Revival Gold retains Diamond Mountain

TORONTO, Oct. 14, 2022 (GLOBE NEWSWIRE) — reliveI Gold Inc. (TSXV: RVG, OTCQX: RVLGF) (“Revival Gold” or the “Company”) retained its controlling 51% interest in the Diamond Mountain (“Diamond Mountain”) phosphate project located in Utah, United States, and cleared the deal previously announced to sell its stake to Xplore Resources Ltd. (TSXV: XPLR) (“Xplore”) expires.

Diamond Mountain is an advanced stage exploration project comprising approximately 550 hectares of state concessions. June 7ethe 2022 agreement to sell the Company’s interest in Diamond Mountain was subject to Xplore completing a financing of at least C$5 million by September 30, 2022, customary closing conditions and receipt of all necessary regulatory approvals, including the approval of the TSX Venture Exchange.

Revival Gold evaluates its alternatives against Diamond Mountain.

About Revival Gold Inc.

Revival Gold Inc. is a growth-oriented gold exploration and development company. The Company is advancing the Beartrack-Arnett gold project located in Idaho, United States.

Beartrack-Arnett is the largest former 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 resources of 46.2 million tonnes at 1.31 g/t gold containing 1.94 million ounces of gold (see Revival Gold Technical Report NI-43-101 dated July 13e, 2022, for more details). The mineralized trend at Beartrack extends over five kilometers and is open along 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 30e, 2022. All figures in this press release are in metric units and in US dollars, unless otherwise indicated. Additional information, including financial statements, technical reports, press releases and other Company information, may be obtained at www.revival-gold.com or on SEDAR at www.revival-gold.com. sedar.com.

For more information, please contact:

Hugh Agro, President and CEO or Melisa Armand, Director, Investor Relations
Phone: (416) 366-4100 or Email: [email protected]

Caution

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 press release.

This press release contains certain “forward-looking statements” that are not historical facts. Forward-looking statements include estimates and statements that describe the company’s future plans, objectives or goals, including words indicating that the company or management expects a stated condition or result to occur. Forward-looking statements may be identified by words such as “believes”, “anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “will” or “plans”. Because forward-looking statements are based on assumptions and address future events and conditions, they, by their very nature, involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, the Company does not guarantee that actual results will meet management’s expectations. The risks, uncertainties and other factors involved in 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 press release includes, but is not limited to, the Company’s objectives, goals or future plans, statements, exploration results, potential mineralization, mineral resource estimate , exploration and mining development plans, timing of 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, the inability to identify mineral resources, the inability to convert estimated mineral resources to reserves, the failure to complete a feasibility study that recommends a production decision, the preliminary nature of metallurgical test results, delays in obtaining or failure to obtain governmental, environmental or other approvals required for projects, political risks, uncertainties relating to the availability and costs of financing needed in the future, changes in stock markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of the projects, the costs of investment, operation and rehabilitation varying considerably compared to the estimates and other risks related to the mining exploration and development industry, an inability to predict and counter the effects of COVID-19 on the Company’s business, including but not limited to effects of COVID-19 on commodity prices, capital market conditions, restrictions on labor and international travel and supply chains, and risks set forth in public company documents. Company filed on SEDAR. Although the Company believes that the assumptions and factors used in preparing the forward-looking information contained in this press release are reasonable, undue reliance should not be placed on such information, which speaks only as of the date of this press release, and no assurance can be given that such events will occur within the time frames disclosed 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, except as required by law.

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