Revolution Resources and Lake Shore Gold Amend Option Agreement for Mexican Properties
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 07/26/12 -- Revolution Resources Corp. (TSX: RV) ("Revolution" or "the Company") is pleased to announce that the Company has amended the terms of its option agreement to acquire up to 100% of the Universo and Montana de Oro properties in Mexico from Lake Shore Gold Corp. ("Lake Shore Gold"). Please see Revolution's news release dated September 15, 2011 for a full description of the original terms.
A summary of the amendments include:
-- The expenditures required to be incurred during the first option period
to earn a 60% interest have been reduced to $15 million from $35
million; and
-- In consideration for this expenditures reduction:
-- Revolution will be required to issue an additional 7,500,000 common
shares to Lake Shore Gold over 4 years during the first option
period to maintain the first option, subject to acceptance of the
Toronto Stock Exchange; and
-- the payment required to be made to exercise the Second Option to
acquire the remaining 40% of either or both of the Universo and
Montana de Oro properties has been increased from $20 per gold or
gold equivalent ounce of resource in all categories to $30 per
ounce.
About Revolution
Revolution Resources Corp. is a TSX-listed exploration company (TSX: RV) based in Vancouver, BC, Canada. Well-funded and with no long-term debt, the Company's current exploration activities are focused on gold and silver in the historic belts of Mexico and the USA.
ON BEHALF OF THE BOARD of Revolution Resources Corp.
Aaron Keay, President, CEO and Director
Forward-Looking Statements: Some statements in this news release contain forward-looking information or forward-looking statements for the purposes of applicable securities laws. These statements include, among others, statements with respect to proposed exploration, development and production activities and their timing, potential mineralization, the announcement of results, the anticipated acquisition of property interests and expected share issuances. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. Such factors include, among others, receipt of regulatory approvals, completion of anticipated transactions, the timing and success of future exploration, development and production activities, exploration and development risks, expenditure and financing requirements, title matters, third party consents, operating hazards, metal prices, political and economic factors, competitive factors, general economic conditions, relationships with vendors and strategic partners, governmental regulation and supervision, seasonality, technological change, industry practices and one-time events. In making the forward-looking statements, the Company has applied several material assumptions including, but not limited to, the assumptions that: (1) the proposed exploration and development of mineral projects will proceed as planned; (2) market fundamentals will result in sustained metals and minerals prices and (3) any additional financing needed will be available on reasonable terms. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise except as otherwise required by applicable securities legislation.
Contacts:
Revolution Resources Corp.
Dylan Berg
Manager, Investor Relations
604-681-5672 direct or 604-616-1182 cell
dylan@revolutionrc.com
Revolution Resources Corp.
Josh Serfass
Investor Relations
604-484-7855 direct or 604-970-4150 cell
jserfass@mcleodwilliams.com
Revolution Resources Corp.
Aaron Keay
President, CEO and Director
604-678-4024 direct or 604-323-6911 cell
aaron@revolutionrc.com
www.revolutionresourcescorp.com