Vancouver, British Columbia (FSCwire) - REVOLVER RESOURCES INC. (TSXV: RZ) (the “Company” or “Revolver”) is pleased to announce that it has entered into an exclusivity agreement (the “Exclusivity Agreement”) with Ximen Mining Corp. (TSXV:XIM) (“Ximen”) whereby Revolver will have up to thirty days to conduct due diligence on certain of Ximen’s mineral claims commonly known as the Gold Drop Property in Greenwood, BC, with a view to negotiating the terms of a letter of intent and, if applicable, a definitive agreement in order to complete the acquisition of certain of Ximen’s mineral claims (the “Transaction”). The Gold Drop property is located in the prolific Republic Graben geological formation with historic production of 8 million ounces of gold.
Past production on the Gold Drop property is highlighted below.
Small-scale intermittent mining was conducted at Gold Drop, North Star, Amandy and Roderick Dhu veins during the period of 1919 - 1940. This included:
- North Star: 6,178 tonnes mined with 3.8 g/t Au and 76.9 g/t Ag recovered.
- Amandy: 1,059 tonnes mined with 10.0 g/t Au and 185.2 g/t Ag recovered.
- Gold Drop: 180 tonnes mined with 23.9 g/t Au and 143.4 g/t Ag recovered.
- Roderick Dhu 25 tonnes mined with 19.9 g/t Au and 275 g/t Ag recovered
Visible Gold from the Gold Drop property.
To view the graphic in its original size, please click here
The Gold Drop Project is located in Greenwood southern B.C., has easy access and good infrastructure in place.
Ximen has completed a NI 43-101 technical report on the Gold Drop Property (the “Report”). The Report, dated January 21 2014, entitled “The Gold Drop Property”, was prepared by Linda Caron,M.Sc., P. Eng. following the guidelines of NI 43-101 and NI 43-101F1.
To the best of the Company’s knowledge, information, and belief, there is no new material scientific or technical information that would make the disclosure regarding the Gold Drop Property inaccurate or misleading.
Readers are warned that historical records referred to in this News Release have been examined but not verified by a qualified person. Further work is required to verify that historical assays referred to in this News Release are accurate.
This news release has been reviewed and approved by David Martin, P.Geo., a Qualified Person as defined in National Instrument.
The Transaction will be subject to the parties obtaining the approval of the TSX Venture Exchange.
The Transaction is subject to, among other things, the completion of due diligence, the execution of a mutually satisfactory definitive agreement and obtaining all necessary regulatory approvals. Further details about the Transaction will be provided in a comprehensive press release if and when the parties enter into a letter of intent and/or definitive agreement.
On Behalf of the Board of Directors
Barry Brown, Director
604-488-3900
This News Release may contain forward-looking statements including but not limited to the Transaction, comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, execution of the letter of intent and definitive agreement. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such information can generally be identified by the use of forwarding-looking wording such as “may”, “expect”, “estimate”, “anticipate”, “intend”, “believe” and “continue” or the negative thereof or similar variations. Actual results may differ materially from those currently anticipated in such statements and the Company undertakes no obligation to update such statements, except as required by law. The reader is cautioned not to place undue reliance on any forward-looking information. There can be no assurance that the proposed transaction with Ximen will be completed or, if completed, will be successful.
Forward-looking statements are based on the then-current expectations, beliefs, assumptions, estimates and forecasts about the business and the industry and markets in which the Company operates, including that: the current price of and demand for minerals being targeted by the Company will be sustained or will improve; the Company’s current exploration programs and objectives can be achieved; the Company will be able to obtain required exploration licences and other permits; general business and economic conditions will not change in a material adverse manner; financing will be available if and when needed on reasonable terms; the Company will not experience any material accident; and the Company will be able to identify and acquire additional mineral interests on reasonable terms or at all. Forward-looking statements are not guarantees of future performance and involve risks, uncertainties and assumptions which are difficult to predict. Investors are cautioned that all forward-looking statements involve risks and uncertainties, including: that resource exploration and development is a speculative business; that the Company may lose or abandon its property interests or may fail to receive necessary licences and permits; that environmental laws and regulations may become more onerous; that the Company may not be able to raise additional funds when necessary; potential defects in title to the Company’s properties; fluctuations in currency exchange rates; fluctuating prices of commodities; operating hazards and risks; competition; potential inability to find suitable acquisition opportunities and/or complete the same; and other risks and uncertainties listed in the Company’s public filings. These risks, as well as others, could cause actual results and events to vary significantly. Accordingly, readers should not place undue reliance on forward-looking statements and information, which are qualified in their entirety by this cautionary statement. There can be no assurance that forward-looking information, or the material factors or assumptions used to develop such forward looking information, will prove to be accurate. The Company does not undertake any obligations to release publicly any revisions for updating any voluntary forward-looking statements, except as required by applicable securities law.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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