Published: February 10, 2016 |

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Revelo Resources Corp. has signed an option and sale agreement with Guanaco Cia. Minera SpA, a wholly owned Chilean subsidiary of Austral Gold Limited, whereby Austral will have the sole and exclusive option and right to acquire a 100 percent undivided interest in Revelo’s 12,500 hectare San Guillermo project, located in Northern Chile, by paying Revelo a total of US$2.65 million over three years (out of which US$ 2 million is the optional payment in year 3 to fully acquire the project) plus spending US$ 3 million on exploration over the same time frame of three years. Revelo will also retain a royalty on any future production from the project.

“Revelo has been diligently pursuing third party deals to advance its portfolio of projects and to add to the joint venture agreement already signed with Newmont Mining. This deal with Austral provides cash to Revelo and exploration investment in the ground to advance the project, as well as developing Revelo’s nascent future royalty portfolio. Both Revelo and Austral believe that San Guillermo has potential to host extensions to the vein systems at the Amancaya project owned by Austral,” said Tim Beale, president and CEO of Revelo.

“Previous drilling at San Guillermo resulting in several mineralized intercepts supports this thesis. We are pleased to be partnering with Austral and we look forward to them advancing exploration at San Guillermo. Identifying the right partner and sealing a deal in the current market requires considerable patience, but we are determined to deliver more such deals in the months to come,” added Beale.

About Austral Gold
Austral Gold Limited is a growing precious metals mining and exploration company building a portfolio of assets in South America. The company’s flagship Guanaco project in Chile is a low-cost producing mine with further exploration upside. With an experienced and highly regarded major shareholder, Austral Gold is strengthening its asset base by investing in new precious metals projects in Chile and Argentina that have near-term development potential.

To stop by Austral Gold’s website, CLICK HERE

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 controls more than 350,000 hectares of 100 percent owned exploration tenement along proven mineral belts in northern Chile. The portfolio is comprised of 21 high-quality exploration projects prospective for copper, gold and silver including the Montezuma project already under JV agreement with a subsidiary of Newmont Mining. In addition, Revelo retains a 2 percent royalty interest in the Victoria Project, an important copper-gold-silver exploration project in northern Chile.

To stop by Revelo’s website, CLICK HERE

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