* All amounts shown are in United States dollars and metric units of measurement unless otherwise stated.

This PEA is preliminary in nature; it includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the preliminary economic assessment will be realized. Mineral resources are not mineral reserves and do not have demonstrated economic viability.

For the purposes of this phase one PEA, only oxide and partially oxidized mineralization amenable to gold recovery using standard cyanide heap leach processing was evaluated representing less than a third of available mineralized material. Beartrack-Arnett also hosts a significant sulfide resource, much of which was not included in this PEA.

“This PEA supports Revival Gold’s plans to resume meaningful heap leach gold production from Beartrack-Arnett with low re-start capital and robust economics,” commented Hugh Agro, President and CEO. “Beartrack-Arnett ranks as one of the largest independently-owned undeveloped gold deposits in the United States. As a brownfield site, Beartrack-Arnett offers significant existing baseline environmental data, infrastructure, and operating history for Revival Gold to utilize. This should translate into shorter permitting timelines and lower technical and execution risk. Over the course of the next two years Revival Gold will continue with its exploration strategy to expand the resource base at Beartrack-Arnett while progressing the first phase heap leach project towards a production decision. We also intend to evaluate the potential for a second phase sulfide milling project so that we might fully realize the inherent value of all the gold resources identified at Beartrack-Arnett to-date.”

The PEA was prepared in accordance with National Instrument 43-101 (“NI 43-101”) by Wood plc (“Wood”) of Oakville, Canada and Boise, Idaho with an effective date of November 17th, 2020. The Company will file a technical report summarizing the PEA on www.revival-gold.com and on SEDAR at www.sedar.com in accordance with NI 43-101 within 45 days.

Conference Call

Management will host a conference call later today to discuss the results of the PEA. Call-in information below:

Scheduled Start:	November 17th, 2020, 10:00 am EST
Call-In Number:	416-764-8658
Toll Free in North America:	888-886-7786

A replay of the conference call will be available for one week at 416-764-8691 or toll free in North America at 877-674-6060. Playback passcode 347502#.

Further Details

Table 1 below summarizes the key PEA technical and financial inputs and results.

Table 1 – Technical Inputs and Financial Assumptions

Economics	Units	Pre-Tax	Post-Tax
Net present value (NPV5%)	US$ M	$103	$88
Internal rate of return (IRR)	%	28%	25%
Payback Period (undiscounted)	years	2.9	3.0
LOM avg. annual cash flow	US$ M	$22	$19
LOM cumulative cash flow (undiscounted)	US$ M	$153	$134
LOM Average cash costs	US$ per ounce	$809
LOM Average AISC – All in Sustaining Costs	US$ per ounce	$1,057
LOM Average AIC – All in Costs	US$ per ounce	$1,254
Pre-Production Capital Costs	US$ M	$100
Sustaining Capital Costs (LOM)	US$ M	$62
Peak Investment	US$ M	$112
Gold price assumption	US$ per ounce	$1,550
Royalty	per ounce	$19
Mine life	years	7
Head Grade (diluted)	g/t Au	0.87
Average Recovery	% (FA)	60%
Average annual mining rate	tonnes/day	12,000
Average annual gold production	ounces/year	72,288
Total LOM recovered gold	ounces	506,016

Mineral Resource Estimate

The mineral resource estimate has been reported in accordance with NI 43-101 and was prepared by RPA Inc. (“RPA”), a subsidiary of SLR Consulting Limited. (“SLR”), with an effective date of December 10th, 2019 (see Revival Gold press release dated February 3rd, 2020 and the Technical Report on the Beartrack-Arnett Gold Project, Lemhi County, Idaho, USA dated February 21st, 2020).

Following the February 21st, 2020 Technical Report, a follow-up review of the Arnett resources and a sensitivity analysis conducted by RPA resulted in a fine tuning and reclassification of 3,000 ounces from the Inferred to the Indicated category. For this PEA, the resource estimate at Arnett has been restated to reflect this change and is not considered material to the economics of the property as the total Indicated plus Inferred remains unchanged. Results from Revival Gold’s 2020 exploration drilling program are not included in this estimate.

Table 2: Mineral Resource Estimate

Resource Category	Tonnes (’000 t)	Gold Grade (g/t Au)	Contained Gold (000 oz)
*Indicated Leach*
Beartrack – Open Pit	11,900	0.56	215
Arnett – Open Pit	2,500	0.65	52
*Indicated Mill*
Beartrack – Open Pit	22,216	1.52	1,089
Beartrack – Underground	NA	NA	NA
Total Indicated	36,616	1.15	1,356

*Inferred Leach*
Beartrack – Open Pit	9,961	0.53	169
Arnett – Open Pit	8,200	0.55	144
*Inferred Mill*
Beartrack – Open Pit	22,228	1.19	850
Beartrack – Underground	6,700	2.19	471
Total Inferred	47,089	1.08	1,638

See Notes on following page.

Effective date of December 10, 2019. CIM (2014) definitions were used for Mineral Resource classification.
Qualified Persons:
Mark B. Mathisen, C.P.G, Ryan Rodney, C.P.G., Kathleen A. Altman, Ph.D., P.E.
Mineral Resources were tabulated for model blocks with positive net value located within an optimized conceptual pit.
The price, recovery, and cost data translate to a breakeven gold cut-off grade of approximately 0.52 g/t Au for mineral resources amenable to the mill option and open pit mining; and 0.17 g/t Au for the mineral resources amenable to the leach option and open pit mining at Beartrack; a breakeven gold cut-off grade of approximately 1.26 g/t Au for the incremental underground mill option at Beartrack, and approximately 0.19 g/t Au for the leach option and open pit mining at Arnett. The cut-off grades include considerations of metal price, process plant recovery, mining, processing, and general and administrative costs. A gold price US$1,400 per ounce was used in the estimation. Additional details below.
Tonnes are based on bulk density of each lithologic unit ranging at Beartrack from 2.0 t/m3 to 2.75 t/m3. An average bulk density of 2.35 t/m3 was used at Arnett.
Leachability is yet to be determined and further metallurgical studies are required to fully understand the behaviour of transitional and sulfide ores when mixed with readily leachable oxide materials. Leach material defined by cyanide soluble grade leach characteristics.
Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
Rounding may result in apparent discrepancies between tonnes, grade, and contained metal content. The geological model supporting the mineral resource model is based on interpretations based on drilling and mapping which may change with more data. The metallurgical sampling data may not be representative of the material as a whole, or may have significant variations locally in the metallurgical characteristics that could affect cost or recoveries.
The cut-off grade for the open pit mill resource assumes a 20,000 tpd flotation mill with pressure oxidation of flotation concentrate followed by cyanidation of the concentrate and the flotation tailings, with gold recovery of 94%, pit slopes of 37-50%, mining costs of $2.25 per tonne, re-handle costs of $0.10 per tonne, G&A costs of $0.50-$1.00 per tonne and a mill processing cost of $18.46 per tonne.
The cut-off grade for the mineral resources amenable to underground mining and mill processing assumes a 3,000 tpd, ramp-access, mechanized mine with a bulk mining method and mining cost of $35.00 per tonne.
The cut-off grade for the mineral resources amenable to open pit mining and heap leach processing assumes recoveries of 85% of cyanide soluble gold at Beartrack and 75% of contained gold at Arnett. Pit slopes of 37-50%. Mining costs were assumed to be $2.25 per tonne, G&A costs of $0.50-$1.00 per tonne and heap leach processing costs of $3.25 per tonne processed.

Mine Production Schedule
Table 3: Mine Production Schedule

Item/Year		PP1	Y1	Y2	Y3	Y4	Y5	Y6	Y7	Life of Mine
Mined Processed Material	Tonnes/Day	n. a.	12,003	12,003	12,003	12,003	12,003	12,004	10,737	11,822
Mined Processed Material	Tonnes ’000	0	4,381	4,381	4,381	4,381	4,381	4,382	3,919	30,206
Mined Waste	Tonnes ’000	5,573	11,953	11,953	11,953	11,953	11,953	11,952	8,290	85,579
Mined Total	Tonnes ’000	5,573	16,334	16,334	16,334	16,334	16,334	16,334	12,209	115,786
Stripping Ratio	Waste to Processed Material	n. a.	2.7	2.7	2.7	2.7	2.7	2.7	2.1	2.8
Head Grade	g/t Au	0.00	1.13	0.82	0.77	1.20	0.87	0.77	0.52	0.87
Contained Gold	Ounces	0	159,475	116,084	107,786	169,045	122,459	107,922	65,234	848,005
Recovery	% (FA)	0%	47%	63%	65%	46%	60%	73%	89%	60%
Recovered Gold	Ounces	0	75,177	73,263	70,084	77,462	73,620	78,494	57,916	506,016

Infrastructure

Existing infrastructure incorporated into the PEA includes the main access road, the main powerline, the ADR plant, solution ponds, water treatment plant, the core warehouse and portions of the existing road from Beartrack to Arnett.

Capital Costs

Pre-production capital costs include a 22% contingency on direct and indirect costs. The pre-production capital costs also include owner’s costs, EPCM (engineering, procurement and construction management) costs, operating inventories, insurance and indirect costs. Major mining equipment is included in the financial analysis under an operating lease arrangement.

Trade-off studies were evaluated including developing crushing and leach pad facilities at the Arnett deposit (together with a powerline from Beartrack), mobile compared to stationary crushing facilities, contractor mining compared to owner operation in the first two years, and a higher early cash flow mining plan alternative.

Table 4 below summarizes estimated capital costs. The estimating cost accuracy for the study is +/-35% (AACE Class 5). Rows and columns may not add precisely due to rounding.

Table 4: Capital Cost Summary

Item	Pre-Production Capital (US$ M)	Sustaining Capital (US$ M)	Life of Mine Capital (US$ M)
Open pit mine	$16	$5	$21
Heap Leach facilities	$12	$40	$52
Process Facilities	$19	$2	$21
Infrastructure	$15	$3	$18
Indirect Costs	$10	$2	$12
Owner’s Costs	$8	$0	$8
Contingency	$20	$10	$30
Subtotal	$100	$62	$162
Mine Equipment Lease	$21	$8	$29
Working Capital	$7	-$7	$0
Reclamation / Closure	$4	$13	$17
Grand Total	$132	$75	$207

Operating Costs

Owner operating costs were developed from first principles and are summarized in Table 5 below.

Table 5: Operating Cost Summary

Costs	Units	US$
Mining	Per tonne	$2.05
Stripping Ratio	Waste to Processed Material	2.8

Mining	Per tonne processed	$7.49
Processing	Per tonne processed	$4.65
G&A	Per tonne processed	$1.10
Operating Costs	Per tonne processed	$13.24

Total Cash Costs	Per ounce gold sold	$809
All-in Sustaining Costs	Per ounce gold sold	$1,057
All-in Capital Costs	Per ounce gold sold	$1,254

Metallurgy

The estimated average recovery of gold from the heap leach pad in the PEA is estimated to be 60%. The estimated average recovery reflects recoveries of 87% for oxide material, 55% for transition material and 28% for sulfide material. A breakdown of the type of mineralization processed and estimated heap leach recoveries by category of mineralization is summarized in Table 6 below:

Table 6: Heap Leach Recoveries by Category

PEA Classification	Material	Heap Leach
of Material Processed	Processed (M tonnes)	Gold Recovery
Oxide	19	87%
Transition	5	55%
Sulfide	6	28%
Heap Leach PEA Total	30	60%

Gold Price Sensitivities

Table 7 below demonstrates the post-tax sensitivities of the NPV and IRR to the price of gold per ounce. The base case, highlighted in the table below, assumes US$1,550 per ounce of gold.

Table 7: Gold Price Sensitivity

Economic Sensitivities to Gold Prices (post-tax)
Gold Price ($US per ounce)	NPV5% ($US M)	IRR (%)
$1,350	$22	11
$1,450	$55	18
$1,550	$88	25
$1,650	$119	32
$1,750	$150	38
$1,850	$180	43
$1,950	$211	49

Project economic results are most sensitive to revenue drivers (gold price, gold grade and recovery) as illustrated in Figure 1 below. Results are less sensitive to input operating and capital costs.

Figure 1: PEA Sensitivity

Key Opportunities

The PEA outlined several initiatives that may enhance the potential of Beartrack-Arnett including:

Exploration drilling to expand the heap leach mineral resources in the Haidee area at Arnett;
Exploration drilling to identify additional mineral resources to process by heap leach or mill at Beartrack;
Further technical work on the segregation of transition and sulfide heap leach pads for potential further future processing and gold recovery in a milling scenario to reduce the final closure and reclamation requirement;
Potential to increase the production rate for a heap leach operation beyond 12,000 tonnes per day with the discovery of additional mineral resources amenable to heap leach recovery; and,
Potential to incorporate a mill operation in conjunction with the heap leach operation to fully realize all potential value from the mineral resources identified.

Next Steps

The recommended follow-up program in the PEA includes two phases of exploration and infill drilling, and the completion of a pre-feasibility study for the phase one heap leach project. The program supports the required studies and public consultation for completion of the National Environmental Policy Act (or NEPA) process, with the US Forest Service as the lead agency, as well as for securing required State and local permits.

In addition, the recommended program provides for the completion of a preliminary economic assessment on a phase two milling scenario at Beartrack.

See summary recommended program budget in Table 8 below.

Table 8: Recommended Budget

Area	Total Cost ($US M)	Description
Phase 1 Beartrack Diamond Drilling	$2.0	Infill and Exploration
Phase 1 Arnett Diamond Drilling	$1.0	Infill and Exploration
Phase 2 Diamond Drilling	$6.0	Infill and Exploration
Mineral Resource Estimate	$0.3	Update after drilling
Engineering field program drilling	$1.3	Geotechnical, metallurgy, hydrology
Engineering field programs	$0.8	Geotechnical, metallurgy, hydrology
Technical/Economic Studies	$2.0	Heap leach PFS, milling PEA
Environmental Management Planning	$0.4	Baseline environmental, ARD study
Environmental Studies, Permits	$2.5	Heap leach project, post PFS
Project Management & Administration	$1.5	Indirect costs, management, contingency
Total Work Recommendation:	$17.7

Independent Qualified Persons

The Preliminary Economic Assessment was prepared for Revival Gold by independent Qualified Persons (QP’s) under NI 43-101 from Wood from Oakville, Canada and Boise, USA, RPA/SLC from Toronto, Canada and Denver, Colorado, and KC Harvey Environmental, LLC (“KC Harvey”) from Bozeman, Montana. The independent QP’s have reviewed and approved the economic and technical information of this press release derived from sections of the PEA that they are responsible for preparing, and are named below:

Mr. Kirk Hanson, P.E. – Technical Director, Mining and Financial Model, site visit – Wood;
Mr. Ben Bissonnette, P.Eng. – Director, Metallurgy and Process Engineering – Wood;
Mr. Paul Baluch, P.Eng., P.E. – Technical Director, Civil Structural Architectural – Wood;
Mr. Mark B. Mathisen, C.P.G. – Mineral Resource Estimate, site visit – SLR/RPA;
Mr. David Cameron, P.E. – Environmental, Reclamation & Closure Plan, site visit – KC Harvey

Other technical information included in this press release has been reviewed and approved by Mr. Steven T. Priesmeyer, C.P.G., a QP and Vice President Exploration for the Company, and Mr. Rodney A. Cooper, P.Eng., a QP and a consultant to the Company. Both have conducted site visits.

Further details on the PEA and the complete PEA study document can be found on the Company’s website at www.revival-gold.com or on sedar.com within 45 days of this news release.

About Revival Gold Inc.

Revival Gold Inc. is a growth-focused gold exploration and development company. The Company has the right to acquire a 100% interest in Meridian Beartrack Co., owner of the former producing Beartrack Gold Project located in Lemhi County, Idaho. Revival Gold also owns rights to a 100% interest in the neighboring Arnett Gold Project.

Beartrack-Arnett is the largest past-producing gold mine in Idaho and hosts the second largest known deposit of gold in the state. A Preliminary Economic Assessment is underway on the potential re-start of a phase one open-pit heap leach operation and exploration continues focused on expanding the current Indicated Mineral Resource of 36.6 million tonnes at 1.15 g/t gold containing 1.36 million ounces of gold and Inferred Mineral Resource of 47.1 million tonnes at 1.08 g/t gold containing 1.64 million ounces of gold. The mineralized trend at Beartrack extends for over 5 km and is open on strike and at depth. Mineralization at Arnett is open in all directions.

For further details, including key assumptions, parameters and methods used to estimate the Mineral Resources, and data verification, please see the Company’s NI 43-101 compliant technical report titled “Technical Report on the Beartrack-Arnett Gold Project, Lemhi County, Idaho, USA” dated February 21st, 2020.

For further information, please contact:

Hugh Agro, President & CEO or Adam Rochacewich, CFO
Telephone: (416) 366-4100 or Email: info@revival-gold.com

Cautionary Statement

This News Release includes certain “forward-looking statements” which are not comprised of historical facts. Forward-looking statements include estimates and statements that describe the Company’s future plans, objectives or goals, including words to the effect that the Company, or management, expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as “believes”, “anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “will”, or “plan”. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, the Company provides no assurance that actual results will meet management’s expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward-looking information in this news release includes, but is not limited to, the Company’s intentions regarding its objectives, goals or future plans and statements. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, the Company’s ability to predict or counteract the potential impact of COVID-19 coronavirus on factors relevant to the Company’s business, , failure to identify additional mineral resources, failure to convert estimated mineral resources to reserves with more advanced studies, the inability to eventually complete a feasibility study which could support a production decision, the preliminary nature of metallurgical test results may not be representative of the deposit as a whole, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, capital, operating and reclamation costs varying significantly from estimates and the other risks involved in the mineral exploration and development industry, and those risks set out in the Company’s public documents filed on SEDAR. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.

Revival Gold Releases Additional Drill Results and Provides Exploration Update

kai erfle on November 12, 2020

Toronto, ON – November 12^th, 2020 – Revival Gold Inc. (TSXV: RVG, OTCQB: RVLGF) (“Revival Gold” or the “Company”), a growth‐focused gold exploration and development company, announces results from an additional five drill holes along with partial results from a sixth drill hole from the Company’s 2020 drilling program on the past-producing Beartrack-Arnett Gold Project (“Beartrack-Arnett”) located in Idaho, USA.

Five of the six holes released today are infill core holes drilled in the Haidee target area at Beartrack-Arnett. The holes were drilled to confirm projections of resource blocks from the 2020 Mineral Resource estimate (see Technical Report on the Beartrack-Arnett Gold Project, Lemhi County, Idaho, USA dated February 21^st, 2020) and to upgrade resources from the Inferred category to the Indicated category. All five holes intersected near-surface leachable mineralization and mineralized intervals generally align with projections of the block model from adjacent drill holes or cross-sections.

Highlights

0.93 g/t gold over 28.3 meters¹ in AC20-48D
0.55 g/t gold over 34.5 meters¹ and 0.50 g/t gold over 34.4 meters and 0.41 g.t gold over 34.4 meters in AC20-050D
0.80 g/t gold over 15.2 meters¹ in AC20-051D
0.41 g/t gold over 38.1 meters¹ in AC20-053D
¹ Drilled width; true width estimated to be approximately equivalent to drilled width.

Partial results received for a sixth core hole, BT20-226D, drilled in the under-explored area between the North and South Pit areas at Beartrack-Arnett, indicate that the hole intersected weak gold mineralization in the Panther Creek Shear Zone (“PCSZ”) with the best interval being 0.36 g/t gold over a drilled width of 6.1 meters at approximately 370 meters down hole. Complete results are pending.

“The Beartrack-Arnett resource model is standing up to infill drilling in the Haidee area and we are encouraged to see a continuation of gold mineralization in the PCSZ between the North and South pits”, said Hugh Agro, President and CEO. “This season’s drill program includes both expansion and infill drilling as we seek to grow the resource and prepare to advance Beartrack-Arnett from a preliminary economic assessment (expected later this month) to a pre-feasibility study (targeted to commence next year)”.

Detailed Drill Results

Detailed results for the Haidee target drill holes released today are presented in the table below:

Hole Number	Area	Azimuth (deg.)	Dip (deg.)	From (m)	To (m)	Drilled Width¹ (m)	Fire Assay Gold Grade Uncapped (g/t)	Fire Assay Gold Grade Capped² (g/t)
AC20-047D³	Haidee	63.4	-60.7	8.3	12.8	4.5	0.29
				90.5	97.2	6.7	0.39
				144.2	149.7	5.5	1.18
Incl.				148.4	149.7	1.2	2.88
AC20-048D⁴	Haidee	67.4	-61.7	86.6	114.9	28.3	0.93	0.73
Incl.				107.3	110.9	3.6	5.34	3.78
Incl.				107.3	108.2	0.9	14.15	8.00
				152.4	162.8	10.4	0.30
AC20-050D⁵	Haidee	67.9	-61.1	9.8	44.3	34.5	0.55	0.50
Incl.				9.8	10.2	0.4	12.40	8.00
				24.4	28.0	3.7	1.95
Incl.				26.5	28.0	1.4	3.48
				62.2	96.6	34.4	0.50	0.47
Incl.				65.1	65.4	0.3	11.05	8.00
				107.3	141.7	34.4	0.41
Incl.				130.5	137.2	6.7	1.12
Incl.				132.3	133.7	1.4	3.84
				152.6	160.9	8.4	0.89
AC20-051D	Haidee	63.7	-59.5	9.8	25.0	15.2	0.80
Incl.				17.2	23.5	6.2	1.48
				40.3	47.5	7.3	0.19
				95.9	108.4	12.6	0.36
AC20-053D⁶	Haidee	52.1	-44.3	32.2	34.9	2.7	0.50
				46.3	84.4	38.1	0.41
Incl.				72.2	84.4	12.2	0.86
Incl.				76.2	77.6	1.4	3.47

¹ True width estimated to be approximately equivalent to drilled width. Numbers may not add up due to rounding.
² Grade at Arnett capped at 8.0 g/t Au using the methodology described in the Technical Report on the Beartrack-Arnett Gold Project, Lemhi County, Idaho, USA dated February 21^st, 2020.
³ Core recovery for the intervals 92.4 meters to 93.9 meters and 148.4 meters to 149.7 meters was 48% and 30% respectively.
⁴ Core recovery for the interval 88.1 meters to 88.4 meters was 33%.
⁵ Core recovery for intervals with recovery below 50% was as follows: 8.1 meters to 8.4 meters – 50%; 8.4 meters to 9.0 meters – 25%; 10.4 meters to 10.5 meters – 40%; 78.2 meters to 79.9 meters – 13%; 79.9 meters to 80.2 meters – 50%, and; 121.0 meters to 121.3 meters – 40%. The interval from 78.2 m to 79.9 meters was included at 0 g/t Au.
⁶ Average core recovery for the interval was 69%. Recovery for individual intervals was as follows: 46.3 meters to 47.9 meters – 46%; 48.6 meters to 49.4 meters – 24%; 54.0 meters to 55.5 meters – 28%; 55.5 meters to 56.1 meters – 0%; 79.1 meters to 80.6 meters – 10%; 80.6 meters to 81.2 meters – 36%, and; 82.4 meters to 82.9 meters. Due to little or no recovery, the intervals from 55.5 meters to 56.1 meters and 79.2 meters to 80.6 meters were included at 0 g/t Au.

Figure 1 below is a plan view of the Arnett Haidee target area describing the collar locations for all 30 drill holes completed in this year’s drilling program (including those for which results have been released to-date).

Figure 1: Haidee Target Area 2020 Drilling Program

Partial results are being released for the first hole completed between the North and South pits at Beartrack. The area represents a gap of approximately 370 meters between the block model for the North Pit/Ward’s Gulch area to the north and the South Pit area to the south. This segment of the PCSZ, the primary control on mineralization in this area, has only been explored by very shallow historical drilling which did not adequately test the PCSZ.

Drill hole BT20-226D intersected the PCSZ, encountering both oxidized and unoxidized sulfides in, and adjacent to, the structure. Samples from a selected interval of 34.9 meters, from 366.5 meters to 401.4 meters down hole, were submitted for analysis. Every sample from that interval contains gold indicating that the structure is weakly mineralized, with the best interval being 6.1 meters drilled width averaging 0.36 g/t gold between 367.9 meters and 374.0 meters down hole.

Three additional holes have been completed in the area and a fourth is underway. When completed, the five holes in this area will cover a strike length of approximately 400 meters. Each of the completed holes has intersected the PCSZ with varying amounts of oxidized and unoxidized sulfides in each hole.

Drill Program Status

A total of 30 exploration and infill drill holes for approximately 4,900 meters have been completed this season on the Haidee target. There are currently three rigs drilling on Beartrack, where five holes have been completed to date for approximately 1,650 meters. Four holes remain to be completed on Beartrack for an estimated 1,800 meters. One rig is completing the last of five holes in the area between the North and South pits and two rigs are currently drilling in the Rabbit target area located approximately three kilometers south of the current resource at Beartrack.

Qualified Person

About Revival Gold Inc.

Revival Gold Inc. is a growth-focused gold exploration and development company. The Company has the right to acquire a 100% interest in Meridian Beartrack Co., owner of the former producing Beartrack Gold Project located in Lemhi County, Idaho. Revival Gold also owns rights to a 100% interest in the neighboring Arnett Gold Project.

For further details, including key assumptions, parameters and methods used to estimate the Mineral Resources, please see the Company’s NI 43-101 compliant technical report titled “Technical Report on the Beartrack-Arnett Gold Project, Lemhi County, Idaho, USA” dated February 21^st, 2020.

For further information, please contact:

Hugh Agro, President & CEO or Adam Rochacewich, CFO
Telephone: (416) 366-4100 or Email: info@revival-gold.com

Cautionary Statement

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 news release. Technical information in this news release has been reviewed and approved by Steven T. Priesmeyer, C.P.G., Vice President Exploration, Revival Gold Inc. a Qualified Person within the meaning of National Instrument 43-101 – Standards of Disclosure for Mineral Projects.

This News Release includes certain “forward-looking statements” which are not comprised of historical facts. Forward-looking statements include estimates and statements that describe the Company’s future plans, objectives or goals, including words to the effect that the Company, or management, expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as “believes”, “anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “will”, or “plan”. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, the Company provides no assurance that actual results will meet management’s expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward-looking information in this news release includes, but is not limited to, the Company’s intentions regarding its objectives, goals or future plans and statements. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, the Company’s ability to predict or counteract the potential impact of COVID-19 coronavirus on factors relevant to the Company’s business, failure to identify mineral resources, failure to convert estimated mineral resources to reserves, the inability to complete a feasibility study which recommends a production decision, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, capital, operating and reclamation costs varying significantly from estimates and the other risks involved in the mineral exploration and development industry, and those risks set out in the Company’s public documents filed on SEDAR. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.

Revival Gold Releases First Seven Drill Holes From 2020 Campaign and Provides Update on Beartrack-Arnett

kai erfle on October 15, 2020

Toronto, ON – October 15^th, 2020 – Revival Gold Inc. (TSXV: RVG, OTCQB: RVLGF) (“Revival Gold” or the “Company”), a growth‐focused gold exploration and development company, announces results from the first seven holes from the Company’s 2020 drilling program and provides an update on exploration at the former producing Beartrack Gold Project (“Beartrack”) and the adjacent Arnett Gold Project (“Arnett”) located in Lemhi County, Idaho.

All seven exploration drill holes released today from the Haidee target area at Arnett intersected near-surface leachable mineralization along the northwestern and southeastern strike extension of the Haidee deposit. Results indicate that the structures that control mineralization are continuous along strike and have extended known mineralization beyond the current resource approximately 100 meters to the northwest and 50 meters to the southeast. Highlights include:

0.63 g/t Au over 22.9 meters¹ in AC20-43D
0.38 g/t Au over 41.0 meters¹ in AC20-42D
0.30 g/t Au over 9.9 meters¹ in AC20-41D

¹ Drilled width; true width estimated to be approximately equivalent to drilled width.

A total of 30 exploration and infill drill holes for approximately 4,900 meters have been completed by two rigs on the Haidee target since drilling began on August 4^th, 2020. With the completion of drilling at Haidee the two rigs will now be moved to Beartrack. One rig will drill at the new Rabbit target area approximately 3 km south of the current resource at Beartrack and the second rig will pursue potential extensions of mineralization between the North and South Pits at Beartrack.

A third drill rig was mobilized to Beartrack on September 23^rd, 2020 and has completed an initial 470-meter exploration drill hole between the North and South Pits. This hole, BT20-226D, intersected the Panther Creek Shear Zone (“PCSZ”), the primary control for Beartrack mineralization, and encountered both oxidized and unoxidized sulfides. Four follow-up holes are planned for this area and drill pad preparation is underway.

Assay results from BT20-226D and the remaining 23 holes at Haidee, will be released as the results become available. The third rig is currently drilling in the Joss area at the south end of the current Beartrack resource.

“This year’s drill program is off to a strong start with initial results that have expanded the footprint of heap leach mineralization in the Haidee area at Arnett and confirmed the continuity of the PCSZ between the North and South Pits at Beartrack”, said Hugh Agro, President and CEO.

Drill Results

Detailed results for the drill holes released today are presented in the table below:

Hole Number	Area	Azimuth (deg.)	Dip (deg.)	From (m)	To (m)	Drilled Width¹ (m)	Fire Assay Gold Grade (g/t)
AC20-040D²	Haidee	61.5	-60.0	84.7	94.8	10.1	0.20
				135.9	138.8	2.9	0.61
AC20-041D³	Haidee	64.0	-57.4	33.8	42.2	8.4	0.19
				91.3	101.2	9.9	0.30
AC20-042D	Haidee	60.6	-60.5	80.9	121.9	41.0	0.38
Incl.				106.5	112.0	5.5	1.22
				135.6	138.4	2.7	0.50
AC20-043D⁴	Haidee	68.6	-62.0	134.7	157.6	22.9	0.63
Incl.				144.4	154.1	9.7	1.56
Incl.				151.5	152.7	1.2	5.39
AC20-044D	Haidee	62.6	-59.4	10.4	24.1	13.8	0.18
				39.4	44.3	4.9	0.44
AC20-045D	Haidee	64.8	-61.0	51.8	53.9	2.1	0.50
AC20-046D^5,6	Haidee	61.6	-60.8	30.6	38.6	8.0	0.30
				56.5	57.9	1.4	3.95
				111.4	112.0	0.6	5.17
				128.6	129.5	0.9	7.60

¹ True width estimated to be approximately equivalent to drilled width. Numbers may not add up due to rounding.
²Core recovery for the interval 138.4 meters to 138.8 meters was 36%.
³Core recovery for the interval 35.6 meters to 36.3 meters was 33%.
⁴Core recovery for the interval 149.7 meters to 150.0 meters was 40%.
⁵Core recovery for the upper 30 meters of hole AC20-046D was poor so this portion of the hole was not sampled. The upper 30 meters were redrilled as hole AC20-064D. Results are pending.
⁶Core recovery for the interval 30.5 meters to 35.5 meters was 40%.

Figure 1 below is a plan view of the Arnett Haidee target area describing the collar locations for all 30 drill holes completed in this year’s drill program (including those for which results were released today).

Figure 1: Arnett Haidee Target Area Drill Program

Geophysical Program Update

Revival Gold’s 2020 ground geophysical program by Geofísica TMC, S.A. de C.V. is now complete. The original plan called for the completion of two square kilometers (21 line-kilometers) of gradient-array induced polarization-resistivity (“IP-RES”) at Arnett, one square kilometer (13 line-kilometers) of gradient-array IP-RES at Beartrack in the Joss area and five line-kilometers of dipole-dipole IP-RES in two lines in the Rabbit area at Beartrack.

At Arnett, the gradient-array IP-RES program was expanded to cover six square kilometers (65 line-kilometers) while the Beartrack program remained unchanged. The survey was expanded to cover the area from the Haidee target to the Italian mine, Roman’s Trench and the Shenon Gulch area, where several unexplained gold soil anomalies were identified in Revival Gold’s 2019 soil sampling program in which samples were collected from the A horizon and submitted to ALS Global for analysis by their Ionic Leach process, a method designed to detect subtle geochemical anomalies.

Preliminary results of the IP-RES survey have been received and the interpretation by consulting geophysicist, Craig Beasley, Wave Geophysics LLC, is underway. Results are expected in November.

Geologic Mapping Program

Revival Gold’s 2019 property-wide geologic mapping and rock sampling program at Beartrack-Arnett was cut short by the early arrival of winter. The intention of the 2020 field program was to map and prospect the remainder of the Company’s land position. Mapping has now been completed and data are being compiled. An updated geologic map and rock sample assay results are expected before year-end.

About Revival Gold Inc.

Revival Gold Inc. is a growth-focused gold exploration and development company. The Company has the right to acquire a 100% interest in Meridian Beartrack Co., owner of the former producing Beartrack Gold Project located in Lemhi County, Idaho. Revival Gold also owns rights to a 100% interest in the neighboring Arnett Gold Project.

Beartrack-Arnett is the largest past-producing gold mine in Idaho and hosts the second largest known deposit of gold in the state. A Preliminary Economic Assessment is underway on the potential re-start of a phase one open-pit heap leach operation and exploration continues focused on expanding the current Indicated Mineral Resource of 36.4 million tonnes at 1.16 g/t gold containing 1.35 million ounces of gold and Inferred Mineral Resource of 47.2 million tonnes at 1.08 g/t gold containing 1.64 million ounces of gold. The mineralized trend at Beartrack extends for over 5 km and is open on strike and at depth. Mineralization at Arnett is open in all directions.

For further details, including key assumptions, parameters and methods used to estimate the Mineral Resources, please see the Company’s technical report titled “Technical Report on the Beartrack-Arnett Gold Project, Lemhi County, Idaho, USA” dated February 21, 2020.

Revival Gold has approximately 71.2 million shares outstanding and had a cash balance of approximately $12.5 million on September 30^th, 2020. Additional disclosure including the Company’s financial statements, technical reports, news releases and other information can be obtained at www.revival-gold.com or on SEDAR at www.sedar.com.

For further information, please contact:

Hugh Agro, President & CEO or Adam Rochacewich, CFO
Telephone: (416) 366-4100 or Email: info@revival-gold.com

Cautionary Statement

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 news release. Technical information in this news release has been reviewed and approved by Steven T. Priesmeyer, C.P.G., Vice President Exploration, Revival Gold Inc. a Qualified Person within the meaning of National Instrument 43-101 – Standards of Disclosure for Mineral Projects.

This News Release includes certain “forward-looking statements” which are not comprised of historical facts. Forward-looking statements include estimates and statements that describe the Company’s future plans, objectives or goals, including words to the effect that the Company, or management, expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as “believes”, “anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “will”, or “plan”. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, the Company provides no assurance that actual results will meet management’s expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward-looking information in this news release includes, but is not limited to, the Company’s intentions regarding its objectives, goals or future plans and statements. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, the Company’s ability to predict or counteract the potential impact of COVID-19 coronavirus on factors relevant to the Company’s business, failure to identify mineral resources, failure to convert estimated mineral resources to reserves, the inability to complete a feasibility study which recommends a production decision, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, capital, operating and reclamation costs varying significantly from estimates and the other risks involved in the mineral exploration and development industry, and those risks set out in the Company’s public documents filed on SEDAR. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.

Revival Gold To Attend Conferences

kai erfle on October 5, 2020

Toronto, ON – October 5th, 2020 – Revival Gold Inc. (TSXV: RVG, OTCQB: RVLGF) (“Revival Gold” or the “Company”), a growth‐focused gold exploration and development company, announces its participation in the following upcoming conferences and events:

New Orleans 2020 Investment Conference to be held as a virtual event on October 14th – 17th, 2020. Click here to register: https://hopin.to/events/2020-new-orleans-investment-conference?ref=077472090497.
SME Thrive Virtual 2020 to be held as a virtual event on October 20th – 21st, 2020. Participating in the “Exploration Finance: How to Get Funded” session from 12:00 noon to 1:00 pm on October 20th, 2020.
121 Mining Investment Americas to be held as a virtual event on October 28th – 30th, 2020. Register at hubs.la/H0wdB-50.
2020 Idaho Mining Conference to be held as a virtual event on October 29th, 2020.

“We have a 10,000 meter exploration and in-fill drilling program underway at our Beartrack-Arnett gold project in Idaho, USA and a preliminary economic assessment nearing completion for the first phase of a restart of mining operations. We are looking forward to sharing the progress the company is making,” said President & CEO Hugh Agro.

Interested parties that wish to schedule a meeting, or who would like more information regarding the conferences and events noted above, please contact, Melisa Armand, (416) 366-4100 or email info@revival-gold.com. Corporate presentation and information materials are available on the Company’s website at www.revival‐gold.com.

About Revival Gold Inc.

Revival Gold Inc. is a growth-focused gold exploration and development company. The Company has the right to acquire a 100% interest in Meridian Beartrack Co., owner of the former producing Beartrack Gold Project located in Lemhi County, Idaho. Revival Gold also owns rights to a 100% interest in the neighboring Arnett Gold Project.

Indicated Mineral Resource of 36.4 million tonnes at 1.16 g/t gold containing 1.35 million ounces of gold and Inferred Mineral Resource of 47.2 million tonnes at 1.08 g/t gold containing 1.64 million ounces of gold. The mineralized trend at Beartrack extends for over 5 km and is open on strike and at depth. Mineralization at Arnett is open in all directions.

Revival Gold has approximately 71.2 million shares outstanding and had a cash balance of approximately $12.5 million on September 30th, 2020. Additional disclosure including the Company’s financial statements, technical reports, news releases and other information can be obtained at www.revival-gold.com or on SEDAR at www.sedar.com.

For further information, please visit www.revival-gold.com or contact:

Hugh Agro, President & CEO or Adam Rochacewich, CFO
Telephone (416) 366-4100 or email info@revival-gold.com

Cautionary Statement

This News Release includes certain “forward-looking statements” which are not comprised of historical facts. Forward-looking statements include estimates and statements that describe the Company’s future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as “believes”, “anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “will”, or “plan”. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, the Company provides no assurance that actual results will meet management’s expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to, the Company’s intentions regarding its objectives, goals or future plans and statements. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, failure to identify mineral resources, failure to convert estimated mineral resources to reserves, the inability to complete a feasibility study which recommends a production decision, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, capital, operating and reclamation costs varying significantly from estimates and the other risks involved in the mineral exploration and development industry, and those risks set out in the Company’s public documents filed on SEDAR. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.

Maura Lendon Nominated To Revival Gold Board

kai erfle on October 1, 2020

Toronto, ON – October 1st, 2020 – Revival Gold Inc. (TSXV: RVG, OTCQB: RVLGF) (“Revival Gold” or the “Company”), a growth‐focused gold exploration and development company, announces the nomination of Ms. H. Maura Lendon to stand for election as an independent director to Revival Gold’s Board of Directors at the Company’s annual general and special meeting to be held on November 24th, 2020 at 10:00 am ET.

Ms. Lendon, LL.B, MBA, LL.M, ICD.D, is a seasoned, internationally-experienced general counsel with over 20 years’ experience in the mining and telecom industries gained after initially practicing with top Bay Street law firms. Ms. Lendon is the founder and Chief General Counsel of Scalable General Counsel. Previously, she was Chief General Counsel and Corporate Secretary of Primero Mining Corp. from 2012 to 2018. Ms. Lendon was Senior Vice President, Corporate Services, Chief Legal Officer and Corporate Secretary of Hudbay Minerals Inc. from 2008 to 2011, and prior to that was Chief Counsel, Canada and Chief Privacy Officer (Canada) of AT&T. Ms. Lendon currently serves on the boards of Eastmain Resources Inc. and Kuya Silver Corp. Ms. Lendon is a graduate of the Institute of Corporate Directors – Rotman School of Management Directors Education Program and has previously served on other not-for-profit and public boards. She holds a Master of Laws from Osgoode Hall Law School, a Master of Business Administration from the Richard Ivey School of Business and a Bachelor of Laws from University of Western Ontario.

“We are thrilled to welcome someone with Maura’s extensive mining-related professional background to Revival Gold’s Board of Directors. Maura’s experience will be invaluable as we advance the company’s Beartrack-Arnett Gold Project in Idaho, U.S.A. towards development and position Revival Gold for further growth. Having a diverse board of well-qualified and experienced individuals is essential as we chart the best course to grow Revival Gold and create shareholder value,” said President and CEO Hugh Agro.

Ms. Lendon will join incumbents Wayne Hubert (Non-Executive Chairman), Hugh Agro (President and CEO), Donald Birak, Robert Chausse, Michael Mansfield and Carmelo Marrelli for election as directors to serve for the ensuing year.

Revival Gold’s annual general and special meeting will be held on November 24th, 2020 at 10:00 am ET at the Company’s head office located at 145 King St. West, Suite 2870, Toronto, Ontario. A conference call line will be available for any shareholders wishing to participate in the meeting remotely. Materials for the meeting will be made available to shareholders prior to the meeting.

About Revival Gold Inc.

Revival Gold Inc. is a growth-focused gold exploration and development company. The Company has the right to acquire a 100% interest in Meridian Beartrack Co., owner of the former producing Beartrack Gold Project located in Lemhi County, Idaho. Revival Gold also owns rights to a 100% interest in the neighboring Arnett Gold Project.

Beartrack-Arnett is the largest past-producing gold mine in Idaho and hosts the second largest known deposit of gold in the state. A Preliminary Economic Assessment is underway on the potential re-start of a phase one open-pit heap leach operation and exploration continues focused on expanding the current Indicated Mineral Resource of 36.4 million tonnes at 1.16 g/t gold containing 1.35 million ounces of gold and Inferred Mineral Resource of 47.2 million tonnes at 1.08 g/t gold containing 1.64 million ounces of gold. The mineralized trend at Beartrack extends for over 5 km and is open on strike and at depth. Mineralization at Arnett is open in all directions.

For further information, please contact:

Hugh Agro, President & CEO or Adam Rochacewich, CFO
Telephone: (416) 366-4100 or Email: info@revival-gold.com

Cautionary Statement
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 news release. Technical information in this news release has been reviewed and approved by Steven T. Priesmeyer, C.P.G., Vice President Exploration, Revival Gold Inc. a Qualified Person within the meaning of National Instrument 43-101 – Standards of Disclosure for Mineral Projects.

identified by such terms as “believes”, “anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “will”, or “plan”. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, the Company provides no assurance that actual results will meet management’s expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward-looking information in this news release includes, but is not limited to, the Company’s intentions regarding its objectives, goals or future plans and statements. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, the Company’s ability to predict or counteract the potential impact of COVID-19 coronavirus on factors relevant to the Company’s business, failure to identify mineral resources, failure to convert estimated mineral resources to reserves, the inability to complete a feasibility study which recommends a production decision, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, capital, operating and reclamation costs varying significantly from estimates and the other risks involved in the mineral exploration and development industry, and those risks set out in the Company’s public documents filed on SEDAR. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.

Revival Gold Drilling Program Now 25% Complete; Third Drill Rig Secured for Beartrack-Arnett

kai erfle on September 14, 2020

Toronto, ON – September 14th, 2020 – Revival Gold Inc. (TSXV: RVG, OTCQB: RVLGF) (“Revival Gold” or the “Company”), a growth‐focused gold exploration and development company, reports on the status of exploration and development activities at the Company’s Beartrack-Arnett Gold Project (“Beartrack-Arnett”) located in Lemhi County, Idaho.

Following a successful C$15 million equity financing in August, Revival Gold doubled its planned drilling program to 10,000 meters with two drill rigs covering four target areas. The Company today reports that the expanded drill program is now 25% complete and that a third drill rig will soon be mobilized. Meanwhile, Revival Gold’s Preliminary Economic Study (“PEA”) on the potential restart of heap leach operations at Beartrack-Arnett is progressing through trade-off studies and remains on track for completion and release by year end.

“Revival Gold’s exploration team has made solid progress to-date with this year’s drilling at Beartrack-Arnett. The project hosts 10-11 km of favourable structure and the addition of a third drill rig will accelerate the pace of the remaining program this year”, said President and CEO Hugh Agro. “We are also encouraged by the progress being made by Wood plc on Revival Gold’s heap leach PEA”, Agro added.

Details

15 holes totaling approximately 2,450 meters have been completed this season to-date at the Haidee target at Arnett. Drilling to-date amounts to approximately 25% of the 10,000 meters of drilling planned for Beartrack-Arnett in the current program. Assay results from the first batch of drill holes this season are expected to be released by mid-October;
A third Boart Longyear core drill rig has been secured and is due to arrive on site in late September. Drilling this year at Beartrack-Arnett will continue, weather and access dependent, through to the end of December;
Revival Gold’s geophysical contractor, Geofisica TMC, S.A. de C.V., arrived on site in late August. Twenty-one line-kilometers of gradient array induced polarization-resistivity (“IP-RES”) geophysical survey has been completed at Arnett and the geophysical crew has moved on to initiate planned surveys at Beartrack;
The program of geologic mapping and sampling at Arnett that commenced in July is expected to be completed by the end of September. The program has covered approximately 19 square kilometers to date. Over the past year, geologic work on the Arnett property has clarified several important geologic relationships including expanding Revival Gold’s understanding of potential host rocks for gold mineralization and clarifying the structural model for the district. The result of this work has been the identification of new conceptual targets for potential future testing, and;
The Beartrack-Arnett heap leach PEA is on track for completion and release by year-end. Wood plc, the principal consultant for the study, is completing trade-off studies this month. Trade-off study work has focused on trucking ore from Arnett to a heap leach pad at Beartrack, crusher configurations at Beartrack, mining equipment selection, and grade optimization in the early part of the mine life. Engineering work will now focus on completing capital and operating cost estimates and finalizing the project financial model.

About Revival Gold Inc.

Revival Gold Inc. is a growth-focused gold exploration and development company. The Company has the right to acquire a 100% interest in Meridian Beartrack Co., owner of the former producing Beartrack Gold Project located in Lemhi County, Idaho. Revival Gold also owns rights to a 100% interest in the neighboring Arnett Gold Project.

Beartrack-Arnett is the largest past-producing gold mine in Idaho and hosts the second largest known deposit of gold in the state. A Preliminary Economic Assessment is underway on the potential re-start of a phase one open-pit heap leach operation and exploration continues focused on expanding the current Indicated Mineral Resource of 36.4 million tonnes at 1.16 g/t gold containing 1.35 million ounces of gold and Inferred Mineral Resource of 47.2 million tonnes at 1.08 g/t gold containing 1.64 million ounces of gold. The mineralized trend at Beartrack extends for over 5 km and is open on strike and at depth. Mineralization at Arnett is open in all directions.

Revival Gold has approximately 71.2 million shares outstanding and a current cash balance of approximately $13.9 million as at September 1st, 2020. Additional disclosure including the Company’s financial statements, technical reports, news releases and other information can be obtained at www.revival-gold.com or on SEDAR at www.sedar.com.

For further information, please contact:

Hugh Agro, President & CEO or Adam Rochacewich, CFO
Telephone: (416) 366-4100 or Email: info@revival-gold.com

Cautionary Statement

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 news release. Technical information in this news release has been reviewed and approved by Steven T. Priesmeyer, C.P.G., Vice President Exploration, Revival Gold Inc. a Qualified Person within the meaning of National Instrument 43-101 – Standards of Disclosure for Mineral Projects.

This News Release includes certain “forward-looking statements” which are not comprised of historical facts. Forward-looking statements include estimates and statements that describe the Company’s future plans, objectives or goals, including words to the effect that the Company, or management, expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as “believes”, “anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “will”, or “plan”. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, the Company provides no assurance that actual results will meet management’s expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward-looking information in this news release includes, but is not limited to, the Company’s intentions regarding its objectives, goals or future plans and statements. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, the Company’s ability to predict or counteract the potential impact of COVID-19 coronavirus on factors relevant to the Company’s business, failure to identify mineral resources, failure to convert estimated mineral resources to reserves, the inability to complete a feasibility study which recommends a production decision, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, capital, operating and reclamation costs varying significantly from estimates and the other risks involved in the mineral exploration and development industry, and those risks set out in the Company’s public documents filed on SEDAR. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.