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Every why hath a wherefore

Mining PRs and the Ottotrans™, Part 108

Another episode in our occasional series that attempts to transform the language used in mining company news releases into English. Today’s example comes from Revelo Resources (RVL.v) and today, we are able to transform 1,252 words into just six:



This is what they said:

Vancouver, British
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
    $2.11 million.
  • Sold its
    equity interest in a listed company for total net proceeds of about $0.88
    million.
  • Repaid all
    third-party debt totaling approximately $2.54 million.
  • Significantly
    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.
  • Entered
    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.
  • Completed
    a 10-for-1 rollback of the stock.
  • Obtained
    shareholder approval for the conversion of debt owed to the Chairman, CEO
    and officers of the company.
  • Chairman
    wrote off $513,000 in management fees owed and converted the balance of
    $242,000 into 1,613,334 shares.
  • Converted
    $2.36 million of cash loans from the Chairman into 15,729,348 million
    shares.

* 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:

  • Raising
    capital to fund the exploration of Revelo’s gold projects with an initial
    focus on Victoria Sur.
  • Assessing
    capital markets for potential business combinations.
  • Assisting
    our copper equity spin-outs on getting capital deployed quickly and
    efficiently to test exploration concepts.
  • Continuing
    to conduct general reconnaissance to identify and acquire additional
    precious metal projects in Chile.

REVELO’S ASSETS AS OF
MAY 2020:

Gold-Silver Portfolio – Shareholders will have direct
interest in Revelo’s gold-silver portfolio that comprises four projects
totalling 38,500
hectares, with the key projects being Victoria Sur and
the Las Pampas / Loro district:

  • The
    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
    “lithocap”.
  • 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
    exploration follow-up.

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
prospective ground:

  • Joint
    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
    JV Partner.
  • 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.
  • 19.9%
    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).

Qualified Person

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
news release.

ABOUT REVELO

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 |
Chairman

INVESTOR CONTACT
Timothy J Beale |
President & CEO
T: +1 604 687-5544 |
info@reveloresources.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.

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.

To
view the source version of this press release, please visit
https://www.newsfilecorp.com/release/56272

And this is what it means:

We are running a placement soon.

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