Revival GOLD Retains Diamond Mountain
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REVIVAL GOLD RETAINS DIAMOND MOUNTAIN
Toronto, ON – October 14th, 2022 – Revival Gold Inc. (TSXV: RVG, OTCQX: RVLGF) (“Revival Gold”
or the “Company”) has retained its 51% controlling interest in the Diamond Mountain phosphate
project (“Diamond Mountain”) located in Utah, USA and allowed the previously announced
agreement to vend its interest to Xplore Resources Ltd. (TSXV: XPLR) (“Xplore”) to expire.
Diamond Mountain i s an advanced stage exploration project consisting of approximately 550
hectares of State claims. The June 7 th, 2022 agreement to vend the Company’s participation in
Diamond Mountain was subject to Xplore complet ing a minimum C$5 million financing by
September 30th, 2022 , customary closing conditions and receipt of all necessary regulatory
approvals, including TSX Venture Exchange approval.
Revival Gold is evaluating its alternatives with respect to Diamond Mountain.
About Revival Gold Inc.
Revival Gold Inc. is a growth-focused gold exploration and development company. The Company is
advancing the Beartrack-Arnett Gold Project located in Idaho, USA.
Beartrack-Arnett is the largest past -producing gold mine in Idaho. Engineering work has been
initiated on a Preliminary Feasibility Study (“PFS”) for the potential restart of heap leach operations.
Meanwhile, exploration continues, focused on expanding the 2022 In dicated Mineral Resource of
65.0 million tonnes at 1.01 g/t gold containing 2.11 million ounces of gold and Inferred Mineral
Resource of 46.2 million tonnes at 1.31 g/t gold containing 1.94 million ounces of gold (see Revival
Gold NI-43-101 Technical Report dated July 13th, 2022, for further details). 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.
Revival Gold has approximately 86.9 million shares outstanding and an estimated cash balance of
C$3.3 million as of September 30th, 2022. All figures in this news release are in metric units and in
$US unless stated otherwise. 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 Melisa Armand, Manager, Investor Relations
Telephone: (416) 366-4100 or Email: [email protected]
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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 e ffect 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 objectives, goals or future plans,
statements, exploration results, potential mineralizatio n, the estimation of mineral resources,
exploration and mine development plans, timing of the commencement of operations and
estimates of market conditions. Factors that could cause actual results to differ materially from
such forward -looking information include, but are not limited to 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, in flation, 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, an inability to predict and counteract the effects of COVID -19 on the
business of the Company, including but not limited to the effects of COVID -19 on the price of
commodities, capital market conditions, restriction on labour and international travel and supply
chains, 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.