Revelo Signs Extension to Letter of Intent With Altius' Chilean Subsidiary
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jun 26, 2015) - Revelo Resources Corp. ("Revelo" or the "Company") (TSX VENTURE:RVL) announces that it has agreed to an extension to the Letter of Intent for the acquisition of four properties (the "Properties") from Altius Minerals Corp.'s ("Altius") (TSX:ALS) 49% owned Chilean subsidiary BLC SpA ("BLC") (the "Acquisition") as previously announced (see news release dated April 21, 2015).
The Company also announces that the TSX Venture Exchange has approved the private placement (the "Placement") of 5,000,000 units of Revelo for proceeds of C$750,000 at C$0.15 per unit with BLC. The Company anticipates that the final closing of all requirements for the Acquisition as well as the Placement will take place no later than July 10th, 2015
ABOUT THE PROPERTIES
The Properties, totalling approximately 60,000 Ha of tenements in Northern Chile, are all relatively early stage exploration projects.
Loro en el Hombro (3,700 Ha) is a property prospective for low-sulphidation, epithermal gold-silver veins and is located 25 kilometres south of Yamana Gold's highly productive El Peñon gold-silver mine, and directly east of Revelo's Las Pampas property, currently optioned to a subsidiary of Kinross Gold. Basic geochemical sampling has been completed to date on the property and Revelo is planning detailed geological mapping as well as soil and rock geochemical surveys.
Morsas (34,000 Ha) is a large property located along the IOCG belt approximately 50 kilometres southwest of Lundin Mining's Candelaria copper-gold mine. Basic geochemical sampling has been completed to date on the property and Revelo is currently planning detailed geological mapping, rock geochemical surveys and interpretation of available geophysical data, with a focus on magnetics data.
Culebra (17,400 Ha) and Anaconda (3,600 Ha) are properties that augment Revelo's already considerable land position along the Eocene-Oligocene porphyry copper belt, and will be added to Revelo's existing Block 3 (to be renamed Block 3-Culebra - >63,000 Ha) and Block 4 (to be renamed Block 4-Anaconda - >42,000 Ha) respectively. These properties lie along the prospective belt, between the giant La Escondida and El Salvador copper mines. Revelo is planning to consolidate & re-interpret the available databases, which includes data from more than 6,500m of historic drilling on Block 3.
ABOUT THE ACQUISITION
As part of the Acquisition Revelo will:
- Issue to BLC 2,775,773 common shares of Revelo (the "Acquisition Shares") valued at C$250,000;
- Issue to BLC 500,000 common shares (the "Feasibility Shares" and, together with the Acquisition Shares, the "Revelo Shares") on completion of the first feasibility study on any one of the Properties (in respect of all of the Properties, no matter how many feasibility studies may be completed); and
- Grant BLC a royalty of 2% of net smelter returns from commercial production of precious metals and 1% of net smelter returns from commercial production of base metals from each of the Properties (the "Royalties"). Revelo will have the right to purchase one-half of the Royalties in respect of each of the Properties for C$5 million, which right will be exercisable for a period of five years following the commencement of commercial production of mineral products from each of the Properties.
ABOUT REVELO
Revelo is building a sustainable exploration business focused on securing prospective land along the prolific mineral belts of northern Chile, and by implementing effective exploration and capital management strategies to grow, advance and de-risk its portfolio to provide shareholders with multiple opportunities for exploration success.
Revelo is a Canadian company formed from the merger of Iron Creek Capital Corp. and Polar Star Mining Corp. in December 2014. With the completion of this acquisition, Revelo controls approximately 360,000 Ha of 100% owned exploration tenement along proven mineral belts in northern Chile. The portfolio is comprised of 19 high-quality exploration projects prospective for copper, gold and silver, including 3 projects already under option/JV agreements with the Chilean subsidiary of Kinross Gold (Las Pampas Project), Newmont Ventures (Montezuma Project), and BHP Billiton (Block 2 Project). In addition, Revelo retains a 2% royalty interest in the Victoria Project, an important copper-gold-silver exploration project in northern Chile.
Revelo is listed on the TSX Venture Exchange (TSX VENTURE:RVL). For more information please visit Revelo's website at www.reveloresources.com.
Dr. Demetrius Pohl, PhD., Certified Professional Geoscientist (CPG), an independent consultant, is Revelo's Qualified Person for the purposes of National Instrument 43-101 Standards of Disclosures for Mineral Projects of the Canadian Securities Administrators, and has approved the written disclosure of the technical information contained in this news release.
ABOUT ALTIUS
Altius is a diversified mining royalty company with royalty interests in 13 producing mines located in Canada. The royalty interests include mining operations that produce thermal (electrical) and metallurgical coal, potash, nickel, copper, zinc and cobalt.
Altius holds other significant pre-development stage royalties and its project generation pipeline contains a diversified portfolio of exploration stage projects and royalties, many of which are being advanced through various partner-funding arrangements.
Altius has 39,932,102 shares issued and outstanding that are listed on Canada's Toronto Stock Exchange. It is a member of both the S&P/TSX Small Cap and S&P/TSX Global Mining Indices.
ABOUT BLC
BLC is a private Santiago-based exploration company, wholly owned by Mining Equity Fund of which Altius is the largest shareholder with a 49% interest. BLC has a 100% interest in the Properties that are the result of systematic regional project generation programs and were staked in 2014. BLC benefits from the financial support of the Fenix Fund under the Chilean economic development agency Corfo.
ON BEHALF OF THE BOARD
Timothy J. Beale, President & CEO
Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.
FORWARD-LOOKING STATEMENT
This news release contains certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical fact, that address events or developments that Revelo expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential", "indicate" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although Revelo believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward-looking statements.
Contact
INVESTOR CONTACT
Chiara Orrigoni
Investor Relations Manager
+1 604 687-5544
info@reveloresources.com
www.reveloresources.com