Revival Gold Holds Diamond Mountain, Canadian Business Journal

TORONTO, OCTOBER 14, 2022 (GLOBE NEWSWIRE) — Reviverl Money Ltd. (TSXV: RVGs, OTCQX: RVLGF) (“Revival Gold” or the “Company”) holds a 51% controlling interest in the Diamond Mountain Phosphate Project in Utah, USA (“Diamond Mountain”) and, pursuant to a previously announced agreement, Xplore We were able to transfer that interest to Resources Ltd. (TSXV: XPLR) (“Xplore”) expires.

Diamond Mountain is an advanced exploration project comprising a state claim of approximately 550 hectares. June 7^ththe 2022 agreement to sell the company’s participation in Diamond Mountain requires Xplore to complete a minimum C$5 million financing by September 30, 2022, customary closing conditions, and TSX It was contingent on receipt of all necessary regulatory approvals, including Venture Exchange approvals.

Revival Gold is considering alternatives for Diamond Mountain.

About Revival Gold Co., Ltd.

Revival Gold Inc. is a growth focused gold exploration and development company. We are working on the Beartrack Arnett Gold Project in Idaho, USA.

Beartrack-Arnett is the largest gold mine ever produced in Idaho. Engineering work has begun on a Preliminary Feasibility Study (“PFS”) for the potential resumption of heap-reach operations. Meanwhile, exploration continues, with an Inferred Mineral Resource of 65 million tons at 1.01 g/t gold for 2022, containing 2.11 million ounces of gold and an Inferred Mineral Resource of 46.2 million tons at 1.31 g/t gold. The resource contains 1.94 million ounces of gold (see Revival Gold NI-43-101 Technical Report dated 13 July.^th, 2022, for more information). The bear track mineralization trend extends over 5 kilometers and is open at strike and depth. Arnett’s mineralization 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 30.^th, 2022. All figures in this news release are in meters and US dollars unless otherwise stated. Additional disclosures, including our financial statements, technical reports, news releases and other information, are available on SEDAR at www.revival-gold.com or www.sedar.com.

For more information, please contact:

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

Notes

Neither TSX Venture Exchange nor its regulated service providers (as those terms are defined in the TSX Venture Exchange Policy) are responsible for the adequacy or accuracy of this news release.

This news release contains certain “forward-looking statements” that are not statements of historical fact. Forward-looking statements include estimates and statements that describe our future plans, objectives, or goals, including language to the effect that we or management expects the stated conditions or results to occur. . Forward-looking statements “believe,” “expect,” “anticipate,” “estimate,” “could,” “could,” “would,” “will.” , or by terms such as “plan”. Forward-looking statements are based on assumptions and address future events or circumstances and, therefore, are inherently subject to risks and uncertainties. These statements are based on information currently available to us, but there is no guarantee that actual results will meet management’s expectations. Due to the risks, uncertainties and other factors associated with forward-looking information, actual events, results, performance, prospects and opportunities may not be expressed or implied by such forward-looking information. can vary greatly. Forward-looking information in this news release includes our objectives, goals or future plans, statements, exploration results, mineralization potential, mineral resource estimates, exploration and mine development plans, and timing of commencement of operations. include, but are not limited to: and estimates of market conditions. Factors that could cause actual results to differ materially from such forward-looking information include failure to identify mineral resources, inability to convert estimated mineral resources to reserves, and recommended production decisions. including, but not limited to, the inability to complete a feasibility study. the tentative nature of metallurgical test results; delays or failures in obtaining necessary governmental, environmental or other project approvals; political risks; uncertainty regarding the availability and cost of future required financing; changes in stock markets, inflation, currency exchange rates, volatility in commodity prices, delays in project development, capital, operating and reclamation costs materially different from estimates, and other risks associated with the mineral exploration and development industry; Our inability to predict and counteract the impact of COVID-19 on our business. Impact of COVID-19 on commodity prices, capital market conditions, labor force, international travel, supply chain restrictions, and risks described in company public documents filed with SEDAR. Although we believe that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, such information applies only as of the date of this news release. undue reliance should not be placed on and no warranty is given. Such events are assumed to occur within the disclosed time or not at all. We disclaim 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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