Toronto, ON – September 1st, 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:
Metals Investor Forum 2020 to be held as a virtual event on September 10th, 2020. The conference will open on Thursday September 10 at 11:15am EDT. Interested parties may log in and enter the webcast at https://webcast.fmav.ca/mifsept20 20/. Revival Gold will present during Session 3, 4:00 pm – 5:55 pm EDT.
Precious Metals Summit Beaver Creek 2020 to be held as a virtual event, September 15th ‐17th, 2020. Revival Gold will present on Wednesday, September 16th, 2020 at 8:00 am – 8:15 am EDT in Virtual Room 2.
Denver Gold Forum 2020 to be held as a virtual event, September 20th ‐ 23rd, 2020. Revival Gold will present on Tuesday, September 22nd, 2020 at 4:00pm EDT.
Interested parties that wish to schedule a meeting, or who would like more information regarding the conferences noted above, please contact, Melisa Armand, (416) 366-4100 or email info@revival-gold.com. Revival Gold’s corporate presentation and other information 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.
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 a current cash balance of approximately $13.9 million. 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.
Toronto, ON – August 19th, 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 a significant expansion to the planned drilling program this year at the Company’s Beartrack-Arnett Gold Project (“Beartrack-Arnett”) located in Lemhi County, Idaho.
Highlights
The initial 5,000-meter core drilling program with Boart Longyear Limited at Beartrack-Arnett has been expanded to 10,000 meters and now includes four target areas;
Drilling in the Haidee area at Arnett will include 3,000 meters (10-15 holes) of resource expansion drilling along strike from the existing Arnett Mineral Resource and an additional 2,000 meters (8-10 holes) of infill drilling to expand and upgrade the Inferred resource at Haidee;
Drilling in the previously untested Rabbit area will help establish the scale of the mineralized system at Beartrack beyond its current 5.6-kilometer strike with approximately 2,000 meters (2-4 holes) of drilling. Targets are located two and three kilometers south and on trend of the existing Beartrack Mineral Resource;
Drilling in the Joss area will follow up on prior high-grade gold intercepts in drill hole BT18-211 (see details below) and test the area between the North Pit and South Pit areas with a total of approximately 3,000 meters (4-6 holes); and,
In addition to expanding the planned drilling campaign, Revival Gold has expanded its planned geophysics program to 21 line-kilometers of gradient array induced polarization-resistivity (“IP-RES”) at Haidee, 13 line-kilometers of gradient array IP-RES at Joss and five line-kilometers of dipole-dipole IP-RES at Rabbit.
“Revival Gold has ramped up to complete the biggest exploration program to be undertaken at Beartrack-Arnett since the 1990’s”, said Hugh Agro, President & CEO. “We will spend approximately $6 million on exploration and we will test several potential game-changing targets on the project. At the same time, we expect to deliver a Preliminary Economic Assessment on the existing open pit heap leachable resource before year-end and will advance other technical study work on both heap leach and mill material as recommended in the company’s February 2020 Technical Report”.
Expanded 2020 Exploration Program
Last month Revival Gold mobilized Boart Longyear Limited for an initial 5,000-meter core drilling program at Beartrack-Arnett. Subsequently, following the close of the Company’s recent $15 million equity financing, Revival Gold’s Board of Directors approved an expanded program of 10,000 meters of core drilling.
The 10,000 meter 2020 drilling program is intended to expand the leachable resource in the Haidee area at Arnett along strike in both directions, upgrade the 2020 Inferred resource at Haidee to an Indicated category and continue to build the scale of the known gold system at Beartrack beyond its current 5.6 kilometer known strike with drilling in three locations. The program will consist of approximately 5,000 meters of drilling at Arnett and 5,000 meters at Beartrack. An overview of all planned 2020 drill hole collar locations is depicted in Figure 1 below.
Figure 1: Overview of 2020 Planned Drill Hole Locations
Of the 5,000 meters of core drilling planned for Arnett, an estimated 3,000 meters (10-15 holes) is designated for resource expansion. Resource expansion drilling will be completed along strike in both directions and up-dip of the current resource in the Haidee area. Resource expansion drill holes will be drilled to an approximate depth of 150 meters on 60 meter spacing.
The remainder of the planned Arnett drilling (approximately 2,000 meters in 8-10 holes) is infill drilling intended to upgrade the 2020 Inferred resource at Haidee to the Indicated category. Resource upgrade infill drill holes will be drilled to an approximate depth of 150 meters on 30 meter spacing. All planned 2020 Arnett drill holes in the Haidee area are approved for drilling.
Figure 2 below is a plan view of the Arnett Haidee area and this year’s planned drilling in the area.
Figure 2: Arnett Haidee Area Drill Program
In addition to drilling at Arnett, Revival Gold’s 2020 drill program will include 5,000 meters of core drilling targeted to continue to build on the scale of mineralization at Beartrack. The current targets of greatest exploration interest at Beartrack are in the Rabbit area, the southern end of the Joss area and between the North and South Pit. Figure 3 illustrates the planned program at Beartrack in the Rabbit and Joss areas.
Figure 3: Beartrack Rabbit and Joss Areas Drill Program
The Rabbit area has been targeted by Revival Gold based on an airborne magnetics anomaly and property-wide mapping. This undrilled target area is located beneath post-mineralization cover and represents a high value opportunity given its position within, or proximity to, the Panther Creek Shear Zone (“PCSZ”) and its intersection with interpreted cross faulting structures such as the Coiner Fault. Structural intersections represent attractive exploration targets because they are areas of increased rock fracturing, which is favorable for the flow of hydrothermal fluids that can deposit minerals such as gold. Approximately 2,000 meters (2-4 holes) are planned in the Rabbit area.
The target area between the North and South pits lies along the PCSZ between two mineralized bodies and has largely been untested by drilling at depth.
In the Joss area drilling has been planned to continue to test the southern extension of the existing Mineral Resource and to follow up several intriguing high-grade gold intersections encountered east of the PCSZ in core hole BT18-211D (see Table 1 below).
Table 1: BT18-211D Intersections East of the PCSZ
Hole Number
Area
Azimuth (deg.)
Dip (deg.)
From (m)
To (m)
Drilled Width (m)
Est. True Width1 (m)
Fire Assay Gold Grade (g/t)
BT18-211D
Joss
303
-53
102.7
103.9
1.2
0.7
9.29
158.3
159.8
1.5
0.9
6.98
188.5
190.0
1.5
0.9
7.87
198.4
200.9
2.4
1.3
7.48
Incl.
198.4
199.7
1.3
0.7
10.3
217.9
222.1
4.2
2.4
5.37
Incl.
217.9
219.2
1.2
0.7
12.35
Incl.
220.7
221.2
1.4
0.8
4.91
237.1
241.4
4.3
2.4
5.13
Incl.
238.7
239.6
0.9
0.5
12.85
1 True width estimates based on a vertically dipping mineral zone. Drill holes typically steepen during drilling so the inclination of the drill hole at depth may not be the same as the inclination in the mineralized zone.
The intervals in Table 1 were previously reported in 2018 (press release dated December 4th, 2018) within broader mineralized intervals but individual high-grade gold intercepts outside the PCSZ are, at present, poorly understood. Drilling and geophysics (details below) this year are intended clarify the relationship of these intervals with respect to the PCSZ.
Approximately 3,000 meters (4-6 holes) are planned in the Joss area between the North Pit and South Pit. These drill holes are all approved for drilling.
In addition to core drilling, Revival Gold is planning a ground geophysical program to follow up airborne magnetics and soil sampling completed in 2019. The geophysics has been contracted to Geofisica TMC, S.A. de C.V. under the direction of Revival Gold’s consulting geophysicist Craig Beasley Ph.D., Wave Geophysics LLC.
At Arnett, two square kilometers (21 line-kilometers) of gradient array IP-RES are proposed for the Haidee area. The geophysical grid will cover the Haidee resource area, extending to the southeast into an area known as the Midlands. Much of the area to be covered by the gradient array IP-RES at Arnett is at least partially covered by post-mineral deposits that obscure surface indications of mineralization. Gold anomalies identified during Revival Gold’s 2019 soil sampling program suggest that the mineralized structure at Haidee, and/or structures parallel to it, may continue under the post-mineral cover. The gradient array IP-RES is intended to identify structures in these covered areas.
At Beartrack, one square kilometer (13 line-kilometers) of gradient array IP-RES is planned for the southern end of the Joss resource area. The intention is to identify secondary structures that could be controlling mineralization at Joss, specifically the higher-grade intersections encountered in hole BT18-211D east of the PCSZ (see table above).
Two dipole-dipole IP-RES lines (five line-kilometers) are planned over the magnetic low on the Coiner Fault in the Rabbit area. Dipole-dipole IP-RES lines at Rabbit are intended to identify possible mineralization at depth and to help estimate the depth to the geophysical target.
Revival Gold has a robust health and safety program which includes a strong policy with respect to COVID-19. The policy is designed to keep Revival Gold employees and contractors safe as well as to protect the local community. Revival Gold’s COVID-19 policy includes plans to prevent infection, to limit the spread of infection should a team member become infected and a contingency plan should a temporary shutdown be necessary.
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 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 70.2 million shares outstanding and a current cash balance of approximately $14.4 million. 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.
Toronto, ON – August 10th, 2020 – Revival Gold Inc. (TSXV: RVG, OTCQB: RVLGF) (“Revival Gold” or the “Company”), a growth‐focused gold exploration and development company, has resumed drilling at the Company’s Beartrack-Arnett Gold Project (“Beartrack-Arnett”) located in Lemhi County, Idaho.
Drilling resumed with two rigs this past weekend with Boart Longyear Limited contracted to complete an initial 5,000-meter program, beginning in the Haidee area at Arnett. Drilling at Haidee will focus on resource expansion and infill core drilling.
The current leachable Mineral Resource at Haidee consists of an Indicated resource of 2,300,000 tonnes averaging 0.66 g/t gold containing 49,000 ounces of gold and an Inferred resource of 8,300,000 tonnes averaging 0.55 g/t Au containing 147,000 ounces of gold. See the Company’s technical report titled “Technical Report on the Beartrack-Arnett Gold Project, Lemhi County, Idaho, USA” by Roscoe Postle Associates Inc. dated February 21, 2020. The resource at Haidee is open in all directions.
At Beartrack, Revival Gold’s drilling program this year will test an airborne magnetic anomaly in an area known as Rabbit. Rabbit is located along the Panther Creek Shear Zone and begins approximately two kilometers south of the current Beartrack Mineral Resource at Joss. The initial target is at the projected intersection of the Panther Creek Shear Zone with a crossing structure. Further program details for Beartrack-Arnett will be released later this month.
“With funding and drill permits in place, Revival Gold’s exploration team has moved quickly to resume drilling. The deposits at Beartrack-Arnett are open and we are excited to be in a position to drill several big step-out holes in the exploration program this year,” said Hugh Agro, President & CEO.
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 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.
Following the completion of the Offering, Revival Gold has approximately 70.2 million shares outstanding and a current cash balance of approximately $14.8 million. 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.
NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Toronto, ON – August 6th, 2020 – Revival Gold Inc. (TSXV: RVG, OTCQB: RVLGF) (“Revival Gold” or the “Company”), a growth‐focused gold exploration and development company, announces the closing of its previously announced public offering of 13,685,000 units of the Company (the “Units”) at a price of C$1.10 per Unit for aggregate gross proceeds of C$15,053,500 (the “Offering”), including 1,785,000 additional Units issued pursuant to the exercise in full of the over-allotment option granted to the Underwriter (as defined below) in connection with the Offering.
The Offering was conducted by BMO Capital Markets, as sole underwriter (the “Underwriter”). In consideration for the services provided by the Underwriter in connection with the Offering, the Company has paid the Underwriter a cash fee of 6% of the aggregate gross proceeds from the Offering.
Each Unit consists of one common share (“Common Share”) of Revival Gold and one-half of one common share purchase warrant (each whole common share purchase warrant, a “Warrant”) of Revival Gold. Each Warrant entitles the holder thereof to purchase one Common Share of the Company at a price of $1.60 per Common Share, for a period of 18 months following the closing date.
The Company intends to use the net proceeds of the Offering to fund on-going exploration and development at Revival Gold’s Beartrack-Arnett Gold Project (“Beartrack-Arnett”) located in Lemhi County, Idaho and for general corporate purposes.
“The completion of this financing will accelerate Revival Gold’s plans for Beartrack-Arnett,” said Hugh Agro, President and CEO. “Geologic field work was initiated this season in July. The deposits are open and exploration drilling is expected to resume shortly.”
The Units were offered by way of a short form prospectus in all provinces of Canada, excluding Quebec, and offered by way of private placement in the United States pursuant to an exemption from the registration requirements of the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”) and applicable state securities laws and other jurisdictions outside of Canada and the United States on an exempt basis. The Offering remains subject to the final approval of the TSX Venture Exchange.
The securities offered have not been, nor will they be, registered under the U.S. Securities Act or under any U.S. state securities laws, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the U.S. Securities Act and applicable state securities laws. This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
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 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 and with an effective date of December 10, 2019, available on SEDAR at www.sedar.com.
Following the completion of the Offering, Revival Gold has approximately 70.2 million shares outstanding and a current cash balance of approximately $14.8 million. 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 anticipated use of the net proceeds from the Offering and 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, Company’s ability to predict or counteract potential continuous 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.
NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Toronto, ON – July 21st, 2020 – Revival Gold Inc. (TSXV: RVG, OTCQB: RVLGF) (“Revival Gold” or the “Company”), a growth‐focused gold exploration and development company, announces that, due to strong demand, the Company has increased the size of its previously announced public offering to 11,900,000 units (the “Units”) at a price of C$1.10 per Unit for aggregate gross proceeds of approximately C$13 million (the “Offering”). The Offering was led by BMO Capital Markets as sole underwriter (“BMO” or the “Underwriter”). Each Unit consists of one common share (“Common Share”) of Revival Gold and one-half of one common share purchase warrant (each whole common share purchase warrant a “Warrant”) of Revival Gold. Each full Warrant will entitle the holder thereof to purchase one Common Share of the Company at a price of $1.60 per Common Share, for a period of 18 months following the Closing Date. The Company has granted the Underwriter an option, exercisable at the offering price for a period of 30 days following the closing of the Offering, to purchase up to an additional 15% of the Offering to cover over-allotments, if any. The Underwriter can elect to exercise the Over-Allotment Option for Units only, common shares only, or warrants only, or any combination thereof. The offering is expected to close on or about August 6, 2020 and is subject to Revival Gold receiving all necessary regulatory approvals.
The net proceeds of the offering will be used to fund on-going exploration and development at the Company’s core Beartrack-Arnett Gold Project (“Beartrack-Arnett”) located in Lemhi County, Idaho and for general corporate purposes.
The Units will be offered by way of a short form prospectus in all provinces of Canada, excluding Quebec and may also be offered by way of private placement in the United States.
The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
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.
Revival Gold currently has approximately 56.3 million shares outstanding. Additional disclosure of the Company’s financial statements, technical reports, material change 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.
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 anticipated size of the offering, the anticipated Offering Price, the entering into of the Underwriting Agreement, the anticipated Closing Date and the completion of the Offering, the anticipated use of the net proceeds from the Offering, the receipt of all necessary approvals, including the approval of the TSX-V and 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, an inability to complete the Offering on the terms or on the timeline as announced or at all, the Company’s ability to obtain all approvals required in connection with the Offering, 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.
Toronto, ON – July 20th, 2020 – Revival Gold Inc. (TSXV: RVG, OTCQB: RVLGF) (“Revival Gold” or the “Company”), a growth‐focused gold exploration and development company, announces that it has entered into an agreement with BMO Capital Markets (“BMO” or the “Underwriter”), under which BMO has agreed to buy on bought deal basis 9,100,000 units (the “Units”), at a price of C$1.10 per Unit for gross proceeds of approximately C$10 million (the “Offering”). Each Unit consists of one common share (“Common Share”) of Revival Gold and one-half of one common share purchase warrant (each whole common share purchase warrant a “Warrant”) of Revival Gold. Each full Warrant will entitle the holder thereof to purchase one Common Share of the Company at a price of $1.60 per Common Share, for a period of 18 months following the Closing Date. The Company has granted the Underwriter an option, exercisable at the offering price for a period of 30 days following the closing of the Offering, to purchase up to an additional 15% of the Offering to cover over-allotments, if any. The Underwriter can elect to exercise the Over-Allotment Option for Units only, common shares only, or warrants only, or any combination thereof. The offering is expected to close on or about August 6, 2020 and is subject to Revival Gold receiving all necessary regulatory approvals.
The net proceeds of the offering will be used to fund on-going exploration and development at the Company’s core Beartrack-Arnett Gold Project (“Beartrack-Arnett”) located in Lemhi County, Idaho and for general corporate purposes.
The Units will be offered by way of a short form prospectus in all provinces of Canada, excluding Quebec and may also be offered by way of private placement in the United States.
The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
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.
In addition to its interests in Beartrack and Arnett, the Company is pursuing other gold exploration and development opportunities and holds a 51% interest in the Diamond Mountain Phosphate Project located in Uintah County, Utah.
Revival Gold currently has approximately 56.3 million shares outstanding. Additional disclosure of the Company’s financial statements, technical reports, material change 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.
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 anticipated size of the offering, the anticipated Offering Price, the entering into of the Underwriting Agreement, the anticipated Closing Date and the completion of the Offering, the anticipated use of the net proceeds from the Offering, the receipt of all necessary approvals, including the approval of the TSX-V and 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, an inability to complete the Offering on the terms or on the timeline as announced or at all, the Company’s ability to obtain all approvals required in connection with the Offering, 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.
Toronto, ON – July 7th, 2020 – Revival Gold Inc. (TSXV: RVG, OTCQB: RVLGF) (“Revival Gold” or the “Company”), a growth‐focused gold exploration and development company, reports on recent developments including exploration activities on the Company’s Beartrack-Arnett Gold Project (“Beartrack-Arnett”) located in Lemhi County, Idaho.
Highlights:
The Beartrack-Arnett Preliminary Economic Assessment (“PEA”) is on track for completion by year-end 2020. The open-pit heap leachable component of Revival Gold’s February 2020 Mineral Resource remains the basis for the PEA. Lead consultant, Wood plc, has completed mine planning and production scheduling. Cost estimation, an assessment of mine permitting strategies, development of the financial model and optimization are underway;
Modifications to the Arnett Exploration Drilling Plan of Operations have been approved by the U.S. Forest Service which will allow relocation of some previously permitted drill sites to concentrate on resource expansion targets immediately along strike and down dip of the Haidee oxide gold resource;
Revival Gold has recommenced field work at Beartrack-Arnett with an initial emphasis on further geological mapping, sampling and prospecting to ground-truth anomalies identified from airborne geophysical and soil sampling programs;
Preparations have been made for a gradient array induced polarization geophysical survey along strike from the Haidee oxide gold resource to be completed on the Beartrack-Arnett property; and,
In the quarter ended June 2020, the Company received approximately $500,000 from the early exercise of warrants priced at $0.90.
“Revival Gold and its consultant, Wood plc, are on track with the PEA on the potential re-start of a phase one open-pit heap leach operation at Beartrack-Arnett. At the same time, over the past few months, the company has successfully modified permitting for future drilling and recently mobilized to recommence geological field work for the summer,” said Hugh Agro, President & CEO. “Beartrack-Arnett is the largest past-producing gold mine in Idaho and benefits from the presence of significant existing site infrastructure and an abundance of exploration targets across the Revival Gold’s 5,400-hectare land position.”
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 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 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 work continues to expand the current Indicated Mineral Resource of 36.4 million tonnes at 1.16 g/t gold containing 1.35 million ounces of gold plus 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 at depth. Mineralization at Arnett is open in all directions.
Revival Gold currently has approximately 56.1 MM shares outstanding and had a cash balance of approximately $1 MM as of June 30th, 2020. Additional disclosure of the Company’s financial statements, technical reports, material change 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.
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.
Toronto, ON – May 20th, 2020 – Revival Gold Inc. (TSXV: RVG, OTCQB: RVLGF) (“Revival Gold” or the “Company”), a growth‐focused gold exploration and development company, announces the completion of arrangements to defer commitments related to the acquisition of the Company’s Beartrack (“Beartrack”) and Arnett (“Arnett”) properties.
On April 9th, 2020, Revival Gold executed an agreement to defer remaining payments under the option agreement between the Company and certain vendors (“Vendors”) to acquire the Barnett claims located within Arnett (the “Barnett Agreement”, announced on June 30, 2017) by one year. Previously, the Company’s remaining options payments under the Barnett Agreement were due on June 30th, 2020 and June 30th, 2021. In exchange for making a cash payment of US$75,000 to the Vendors, Revival Gold’s two remaining option payments under the Barnett Agreement of US$250,000 each are now due on June 30th, 2021 and June 30th, 2022 respectively.
On May 20th, 2020, Revival Gold executed a second amendment (the “Second Amendment”) to the terms of the earn-in and related stock purchase agreement (the “Agreement”) allowing the Company to acquire Meridian Beartrack Co., a subsidiary of Yamana Gold Inc. (“Yamana”) and the owner of Beartrack, upon the satisfaction of certain conditions, including incurring certain exploration expenditures on the property. The initial terms of the Agreement were announced by the Company on September 7th, 2017 and were amended on May 8th, 2019.
Under the Second Amendment, in exchange for an additional US$2 MM exploration spending commitment by the Company and the grant of an additional 0.25% net smelter return (“NSR”) royalty payable to Yamana capped at US$1 MM, Yamana has agreed to a one year deferral of: (i) site maintenance/reclamation costs, previously to be incurred in the fourth year of the Agreement (“Year 4”), which will now be incurred in the fifth year of the Agreement (“Year 5”); and, (ii) the earn-in election date, previously to be made by the end of Year 4, which the Company can now make by the end of Year 5.
“As a further response to the COVID-19 pandemic, under Revival Gold’s amended property agreements, the company has reduced near-term cash outflows and relaxed earn-in terms,” said Hugh Agro, President and CEO. “This added flexibility will allow the company to continue to build asset value through the current period of turbulent market conditions.”
Revival Gold’s remaining commitments in respect of Beartrack under the Second Amendment are summarized below:
1 MM common shares of Revival Gold due at the end of the third year of the Agreement (September 29th, 2020);
US$6.0 MM in aggregate exploration spending by September 29th, 2020 (of which US$6.1 MM had been expended at March 31st, 2020), US$8.0 MM in aggregate exploration spending by September 29th, 2021 and US$10 MM in aggregate exploration by September 29th, 2022;
Funding site maintenance/reclamation costs in the fifth year of the Agreement (expected to be approximately C$1 MM) beginning September 30th, 2021;
The assumption of all future site bonding, maintenance/reclamation obligations upon completion of the earn-in and acquisition of Meridian Beartrack Co. at the end of the fifth year of the Agreement (September 29th, 2022);
Payment of the greater of US$6/oz of gold resource or US$15/oz of gold reserve on conclusion of the seventh anniversary of the of Agreement (September 29th, 2024); and,
1.5% NSR, 0.5% of which is capped at US$2 MM.
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.
In addition to its interests in Beartrack and Arnett, the Company is pursuing other gold exploration and development opportunities and holds a 51% interest in the Diamond Mountain Phosphate Project located in Uintah County, Utah.
Revival Gold currently has approximately 55.6 MM shares outstanding and had a working capital balance of approximately $1 MM as of March 31st, 2020. Additional disclosure of the Company’s financial statements, technical reports, material change 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.
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.
Toronto, ON – May 4th, 2020 – Revival Gold Inc. (TSXV: RVG, OTCQB: RVLGF) (“Revival Gold” or the “Company”), a growth‐focused gold exploration and development company, has commenced work on a Preliminary Economic Assessment (“PEA”) for the first phase heap leach component of the Beartrack-Arnett Gold Project (“Beartrack-Arnett”).
Revival Gold has engaged Wood plc, a globally recognized engineering and consulting firm with key personnel in Toronto, Ontario and Boise, Idaho, as lead consultant for the PEA. Environmental and mine permitting input will be provided by Bozeman, Montana-based KC Harvey Environmental, LLC, and the project will be managed by Rodney Cooper, P.Eng., the Company’s Senior Technical Advisor. PEA completion is expected by year-end 2020.
“Beartrack-Arnett offers the potential for a relatively efficient resumption of heap-leach gold production from the project’s existing operational footprint and infrastructure”, said Hugh Agro, President & CEO. “We are delighted to be in a position to take this next step in the evaluation of Beartrack-Arnett’s heap leach potential while, at the same time, continuing to progress exploration at the project for both heap leach and mill material”, Agro added.
Beartrack-Arnett is the largest former producing gold mine in the State of Idaho. The project is gold-only and hosts an Indicated Mineral Resource of 36.4 million tonnes at 1.16 g/t gold containing 1.35 million ounces of gold and an Inferred Mineral Resource of 47.2 million tonnes at 1.08 g/t gold containing 1.64 million ounces of gold (see Revival Gold press release dated February 3rd, 2020). Mineral resources that are not mineral reserves do not have demonstrated economic viability.
Within the Indicated Mineral Resource and Inferred Mineral Resource, Beartrack-Arnett hosts 14.2 million tonnes at 0.58 g/t gold containing 264,000 ounces of gold and 18.3 million tonnes at 0.54 g/t gold containing 316,000 ounces of gold, respectively, of heap leach material.
The Mineral Resource estimate was prepared by Roscoe Postle Associates Inc. with an effective date of December 10th, 2019. Today’s announced PEA will focus on the heap leach component of the Mineral Resource described above. Further details on the Mineral Resource estimate are contained in the technical report available at www.revival-gold.com and www.sedar.com.
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 Lemhi County, Idaho. Revival Gold also owns rights to a 100% interest in the neighboring Arnett Gold Project.
In addition to its interests in Beartrack and Arnett, the Company is pursuing other gold exploration and development opportunities and holds a 51% interest in the Diamond Mountain Phosphate Project located in Uintah County, Utah.
Revival Gold currently has approximately 54.5 million shares outstanding and had a working capital balance of approximately $1 million as of March 31st, 2020. Additional disclosure of the Company’s financial statements, technical reports, material change 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.
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 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.
NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Toronto, ON – March 27th, 2020 – Revival Gold Inc. (TSXV: RVG, OTCQB: RVLGF) (“Revival Gold” or the “Company”), a growth‐focused gold exploration and development company, announces the close of the non-brokered private placement of 2,500,000 common shares (“Shares”) at $0.40 per Share for gross proceeds of C$1,000,000 announced on March 23, 2020 (the “Financing”). Net proceeds of the Financing will be used for general corporate purposes.
In connection with the Financing, Hugh Agro, President, Chief Executive Officer and a Director of the Company, Rob Chausse and Michael Mansfield, Directors of the Company and Adam Rochacewich, Chief Financial Officer of the Company (collectively “Insiders”), have acquired 500,000 Shares in the aggregate. This issuance of Shares to Insiders is considered a “related party transaction” as such term is defined under Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The Company is relying on exemptions from the formal valuation and minority shareholder approval requirements provided under MI 61-101 on the basis that the participation in the Financing by Insiders does not exceed 25% of the fair market value of the Company’s market capitalization.
As part of the Financing, Orion Mine Finance (“Orion”) who has immediately prior to the completion of the Financing controlled 4,867,000 Shares and 350,000 common share purchase warrants of the Company (“Warrants”), or approximately 9.8% of the then issued and outstanding Shares on a partially diluted basis, has acquired, through Orion Mine Finance Fund II LP, a limited partnership managed by Orion Mine Finance Management II Limited, 650,000 Shares, making its holdings in the Company 5,492,000 Shares and 350,000 Warrants, or approximately 10.5% of the total issued and outstanding Shares on the partially diluted basis. The Shares were acquired by Orion for investment purposes, and depending on market and other conditions, Orion may from time to time in the future increase or decrease its ownerships, control or direction over securities of the Company through market transactions, private agreements, or otherwise. For the purposes of this notice, the address of Orion is Cumberland House, 7th Floor, 1 Victoria Street, Hamilton HM11, Bermuda.
In satisfaction of the requirements of the National Instrument 62-104 – Take-Over Bids And Issuer Bids and National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issues, an early warning report respecting the acquisition of Shares by Orion will be filed under the Company’s SEDAR Profile at www.sedar.com. A copy of the early warning report regarding Orion’s acquisition can be also obtained by contacting Rick Gashler at 212-596-3497.
Revival Gold currently has 55,417,189 shares outstanding. The securities issued pursuant to the Financing are subject to a four month and one-day statutory hold period. The Financing is subject to receipt of the final approval of the TSX Venture Exchange.
The securities offered pursuant to the Financing have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any U.S. state security laws, and may not be offered or sold in the United States without registration under the U.S. Securities Act and all applicable state securities laws or compliance with requirements of an applicable exemption therefrom. This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
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.
In addition to its interests in Beartrack and Arnett, the Company is pursuing other gold exploration and development opportunities and holds a 51% interest in the Diamond Mountain Phosphate Project located in Uintah County, Utah.
Additional disclosure of the Company’s financial statements, technical reports, material change 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.
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 anticipated use of the net proceeds from the Financing, the receipt of all necessary approvals, including the approval of the TSX-V and 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 obtain all approvals required in connection with the Financing, the Company’s ability to predict or counteract 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.