TORONTO, Dec. 27, 2018 (GLOBE NEWSWIRE) -- 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 2018 accomplishments.
Highlights
- Established a significant maiden gold resource – total indicated mineral resources of 33.4 million tonnes at 1.13 g/t Au containing 1,214,000 ounces gold and total inferred mineral resources of 16.9 million tonnes at 1.41 g/t Au containing 765,000 ounces gold (the “Mineral Resource”). See “Mineral Resource Estimate, Beartrack Property, Lemhi County, Idaho, United States”, dated July 12th, 2018, for further details.
- Completed 8,500 meters of drilling – 7,600-meter core drill program at Beartrack extended the mineralized trend to 950 meters south of the existing Mineral Resource. Initial 900-metre core drill program at the neighbouring Arnett gold project confirmed presence of near-surface gold in oxides.
- Received positive initial metallurgical test results – initial six Beartrack sulphide composite samples returned favourable gold recoveries into rougher flotation concentrate and from cyanidation of flotation tails.
- Expanded land position – increasing the Company’s total land package at Beartrack-Arnett to approximately 5,100 hectares.
- Strengthened team – appointed Diane Garrett as Non-Executive Board Chairman and engaged Rodney Cooper as Technical Advisor and to assist evaluating corporate development opportunities.
“In 2018 we announced a significant maiden gold resource at Beartrack”, said Hugh Agro, President and CEO. “We followed up by extending the mineralized trend at Beartrack and confirming the presence of near-surface oxides at Arnett providing clear scope for continued organic growth in 2019. Additionally, Revival Gold has taken steps to strengthen it’s team in preparation for a landscape in which demand for quality new gold production opportunities is heating up and supply remains scarce”.
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 also owns rights to a 100% interest in the neighbouring 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 has approximately 42 million shares outstanding and had a working capital balance of approximately $1.8 million as at September 30th, 2018. 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 visit www.revival-gold.com or contact:
Andrea Totino, Investor Relations Manager
Telephone: (416) 366-4100
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 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, 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.
