Revival Gold 2020 Year in Review
Revival Gold 2020 Year in Review
TORONTO, Dec. 30, 2020 -- Revival Gold Inc. (TSXV: RVG, OTCQB: RVLGF) (“Revival Gold” or the “Company”), a growth‐
focused gold exploration and development company, provides a summary of the Company’s key 2020 accomplishments
advancing the past-producing Beartrack-Arnett Gold Project (“Beartrack-Arnett”) located in Idaho, USA.
Highlights
• Increased Beartrack-Arnett’s Inferred Mineral Resource estimate by 114% to 47.2 million tonnes grading 1.08 g/t
gold containing 1.64 million ounces of gold and the project’s Indicated Mineral Resource estimate by 11% to 36.4
million tonnes grading 1.16 g/t gold containing 1.35 million ounces of gold;
• Raised C$15 million in an upsized bought-deal equity financing with funds earmarked towards advancing
Beartrack-Arnett exploration and technical studies in 2020 and 2021;
• Announced the appointment of Maura Lendon as a non-executive member of the Board;
• Delivered a solid First Phase Preliminary Economic Assessment (“PEA”) outlining initial production of 72,000
ounces gold per year from the restart of open pit heap leach operations at Beartrack-Arnett with initial capital of $100
million and an AISC of $1,057 per ounce;
• Completed 8,450 meters of drilling in 40 core holes in four target areas to upgrade and expand the resource at
the Haidee target and test new targets located along approximately eight kilometers of favourable geological structure
at Beartrack-Arnett;
• Released results from 23 drill holes at the Haidee target, all of which intersected oxide gold mineralization close to
surface including 0.93 g/t gold over 28.3 meters and 0.86 g/t gold over 48.5 meters ; and,
• Initiated work on a fully integrated three-dimensional computer model of the geology at Beartrack-Arnett to
facilitate the application of industry leading artificial intelligence technologies, deepen Revival Gold’s understanding of
the deposit setting and target high grade mineralization on the project; and,
• Achieved an exemplary safety record with zero lost-time incidents among Company employees and contractors
this year.
“Despite difficult operating conditions through most of 2020, Revival Gold’s operating team is to be commended for delivering a
zero-lost time year while the company continued to grow and de-risk its flagship Beartrack-Arnett Gold Project. A significant
expansion of the Mineral Resource in February paved the way for a large equity financing in August and the completion of a
PEA on the first phase restart of open pit heap leach operations in November. Mineralization at Beartrack-Arnett remains open
along strike and at depth. As the year draws to a close, Revival Gold has begun to release results demonstrating the potential
to build on the recent first phase PEA heap leach mine plan and advance the prospect for an exciting new second phase mill
opportunity,” said President and CEO Hugh Agro. “The outlook for gold is favorable going into 2021 while new quality growth
projects in gold in good locations are becoming increasingly rare,” he added.
Qualified Person
Steven T. Priesmeyer, C.P.G., Vice President Exploration, Revival Gold Inc., is the Company’s designated Qualified Person
for this news release within the meaning of National Instrument 43-101 Standards of Disclosure for Mineral Projects and has
reviewed and approved its scientific and technical content.
About Revival Gold Inc.
Revival Gold Inc. is a growth-focused gold exploration and development company. The Company has the right to acquire a
100% interest in Meridian Beartrack Co., owner of the former producing Beartrack Gold Project located in Idaho, USA. Revival
Gold also owns rights to a 100% interest in the neighboring Arnett Gold Project.
Beartrack-Arnett is the largest past-producing gold mine in Idaho. A Preliminary Economic Assessment has been completed
for a first phase restart of heap leach operations to produce 72,000 ounces of gold per year over an initial seven-year mine life
at an AISC of $1,057 per ounce of gold. Meanwhile, exploration continues, focused on expanding the current Indicated Mineral
Resource of 36.6 million tonnes at 1.15 g/t gold containing 1.36 million ounces of gold and Inferred Mineral Resource of 47.1
million tonnes at 1.08 g/t gold containing 1.64 million ounces of gold. The mineralized trend at Beartrack extends for over five
kilometers and is open on strike and at depth. Mineralization at Arnett is open in all directions.
For further details, including key assumptions, parameters and methods used to estimate the Mineral Resources, and data
verification, please see the Company’s NI 43-101 compliant technical report titled, “Preliminary Economic Assessment of the
Heap Leach Operation on the Beartrack-Arnett Gold Project, Lemhi County, Idaho, USA – NI 43-101 Technical Report”, dated
December 18th, 2020.
Revival Gold has approximately 71.2 million shares outstanding and had a cash balance of approximately C$12.7 million on
September 30th, 2020. Additional disclosure including the Company’s financial statements, technical reports, news releases
and other information can be obtained at www.revival-gold.com or on SEDAR at www.sedar.com.
For further information, please contact:
Hugh Agro, President & CEO or Adam Rochacewich, CFO
Telephone: (416) 366-4100 or Email: [email protected]
Cautionary Statement
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release. Technical information in this
news release has been reviewed and approved by Steven T. Priesmeyer, C.P.G., Vice President Exploration, Revival Gold Inc.
and Rodney A. Cooper, P.Eng., a consultant to Revival Gold Inc., Qualified Persons within the meaning of National Instrument
43-101 – Standards of Disclosure for Mineral Projects.
This News Release includes certain “forward-looking statements” which are not comprised of historical facts. Forward-looking
statements include estimates and statements that describe the Company’s future plans, objectives or goals, including words
to the effect that the Company, or management, expects a stated condition or result to occur. Forward-looking statements
may be identified by such terms as “believes”, “anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “will”, or “plan”.
Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature
they involve inherent risks and uncertainties. Although these statements are based on information currently available to the
Company, the Company provides no assurance that actual results will meet management’s expectations. Risks, uncertainties
and other factors involved with forward-looking information could cause actual events, results, performance, prospects and
opportunities to differ materially from those expressed or implied by such forward-looking information. Forward-looking
information in this news release includes, but is not limited to, the Company’s intentions regarding its objectives, goals or
future plans and statements. Factors that could cause actual results to differ materially from such forward-looking information
include, but are not limited to, the Company’s ability to predict or counteract the potential impact of COVID-19 coronavirus on
factors relevant to the Company’s business, failure to identify additional mineral resources, failure to convert estimated mineral
resources to reserves with more advanced studies, the inability to eventually complete a feasibility study which could support
a production decision, the preliminary nature of metallurgical test results may not be representative of the deposit as a whole,
delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks,
uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation,
changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, capital, operating and
reclamation costs varying significantly from estimates and the other risks involved in the mineral exploration and development
industry, and those risks set out in the Company’s public documents filed on SEDAR. Although the Company believes that
the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue
reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance
can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or
obligation to update or revise any forward-looking information, whether as a result of new information, future events or
otherwise, other than as required by law.