Revival GOLD Amends Terms of Property Agreements
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REVIVAL GOLD AMENDS TERMS OF PROPERTY AGREEMENTS
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 9 th, 2020, Revival Gold executed an agreement to defer remaining payments under th e
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 30 th, 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 spend ing
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.”
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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 29 th, 2020 (of which US$6.1
MM had been expended at March 31 st, 2020) , US$8.0 MM in aggregate exploration
spending by September 29 th, 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 h as approximately 5 5.6 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:
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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 t hat 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 t hey 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 f actors 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 n ot 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, th e
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 r isks, 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.