Revival Gold Commences Preliminary Economic Assessment On Beartrack-Arnett Heap Leach Project

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.