Mr. Michael Winn reports

REVELO ANNOUNCES REPAYMENT OF THIRD-PARTY DEBT, REPORTS RESULTS OF ITS SPECIAL GENERAL MEETING, AND PROVIDES PROJECT UPDATE

Revelo Resources Corp. has repaid all third party debt totalling approximately $2.54-million. As announced in the company's news release of Feb. 6, 2020, over the past three years, a combination of cash loans and accrued fees from management, together with loans from Term Oil Inc. and EMX Royalty Corp., has provided the capital for Revelo to operate. These actions were taken during a period of subdued equity markets in order for the company to protect and preserve its property portfolio, as well as to continue pursuing its business model in terms of generating joint venture agreements and selling royalty interests. Revelo has recently:

• Paid off the principal loan together with accrued interest and bonuses owed to Term Oil totalling approximately $2-million (refer to news release dated Feb. 27, 2018, for details);
• Paid off the principal loan together with accrued interest and bonuses owed to EMX Royalty totalling approximately $536,000 (refer to news releases dated March 20, 2020, and March 26, 2020, for details).

Revelo recently obtained cash income through the sale of a generative royalty portfolio to EMX Royalty and Masglas America Corp. totalling $1.5-million (U.S.) (refer to news releases previously mentioned), together with the sale of 10 million common shares it owned in Austral Gold Ltd. for additional total net proceeds of approximately $880,000. This cash not only has allowed Revelo to pay off its third party debt but has delivered enough cash to allow Revelo to pay the 2020-2021 annual maintenance fees on its Chilean property portfolio as well as leaving a small operating cash balance in the treasury.

As announced by the company on Feb. 6, 2020, Revelo plans to complete a rollback of its stock, convert management loans and debt into shares, and complete a private placement financing in due course in order to finance the exploration of its gold portfolio in Chile. A special general meeting of the company was held by teleconference on April 7, 2020, at which shareholders voted in support of the company in relation to its intention to convert certain management debt into shares and for the creation of a control person.

Revelo project update

Revelo continues to own a highly prospective package of mineral properties totalling 15 wholly owned projects along some of the world's most prolific mineral belts in northern Chile, which cover approximately 127,000 hectares. This makes Revelo an important player along a geologically exceptional part of the Earth's crust where mineral tenement is largely controlled by a small number of major corporations.

Self-financed gold exploration

Revelo intends to self-finance the exploration of its gold-focused portfolio of four projects totalling more than 38,000 hectares through the raising of finance, as follows:

• The Victoria Sur project is located along the Domeyko mineral belt, Chile's main copper belt, where several gold and silver mines have operated in the past. Previous exploration at Victoria Sur, including drilling, identified a porphyry gold style target with significant gold intercepts in trenches and drill holes, and higher-grade gold-silver intercepts in high-sulphidation epithermal structures. Several other targets on the property require follow-up, including an extensive gold-bearing lithocap.
• The Las Pampas and Loro projects comprise a strategic landholding within the Paleocene mineral belt, south and southwest of the multimillion-ounce El Penon district (Yamana Gold). Limited proof of concept historic drilling at both projects has identified low-sulphidation epithermal bonanza veins with extensive geochemical and geophysical anomalies that require further exploration follow-up.
• The Orca project is located along the Coastal mineral belt, close to the world-class Candelaria copper-gold-iron deposit. Orca comprises a series of highly anomalous gold-bearing ductile shear zones with small-scale artisanal mines extending over several kilometres.

Leveraged copper exploration

The company intends to explore and commercialize its copper portfolio totalling about 89,000 hectares through a combination of joint ventures and fully financed spinouts. Some progress has been achieved to this end, as detailed herein.

The company has three porphyry copper projects along the Paleocene copper and precious metals belt totalling 16,100 hectares that are currently subject to partner-financed joint venture agreements:

• The Calvario and Mirador projects are located along the Paleocene belt and are subject to a joint venture with SQM Chile. As operator, SQM has the right to earn an 80-per-cent interest by spending $13-million (U.S.) and paying the company $5,225,000 (U.S.) over five years. Initiation of activities is dependent on a surface rights agreement.
• At Cerro Buenos Aires, Teck Chile has joint ventured 1,500 hectares out of a total 7,600 hectares and can earn 60 per cent by spending $4.8-million (U.S.) and paying the company $425,000 (U.S.) over four years. Teck has drilled porphyry style alteration associated with a magnetic anomaly, which, in Revelo's opinion, suggests the potential for a porphyry copper target at depth.

A further project at Montezuma totalling 16,100 hectares, located along the Domeyko copper belt, was subject to a letter agreement regarding a possible joint venture with BMR Group PLC (see news releases dated July 29, 2019, and Oct. 3, 2019). However, the terms of the LOI have not been met and fulfilled by BMR due to current market conditions. Consequently, the agreement has lapsed and is no longer in force. Revelo continues to look for a partner at Montezuma to drill test several copper-gold targets.

Revelo has moved toward attempting to spin out two groups of copper projects, each of which contains projects with similar exploration characteristics, as follows:

• Pampa Cobre: The company has assembled five copper projects covering approximately 36,000 hectares along the Domeyko porphyry copper belt, namely Arrieros, Block 2, Block 3, Block 4 and Redondo Veronica, which are located between and along trend from supergiant copper mines such as Chuquicamata and La Escondida. The projects, prospective for porphyry copper-molybdenum-gold, are characterized by extensive postmineral cover with a variety of known porphyry prospects around the periphery and, in some cases, existing undrilled geophysical anomalies.
• Lithocap exploration: The company has assembled three lithocap-related copper-gold exploration projects -- Cerro Blanco, Cerro Buenos Aires and Morros Blancos -- covering approximately 21,000 hectares in the Paleocene mineral belt of northern Chile, along trend from the giant Spence and Sierra Gorda copper mines. The projects are prospective for porphyry copper-gold-molybdenum deposits and are characterized by extensive outcropping, high-level lithocap-style hydrothermal alteration, postmineral cover, and significant geochemical and geophysical anomalies.

In addition to its wholly owned property portfolio as outlined, Revelo owns equity in Atacama Copper Exploration, a private exploration company that owns three copper-focused projects in Chile previously sold by Revelo to Atacama. Atacama is in the process of raising finance in order to explore the properties and hopes to start exploration activities in the third or fourth quarter of 2020.

COVID-19

Like most other businesses, Revelo has been affected by the global COVID-19 crisis. Currently, all staff, management and contractors are safe and well and working from home. The company continues to advance and develop the business as indicated herein and as detailed in other recent news releases. Although fieldwork in Chile is not currently possible due to both local restrictions and international travel restrictions, the company is hopeful that conditions will change for the better by the time of the new field season in the Southern Hemisphere during the third or fourth quarter. Recent actions, together with planned actions in the short term, have placed Revelo in a good position to have exploration success.

Dr. Demetrius Pohl, PhD, certified professional geoscientist (CPG), an independent consultant, is the company's qualified person for the purposes of National Instrument 43-101 Standards of Disclosures for Mineral Projects of the Canadian Securities Administrators and has approved the written disclosure of the technical information contained in this news release.

About Revelo Resources Corp.

Revelo has interests in an outstanding portfolio of projects prospective for gold and copper located along proven mineral belts in one of the world's top mining jurisdictions -- Chile. The company has a vision to reward shareholders with wealth-generating mineral discoveries along Chile's prime mineral belts through leveraged and more efficient capital deployment, exploration, discovery and monetization.

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