Joint Venture For For The Montezuma Project

VANCOUVER, BC - Revelo Resources Corp. reported that its Chilean subsidiary, Minera Serena Mining Chile Ltda., has established a Chilean Joint Venture company (JV), with associated Shareholders' Agreement, with Minera Newmont (Chile) Ltda. in order to own and manage the Montezuma Project in northern Chile. The JV is currently owned 51% by Newmont and 49% by Revelo, but Newmont has elected to pursue a further 14% (to 65%) in the JV company, and has an option to earn up to 75%, according to the Venture Agreement.

Additionally, Newmont has indicated that it plans to start drill testing of key anomalies on the approximately 45,285-hectare Montezuma Project in Q3 2016.

Through February, 2016, Newmont has spent a total of approximately US$5.6M at Montezuma since the Agreement was signed in January 2014. Newmont is exploring the Montezuma Project for porphyry Cu-Au-Mo deposits and related mineralization utilizing historical datasets together with programs of detailed geological mapping and proprietary geophysical and geochemical technologies. Geological mapping has been integrated with downhole data from an extensive re-logging program of over 30,000 m of historic drilling and over 5,000 surface geochemical samples, which have generated three-dimensional geological models of the drill hole geology, hydrothermal alteration and assay data. This work has defined several potential targets of interest for copper, gold and molybdenum.