Revival Gold Inc. (TSXV: RVG | OTCQX: RVLGF) has reached an agreement to trade its 51% non-core holding in the Diamond Mountain phosphate project to Xplore Resources Ltd. (TSXV: XPLR). Diamond Mountain is an advanced stage exploration project consisting of approximately 550ha of State claims located in Uintah County, Utah, USA.
For its interest in Diamond Mountain, Revival will receive a C$250,000 cash payment on closing, a C$250,000 cash payment on the first anniversary of closing, and 19.9% of the issued and outstanding common shares of Xplore, following a consolidation and financing completed by Xplore.
“Revival Gold has arranged to vend its non-core holding in Diamond Mountain to a growing new industrial minerals business in a transaction that will provide immediate cash proceeds and ongoing indirect participation in the asset. Upon closing, proceeds will be directed towards the Company’s core focus in gold and advancing the Beartrack-Arnett gold project located in Idaho, USA,” said President and CEO Hugh Agro.
Xplore is a growing new industrial minerals focused business, led by experienced management and backed by seasoned mining investors. Xplore intends to reinitiate exploration and development on the Diamond Mountain property. The property is located immediately next to the J.R. Simplot Vernal Phosphate Mine, an important domestic United State’s producer of phosrock which is utilized in the manufacturing of fertilizer.
Revival Gold acquired its 51% interest in Diamond Mountain for exploration expenditures totalling approximately C$1.2M through a joint venture earn-in agreement with Utah Minerals LLC in December 2014.
The purchase of Diamond Mountain is subject to Xplore’s completion of a minimum C$5M financing, customary closing conditions and receipt of all necessary regulatory approvals, including TSX Venture Exchange approval. Closing is expected by the end of June 2022.
For further information please visit: https://revival-gold.com/
