VANCOUVER, CANADA--(Marketwired - Jul 29, 2013) - Revolver Resources Inc. ("Revolver" or the "Company") (TSX VENTURE:RZ) is pleased to announce that following TSX Venture Exchange ("Exchange") final approval, the Company has closed its fundamental acquisition (the "Acquisition") which was originally announced on dated May 17, 2013 and closed a concurrent non-brokered private placement of $219,500.
The Company has entered into an option agreement (the "Option Agreement") dated May 17, 2013, with Pistol Bay Mining Inc. ("Pistol Bay") whereby Revolver may earn a 60% interest in the Summit B property (the "Property"), located in northwestern British Columbia. Under terms of the Option Agreement, Revolver has the option to earn a 60% interest in the Property by completing $2,500,000 in exploration expenditures on the Property, making $500,000 in cash payments to Pistol Bay and issuing Pistol Bay 4,000,000 common shares over the next three years as follows:
|Date||Cash Payment||Share Issuance||Expenditure Requirement|
|On the Effective Date||$25,000||Nil||Nil|
|On Exchange approval of the Option Agreement||$75,000||2,000,000 common shares||Nil|
|On or before the date which is one year from the Effective Date||$200,000||1,000,000 Shares||$250,000|
|On or before the date which is two years from the Effective Date||$200,000||1,000,000 common shares||$750,000|
|On or before the date which is three years from the Effective Date||Nil||Nil||$1,500,000|
In connection with closing the Acquisition, the Company has agreed to pay a non-arms' length finder a cash fee of $60,000 payable in stages.
The 1,394.53 hectare Property is located in the Iskut area of northwestern British Columbia, Canada, and is contiguous with Colorado Resources Ltd.'s ("Colorado") North Rok copper-gold property (the "North Rok Property"). Colorado recently announced positive drill results on the North Rok Property, details of which can be found in its news release dated May 16, 2013.
A National Instrument 43-101 geological report for the Property has been prepared in connection with the Acquisition and will be filed on SEDAR at www.sedar.com.
ON BEHALF OF THE BOARD OF DIRECTORS
Robert L. Birmingham, President
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICE PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.