Study Highlights Significant Economic and Social Value to
Highlights
$1.2 billion cumulative contribution to Idaho State Gross Domestic Product (“GDP”) over an eight-year period (one year construction, seven years of operation);- 858 average annual full-time jobs supported during operations including multiplier effect with direct employment of 267 personnel at site, plus an additional 506 full-time jobs supported during construction;
$87 million and$121 million of cumulative contribution toState of Idaho and Federal tax revenues respectively over the eight-year project life.
* All amounts shown are in
The Study, undertaken by
“This Study confirms the broad extent of potential economic prosperity a successful restart of the Beartrack-Arnett project offers
The PEA outlined a first phase open pit mining and heap leach operation producing an estimated 72,000 ounces of gold per year over an estimated seven-year mine life following an initial capital investment of
This PEA is preliminary in nature; it includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the preliminary economic assessment will be realized. Mineral resources are not mineral reserves and do not have demonstrated economic viability.
The Study found that during operations, Beartrack-Arnett will directly employ an average of 267 people per year with an average salary package estimated at approximately
Over the course of eight years of expected first phase operations, total added value to the state’s GDP, will be a cumulative
Summary Estimated Economic Contributions (millions of constant 2024 dollars)
Operating Year | Direct & Indirect Jobs | GDP (US$ M) | Total Compensation (US$ M) | State and Local Taxes (US$ M) |
0 | 1,364 | |||
1 | 813 | |||
2 | 742 | |||
3 | 887 | |||
4 | 912 | |||
5 | 957 | |||
6 | 795 | |||
7 | 897 | |||
Total Contributions |
“Revival Gold is a value-driven company. The Company’s mission is to deliver growth in gold through responsible exploration and development for the benefit of our owners, our team, and the communities in which we live and work. Helping local stakeholders understand the potential economic benefits of Beartrack-Arnett to their community is part of our commitment. The Company is committed to hiring locally, skills development and other sustainable benefits, as well as initiatives to minimize greenhouse gas emissions through technology and the use of Idaho’s low carbon sources of energy,” added
Qualified Persons
Mr.
About
Beartrack-Arnett is the largest past-producing gold mine in
For further details, including key assumptions, parameters and methods used to estimate the Mineral Resources, and data verification, please see the Company’s NI 43-101 compliant technical report titled, “Preliminary Economic Assessment of the Heap Leach Operation on the
For further information, please contact:
Telephone: (416) 366-4100 or Email: info@revival-gold.com
Cautionary Statement
Neither the
This News Release includes certain “forward-looking statements” which are not comprised of historical facts. Forward-looking statements include estimates and statements that describe the Company’s future plans, objectives or goals, including words to the effect that the Company, or management, expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as “believes”, “anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “will”, or “plan”. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, the Company provides no assurance that actual results will meet management’s expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward-looking information in this news release includes, but is not limited to, the Company’s intentions regarding its objectives, goals or future plans and statements. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, the Company’s ability to predict or counteract the potential impact of COVID-19 coronavirus on factors relevant to the Company’s business, failure to identify additional mineral resources, failure to convert estimated mineral resources to reserves with more advanced studies, the inability to eventually complete a feasibility study which could support a production decision, the preliminary nature of metallurgical test results may not be representative of the deposit as a whole, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, capital, operating and reclamation costs varying significantly from estimates and the other risks involved in the mineral exploration and development industry, and those risks set out in the Company’s public documents filed on SEDAR. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.
Source:
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