Mr. Hugh Agro reports
REVIVAL GOLD ANNOUNCES AGM RESULTS AND OPTION GRANT
Revival Gold Inc. has released voting results for the election of directors at its annual general meeting (AGM) of shareholders held on Nov. 24, 2020, in Toronto.
A total of 33,508,817 common shares representing 47.1 per cent of the company's issued and outstanding shares were voted in connection with the AGM. Shareholders approved all items of business before the AGM, including the election of directors, as set out in the attached table.
VOTING RESULTS FOR ELECTION OF DIRECTORS
Director nominees Votes for % of votes cast
Wayne Hubert 27,043,048 99.8%
Hugh Agro 27,063,304 99.9%
Donald Birak 27,043,048 99.8%
Robert Chausse 27,049,219 99.9%
Maura Lendon 27,033,219 99.8%
Michael Mansfield 27,047,219 99.9%
Carmelo Marrelli 24,509,469 90.5%
Following the AGM, Revival Gold reappointed Wayne Hubert as chairman of the board, Robert Chausse as audit committee chair, Carmelo Marrelli as compensation committee chair, and Donald Birak as technical, safety, environment and social responsibility committee chair, and appointed Maura Lendon as corporate governance and nominating committee chair.
Subject to regulatory approval, Revival Gold has granted 1,325,000 incentive stock options to directors, officers and consultants of the company as part of its annual compensation plan. Pursuant to the company's stock option plan, the options are exercisable at a price of $1 per share for a period of five years and are subject to vesting provisions.
About Revival Gold Inc.
Revival Gold is a growth-focused gold exploration and development company. The company has the right to acquire a 100-per-cent interest in Meridian Beartrack Co., owner of the former-producing Beartrack gold project located in Idaho, United States. Revival Gold also owns rights to a 100-per-cent interest in the neighbouring Arnett gold project.
Beartrack-Arnett is the largest past-producing gold mine in Idaho. A preliminary economic assessment has been completed for a first-phase restart of heap leach operations to produce 72,000 ounces of gold per year over an initial seven-year mine life at an all-in sustaining cost of $1,057 per ounce of gold. Meanwhile, exploration continues, focused on expanding the current indicated mineral resource of 36.6 million tonnes at 1.15 grams per tonne gold containing 1.36 million ounces of gold and the inferred mineral resource of 47.1 million tonnes at 1.08 g/t gold containing 1.64 million ounces of gold. The mineralized trend at Beartrack extends for over five kilometres and is open on strike and at depth. Mineralization at Arnett is open in all directions.
For further details, including key assumptions and methods used to estimate the mineral resources, and data verification, please see the company's press release dated Nov. 17, 2020, and the National Instrument 43-101-compliant technical report titled "Technical Report on the Beartrack-Arnett Gold Project, Lemhi County, Idaho, USA," dated Feb. 21, 2020.
Revival Gold has approximately 71.2 million shares outstanding and had a cash balance of approximately $12.7-million on Sept. 30, 2020.
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