Business
Revival Gold Terminates Royalty Interest
TORONTO, Aug. 18, 2023 (GLOBE NEWSWIRE) -- Revival Gold Inc. (TSXV: RVG, OTCQX: RVLGF) (“Revival Gold” or the “Company”), is pleased to announce that it has rea
About this update from Revival Gold Inc
[{"type":"text","content":" TORONTO, Aug. 18, 2023 (GLOBE NEWSWIRE) -- Revival Gold Inc. (TSXV: RVG, OTCQX: RVLGF) (“Revival Gold” or the “Company”), is pleased to announce that it has reached an agreement to terminate a 1% Net Smelter Royalty (“NSR”) on sixteen claims (the “HAI and Gold Bug Claims”) that comprised approximately 133 hectares within Revival Gold’s Beartrack-Arnett 5,800 hectare project area. The HAI and Gold Bug Claims were acquired by Revival Gold in 2017 subject to a 1% NSR with an option for the Company to buyback the 1% NSR for a price of US$2 million. The claims are undrilled by Revival Gold and currently host no Mineral Resources. Revival Gold has agreed to deliver the following in exchange for extinguishing the 1% NSR on the HAI and Gold Bug Claims: C$75,000 cash payment on closing (“Closing”); and 200,000 common shares of Revival Gold (the “Shares”) issued on Closing with such Shares subject to a hold period from the Closing date as follows: (i) 66,666 Shares shall be tradeable after four months; (ii) 66,667 Shares shall be tradeable after twelve months; and the remaining 66,667 Shares shall be tradeable after eighteen months. “The opportunity to terminate an NSR on undrilled claims enhances Revival Gold’s exposure and flexibility in advance of planned future exploration later this year,” said President and CEO Hugh Agro. The termination of the 1% NSR is subject to customary closing conditions and receipt of all necessary regulatory approvals, including TSX Venture Exchange approval. Closing is expected by the end of August 2023 or such later date as the parties may agree. About Revival Gold Revival Gold 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. The project benefits from extensive existing infrastructure and is the subject of a recent Preliminary Feasibility Study for the potential restart of open pit heap leach gold production operations. Since reassembling the Beartrack-Arnett land position in 2017, Revival Gold has made one of the largest new discoveries of gold in the United States in the past decade. The mineralized trend at Beartrack extends for over five kilometers and is open on strike and at depth. Mineralization at Arnett is open in...