Third Drill Rig Secured For The Beartrack-Arnett Gold Project

TORONTO - Revival Gold Inc. reported on exploration and development activities at it’s Beartrack-Arnett Gold Project located in Lemhi County, Idaho. Following a successful financing in August, Revival Gold doubled its planned drilling program to 10,000 meters with two drill rigs covering four target areas. The Company reported that the expanded drill program is now 25% complete and that a third drill rig will soon be mobilized. Meanwhile, Revival Gold’s Preliminary Economic Study (PEA) on the potential restart of heap leach operations at Beartrack-Arnett is progressing through trade-off studies and remains on track for completion and release by year end.

President and CEO Hugh Agro, said, “Revival Gold’s exploration team has made solid progress to-date with this year’s drilling at Beartrack-Arnett. The project hosts 10-11 km of favorable structure and the addition of a third drill rig will accelerate the pace of the remaining program this year. We are also encouraged by the progress being made by Wood plc on Revival Gold’s heap leach PEA,” Agro added.

15 holes totaling approximately 2,450 meters have been completed this season to-date at the Haidee target at Arnett. Drilling to-date amounts to approximately 25% of the 10,000 meters of drilling planned for Beartrack-Arnett in the current program. Assay results from the first batch of drill holes this season are expected to be released by mid-October. A third Boart Longyear core drill rig has been secured and is due to arrive on site in late September. Drilling this year at Beartrack-Arnett will continue, weather and access dependent, through to the end of December. Revival Gold’s geophysical contractor, Geofisica TMC, S.A. de C.V., arrived on site in late August. Twenty-one line-kilometers of gradient array induced polarization-resistivity (“IP-RES”) geophysical survey has been completed at Arnett and the geophysical crew has moved on to initiate planned surveys at Beartrack. The program of geologic mapping and sampling at Arnett that commenced in July is expected to be completed by the end of this month. The program has covered approximately 19 square kilometers to date. Over the past year, geologic work on the Arnett property has clarified several important geologic relationships including expanding Revival Gold’s understanding of potential host rocks for gold mineralization and clarifying the structural model for the district. The result of this work has been the identification of new conceptual targets for potential future testing.

The Beartrack-Arnett heap leach PEA is on track for completion and release by year-end. Wood plc, the principal consultant for the study, is completing trade-off studies this month. Trade-off study work has focused on trucking ore from Arnett to a heap leach pad at Beartrack, crusher configurations at Beartrack, mining equipment selection, and grade optimization in the early part of the mine life. Engineering work will now focus on completing capital and operating cost estimates and finalizing the project financial model.