Mr. Hugh Agro reports
REVIVAL GOLD FILES NI 43-101 PEA TECHNICAL REPORT
Revival Gold Inc. has filed on SEDAR an independent technical report prepared in accordance with National Instrument 43-101 -- Standards of Disclosure for Mineral Projects, supporting the results of a preliminary economic assessment (PEA) on the company's Beartrack-Arnett phase 1 heap-leach gold project, located in Idaho, United States. The results of the PEA were reported in the company's news release dated Nov. 17, 2020, and there are no material differences in the report from those results. The effective date of the report is Nov. 17, 2020.
Beartrack-Arnett phase 1 heap-leach gold project -- PEA highlights (all amounts shown are in U.S. dollars, unless otherwise stated):
Production of 72,000 ounces of gold per year for a total of 506,000 ounces of gold over an initial seven-year mine life;
Preproduction capital of $100-million and life-of-mine (LOM) sustaining capital of $61-million;
Total cash cost of $809 per ounce gold and all-in sustaining cost of $1,057 per ounce gold;
An after-tax net present value at a 5-per-cent discount rate of $88-million and an after-tax internal rate of return of 25 per cent at $1,550 per ounce gold, increasing to a $211-million NPV
5 per cent
and 49-per-cent IRR at $1,950 per ounce gold;
payback period of three years;
Lower technical and execution risk of a brownfields project with existing infrastructure and recent history as the largest past-producing gold mine in Idaho;
Excellent additional exploration potential, as demonstrated by this season's drill results, and over 10 kilometres of favourable geological structure to explore.
The PEA is preliminary in nature; it includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the PEA will be realized. Mineral resources are not mineral reserves and do not have demonstrated economic viability.
The full report, prepared by Wood PLC of Oakville, Canada, and Boise, Idaho, and dated Dec. 18, 2020, is entitled "Preliminary Economic Assessment of the Heap Leach Operation on the Beartrack Arnett Gold Project Lemhi County, Idaho, USA -- NI 43-101 Technical Report," and can be found at the company's website and on SEDAR under the company's issuer profile.
Steven T. Priesmeyer, CPG, a qualified person, vice-president of exploration for the company, and Rodney A. Cooper, PEng, a qualified person, a consultant to the company, are the company's designated qualified persons for this news release within the meaning of NI 43-101 and have reviewed and approved its scientific and technical content.
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 phase 1 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 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 grams per tonne 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.
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