Revelo Executes Option Agreement with Hochschild for its Loro Gold-Silver Project in northern Chile, together with Subsidiary Agreements
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Sep 5, 2017) - Revelo Resources Corp. ("Revelo" or the "Company") (TSX VENTURE:RVL) is pleased to announce that it has signed definitive documentation with Hochschild Mining plc ("Hochschild"), which gives Hochschild the option to earn a 100% interest in Revelo's Loro gold-silver project located in northern Chile, as previously announced (see Company's news release dated June 06, 2017).
Hochschild can earn a 100% interest in the Loro Project over a maximum of five (5) years in exchange for a series of in-ground investments and/or drilling commitments totalling US$13 million and/or 30,000 metres, and a series of cash payments to Revelo totalling US$5.3 million. After exercising the option, Hochschild must also pay a further US$15 million in cash together with a NSR Royalty on future production to Revelo of 1%.
Exploration activity is expected to commence on or before October 2017. Revelo will initially operate Phase 1 and 2 of the exploration program, and Hochschild has the right to request that Revelo continues operating beyond Phase 2 subject to mutual agreement.
Loro, which is a new discovery, is located in an important precious metals mineral district in northern Chile and is situated just 25 Km south of the important El Peñon mine, which has produced several million ounces of gold and hundreds of millions of ounces of silver over the last 20 years or so. For further details of the Loro Project please refer to the Loro Project page on Revelo's website (http://www.reveloresources.com/projects/loro).
In addition, as per the LOI previously signed and announced on June 6, 2017, definitive documentation has been signed for Revelo to re-acquire the Victoria Sur property from Hochschild for a nominal fee together with a 1% NSR royalty in favour of Hochschild, and also for the existing 2% NSR royalty agreement in favour of Hochschild that covers the majority of the Cerro Buenos Aires, Las Pampas and Cerro Blanco projects of Revelo, to be reduced to 1%.
ABOUT REVELO
Revelo has consolidated an outstanding portfolio of 26 projects prospective for copper, gold and silver located along proven mineral belts in one of the world's top mining jurisdictions - Chile. Revelo's total exposure to mineral tenements in northern Chile is around 300,000 hectares. Revelo has signed an LOI with Hochschild Mining plc for an Option, Sale and Royalty Agreement at its Loro gold-silver project, and has also signed an LOI for a Sale and Royalty Agreement with Austral Gold Ltd. for its San Guillermo and Reprado projects.
Revelo is a Canadian company and is listed on the TSX Venture Exchange (TSX VENTURE:RVL). For more information, please visit Revelo's website at www.reveloresources.com.
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
Revelo Resources Corp.
Chiara Orrigoni
Investor Relations Manager
+1 604 687-5544
info@reveloresources.com
www.reveloresources.com
