This is what they said:
Columbia–(Newsfile Corp. – May 21, 2020) – Revelo Resources Corp. (TSXV:
RVL) (“Revelo” or the “Company”) reports it has
concluded a series of key milestones that set the stage for the company’s next
phase of development. These actions included capital restructuring, repayment
of third-party debt, conversion of management debt and completion of beneficial
transactions (as indicated in the company’s news release of February 6, 2020). As
a result, Revelo approaches 2020/2021 with an improved capital structure and
balance sheet, a streamlined and exceptional portfolio of gold and copper
exploration assets in Chile and a firm commitment to execute our strategy to
fulfill the company’s vision.
SUMMARY OF REVELO’S
ACHIEVEMENTS IN 2020:*
- Sold its
generative royalty portfolio totaling 20 NSR royalties for approximately
- Sold its
equity interest in a listed company for total net proceeds of about $0.88
- Repaid all
third-party debt totaling approximately $2.54 million.
reduced overhead costs over the last 12-18 months.
- Paid the
2020 annual property maintenance fees on 15 properties in Chile
totaling about $480,000.
into a binding agreement with West Pacific Ventures for the sale of eight
of Revelo’s porphyry copper projects in order to create a new
copper-focused exploration company in Chile. This transaction will
result in Revelo owning 19.9% of the new company as well as receiving
potential future milestone payments.
a 10-for-1 rollback of the stock.
shareholder approval for the conversion of debt owed to the Chairman, CEO
and officers of the company.
wrote off $513,000 in management fees owed and converted the balance of
$242,000 into 1,613,334 shares.
$2.36 million of cash loans from the Chairman into 15,729,348 million
* See news releases
dated January 20, February 6, March 20, March 26, April 21, April 27, May 6,
and May 19, 2020.
LOOKING AHEAD: 18 MONTHS
These achievements leave
the company in a much stronger position to carry out its strategy and plans for
the next 18 months.
Revelo will continue to
evaluate all options to successfully explore its portfolio. Exploration work
will be done efficiently, either by Revelo (in our gold portfolio) or with our
partners (in our copper portfolio). We will exercise considerable influence on
the technical programs to ensure our exploration concepts are tested
successfully. Despite having negotiated eight joint ventures and having about
$20 million spent by third parties over the last six years, many of our
projects either remain untested or have specific targets that remain untested.
With 38.6 million shares
outstanding and a current market capitalization of about $4.0 million, the
Company and its shareholders have significant leverage to exploration success
within Revelo’s portfolio. Our plans for the next 18 months include:
capital to fund the exploration of Revelo’s gold projects with an initial
focus on Victoria Sur.
capital markets for potential business combinations.
our copper equity spin-outs on getting capital deployed quickly and
efficiently to test exploration concepts.
to conduct general reconnaissance to identify and acquire additional
precious metal projects in Chile.
REVELO’S ASSETS AS OF
Gold-Silver Portfolio – Shareholders will have direct
interest in Revelo’s gold-silver portfolio that comprises four projects
hectares, with the key projects being Victoria Sur and
the Las Pampas / Loro district:
Victoria Sur project is located along the Domeyko Mineral Belt, one of the
world’s most productive mineral belts, where several gold and silver mines
have operated in the past. Previous exploration at Victoria Sur, including
drilling, identified a porphyry gold style target with significant gold
intercepts in trenches and drill holes, and higher-grade gold-silver
intercepts in high-sulphidation epithermal structures. Several other targets
on the property require follow up, including an extensive gold-bearing
- The Las
Pampas and Loro projects comprise a strategic landholding within the
Paleocene Mineral Belt, located south and southwest of the multi-million
ounce El Peñon district (Yamana Gold). Limited
“proof-of-concept” historic drilling at both projects has
identified low-sulphidation epithermal “bonanza” veins with
extensive geochemical and geophysical anomalies that require further
Copper Portfolio – Shareholders will additionally
have significant leverage to copper through joint ventures on its three
wholly-owned projects totalling more than 30,000 hectares,
together with equity spin-outs that encompass a further 65,000 hectares of
venture with Sociedad Quimica Y Minera de Chile S.A. (SQM) covering the
Calvario & Mirador copper porphyry projects (14,600 hectares)
where SQM can earn up to 80% by spending US$13 million and paying Revelo
$5.2 million in cash payments.
- 100% interest
in the Montezuma copper project (16,000 hectares)
strategically located between Codelco’s Chuquicamata and Antofagasta
Mineral’s Esperanza mines, where the Company will continue to look for a
- 15% equity
holding in Atacama Copper Exploration Limited (see news release dated July
23, 2019) exploring 3 copper projects (7,000 hectares)
in Chile, with Revelo having a seat on a technical committee.
equity holding in a copper spin-out as a result of the recently announced
agreement with West Pacific Ventures, which will be exploring 8 copper
projects in Chile (58,000
hectares), and in which Revelo will have a seat on
the board of directors as well as having significant input into the
technical program (see news release dated May 19, 2020).
Demetrius Pohl, PhD.,
Certified Professional Geoscientist (CPG), an independent geological consultant
to Revelo, is the Company’s Qualified Person for the purposes of National
Instrument 43-101 Standards of Disclosures for Mineral Projects of the
Canadian Securities Administrators and has verified the data disclosed and
approved the written disclosure of the technical information contained in this
Revelo is a Canadian
company listed on the TSX Venture Exchange (TSX-V: RVL). Revelo has interests
in an outstanding portfolio of projects prospective for gold and copper located
along proven mineral belts in Chile, one of the world’s top mining
jurisdictions. The Company’s vision is to reward shareholders with wealth-generating
mineral discoveries along Chile’s prime mineral belts, through leveraged and
more efficient capital deployment, exploration, discovery and monetization. For
more information, please visit Revelo’s website here www.reveloresources.com.
The reader is cautioned
that when reference to an historic or an existing mining district is made in
the above descriptions, this is to help place the properties into geologic
context and is for reference purposes only. There is no evidence to date that
similar mineral resources occur on Revelo’s properties.
ON BEHALF OF THE BOARD
Michael Winn |
Timothy J Beale |
President & CEO
T: +1 604 687-5544 | email@example.com | www.reveloresources.com
Neither the TSX Venture
Exchange nor the Investment Industry Regulatory Organization of Canada accepts
responsibility for the adequacy or accuracy of this release.
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
view the source version of this press release, please visit https://www.newsfilecorp.com/release/56272
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