Revival Gold Provides Exploration & Business Update

Toronto, ON – July 7^th, 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 30^th, 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.