Revelo Resources to Acquire 4 Exploration Properties in Chile

Revelo Resources (TSXV:RVL) has agreed on the principal terms and conditions to acquire four early stage exploration properties from the Chilean subsidiary of Altius Minerals (TSX:ALS), BLC. A letter of intent has been signed detailing the terms and conditions of the acquisition, and both companies will aim to come of a definitive agreement by May 25 2015.

As quoted in the press release:

The Properties are all relatively early stage exploration projects. Loro en el Hombro is a property prospective for gold-silver veins and is located 25 kilometres south of Yamana Gold’s El Peñon gold-silver mine and directly east of Revelo’s Las Pampas property, currently optioned to a subsidiary of Kinross Gold. Morsas is a large property located along the IOCG belt approximately 50 kilometres southwest of Lundin Mining’s Candelaria copper-gold mine. Culebra and Anaconda are properties that augment Revelo’s already considerable land position along the Eocene-Oligocene porphyry copper belt, and are located 60 kilometres south of BHP Billiton’s Escondida mine along the Domeyko fault system near Revelo’s Block 3 and Block 4, respectively.

Revelo president and CEO, Tim Beale, said:

Revelo continues to deliver on the expansion of its portfolio of high quality exploration properties in Chile and we are delighted to have added Altius to our strong shareholder base. Altius is a major player in the prospect generator and royalty business, and brings significant value add to Revelo as a shareholder and strategic partner in Chile. This is an important affirmation of Revelo’s business model and property portfolio in Chile.

Revelo and BLC will also complete a private placement:

Prior to or concurrently with the completion of the Acquisition, Revelo and BLC will complete a private placement (the “Placement”) of 5,000,000 units of Revelo for proceeds of C$750,000 at C$0.15 per unit. Each unit will consist of one common share of Revelo and one non-transferable common share purchase warrant to purchase one common share of Revelo for three years at C$0.20. The proceeds from the Placement will be used to fund Revelo’s exploration of the Properties.

Click here to read the Revelo Resources (TSXV:RVL) press release