Revival Gold (TSXV: RVG, OTCQB: RVLGF) has announced that it has closed its non-brokered private placement for aggregate gross proceeds of US$10,075,000.00.
Hugh Agro, President & CEO of Revival Gold, commented: “We welcome Donald Smith Value Fund, LP, as a significant new shareholder in the Company. Donald Smith’s investment is a strong endorsement of Revival Gold’s technical team and the exciting potential at our flagship Beartrack-Arnett Gold Project, located in Idaho, USA”.
The company intends to use the net proceeds of the offering for the further exploration and development of its Beartrack-Arnett Gold Project located in Idaho, USA and for general corporate purposes.
Towards a restart of the Beartrack-Arnett Gold Mine
Revival Gold Incorporated is a growth-focused gold exploration and development company. The Company is advancing the Beartrack-Arnett Gold Project located in Idaho, USA.
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 AISC of US$1,057 per ounce of gold. Meanwhile, exploration continues, focused on expanding the current Indicated Mineral Resource of 36.6m tonnes at 1.15 g/t gold containing 1.36 million ounces of gold and Inferred Mineral Resource of 47.1m tonnes at 1.08 g/t gold containing 1.64 million ounces of gold.
The mineralized trend at Beartrack extends for over five kilometers and is open on strike and at depth. Mineralization at Arnett is open in all directions.
For further information, please visit: https://revival-gold.com/
