Revival GOLD Vends Phosphate Property to Xplore Resources
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REVIVAL GOLD VENDS PHOSPHATE PROPERTY
TO XPLORE RESOURCES
Toronto, ON – June 7th, 2022 – Revival Gold Inc. (TSXV: RVG, OTCQX: RVLGF) (“Revival Gold” or the
“Company”) is pleased to announce that it has reached an agreement to vend its 51% non-core
holding in the Diamond Mountain phosphate project (“Diamond Mountain”) to Xplore Resources
Ltd. (TSXV: XPLR) (“Xplore”). Diamond Mountain i s an advanced stage exploration project
consisting of approximately 550 hectares of State claims located in Uintah County, Utah, USA.
Revival Gold will receive the following as consideration for its interest in Diamond Mountain:
• C$250,000 cash payment on closing (“Closing”);
• C$250,000 cash payment on the first anniversary of Closing; and,
• 19.9% of the issued and outstanding common shares of Xplore, following a consolidation
and financing completed by Xplore.
“Revival Gold has arranged to vend its non-core holding in Diamond Mountain to a growing new
industrial minerals business in a transaction that will provide immediate cash proceeds and ongoing
indirect participation in the asset. Upon closing, proceeds will be directed towards the Company’s
core focus in gold and advancing the Beartrack-Arnett gold p roject located in Idaho, USA ,” said
President and CEO Hugh Agro.
Xplore is a growing new industrial minerals focused business, led by experienced management and
backed by seasoned mining investors. Xplore intends to reinitiate exploration and development on
the Diamond Mountain property. The property is located immediately next to the J.R. Sim plot
Vernal Phosphate Mine, an important domestic United State’s producer of phosrock which is
utilized in the manufacturing of fertilizer.
Revival Gold acquired its 51% interest in Diamond Mountain for exploration expenditures totaling
approximately C$1.2 million through a joint venture earn -in agreement with Utah Minerals LLC in
December 2014.
The purchase of Diamond Mountain is subject to Xplore’s completion of a minimum C$5 million
financing, customary closing conditions and receipt of all necessary regulatory approvals, including
TSX Venture Exchange approval. Closing is expected by the end of June 2022.
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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 Indicated 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 press release dated May 16 th, 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 a cash balance of C$9.1 million
as of March 31, 2022 . All figures in this press 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, Investor Relations
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.
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,
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but is not limited to, the Company’s objectives, goals or future plans, statements, exploration results,
potential mineralization, 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.