Revolution Resources and Lake Shore Gold Amend Option Agreement for Mexican Properties
July 26th, 2012, Vancouver, BC, Canada – 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.
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.
President, CEO and Director
For more information please contact:
Manager, Investor Relations
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.