Revival Gold Announces Results of Beartrack-Arnett Economic Impact Study
Study Highlights Significant Economic and Social Value to Lemhi County and Idaho
TORONTO, Feb. 08, 2021 (GLOBE NEWSWIRE) -- RevivalGoldInc.(TSXV:RVG,OTCQB:RVLGF) (“ Revival Gold” or the “Company”), a growthfocused gold exploration and development company, announces the results of an independently authored study (“Study”) into the potential economic impacts of the Company’s Beartrack-Arnett Gold Project (“Beartrack-Arnett”) on the local community of Lemhi County and the State of Idaho.
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 to State of Idaho and Federal tax revenues respectively over the eight-year project life.
* All amounts shown are in United States dollars unless otherwise stated.
The Study, undertaken by Idaho Regional Economist Steven Peterson, BS, MS, a long-term Associate Clinical Professor at the University of Idaho, Moscow, Idaho, is based on the results of Revival Gold’s Preliminary Economic Assessment (“PEA”) on the proposed first phase restart of open pit heap leach operations at the Beartrack-Arnett gold project located in Lemhi County, Idaho, USA (see news release dated December 18th, 2020).
“This Study confirms the broad extent of potential economic prosperity a successful restart of the Beartrack-Arnett project offers Lemhi County, the state of Idaho, and the nation. The project could have a substantial positive impact on employment, skills development and overall economic activity and would bring a much-needed economic boost directly and indirectly to hundreds of families and local businesses in Idaho. Beartrack-Arnett has the potential to support a peak of more than 1,300 high wage full-time jobs representing almost $100 million a year in total compensation largely in a region that suffers from higher unemployment than the Idaho state average,” said President & CEO, Hugh Agro.
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 $100 million and a one-year construction period. Including sustaining capital and other expenditures, the total cumulative gross capital investment is estimated to be $207 million. The project would generate an after-tax Net Present Value at a 5% discount rate (“NPV5%”) of $88 million and an after-tax Internal Rate of Return (“IRR”) of 25% at a $1,550 per ounce gold price, increasing to a $211 million NPV5% and 49% after-tax IRR at a gold price of $1,950 per ounce.
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 $100,000 per person, 80% higher than the average salary package in Idaho and 107% higher than the average salary package in Lemhi County where the median annual household income is $37,900. Including indirect jobs, some 858 full-time jobs will be supported each year by the mine. An additional 506 full-time direct and indirect jobs will be supported during project construction.
Over the course of eight years of expected first phase operations, total added value to the state’s GDP, will be a cumulative $1.2 billion, averaging $152 million annually. This large increase in economic activity will generate significant gains in the State’s tax base. Total gains to state and local government coffers are expected to be $84 million cumulatively, averaging $11 million annually.
Summary Estimated Economic Contributions (millions of constant 2024 dollars)
Operating
Year | Direct &
Indirect
Jobs | GDP
(US$ M) | Total
Compensation
(US$ M) | State and Local
Taxes
(US$ M) |
| 0 | 1,364 | $172 | $113 | $11 |
| 1 | 813 | $145 | $95 | $10 |
| 2 | 742 | $137 | $91 | $10 |
| 3 | 887 | $152 | $100 | $11 |
| 4 | 912 | $153 | $101 | $11 |
| 5 | 957 | $160 | $106 | $11 |
| 6 | 795 | $147 | $97 | $10 |
| 7 | 897 | $152 | $100 | $10 |
Total
Contributions | | $1,218 | $803 | $84 |
“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 Mr. Agro.
Revival Gold is advancing Beartrack-Arnett towards a Pre-Feasibility Study expected to be completed by year-end 2022. Meanwhile, exploration continues. Interested parties are encouraged to visit www.revival-gold.com or contact Revival Gold at info@revival-gold.com for more information.
Study Highlights Significant Economic and Social Value to Lemhi County and Idaho
TORONTO, Feb. 08, 2021 (GLOBE NEWSWIRE) -- RevivalGoldInc.(TSXV:RVG,OTCQB:RVLGF) (“ Revival Gold” or the “Company”), a growthfocused gold exploration and development company, announces the results of an independently authored study (“Study”) into the potential economic impacts of the Company’s Beartrack-Arnett Gold Project (“Beartrack-Arnett”) on the local community of Lemhi County and the State of Idaho.
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 to State of Idaho and Federal tax revenues respectively over the eight-year project life.
* All amounts shown are in United States dollars unless otherwise stated.
The Study, undertaken by Idaho Regional Economist Steven Peterson, BS, MS, a long-term Associate Clinical Professor at the University of Idaho, Moscow, Idaho, is based on the results of Revival Gold’s Preliminary Economic Assessment (“PEA”) on the proposed first phase restart of open pit heap leach operations at the Beartrack-Arnett gold project located in Lemhi County, Idaho, USA (see news release dated December 18th, 2020).
“This Study confirms the broad extent of potential economic prosperity a successful restart of the Beartrack-Arnett project offers Lemhi County, the state of Idaho, and the nation. The project could have a substantial positive impact on employment, skills development and overall economic activity and would bring a much-needed economic boost directly and indirectly to hundreds of families and local businesses in Idaho. Beartrack-Arnett has the potential to support a peak of more than 1,300 high wage full-time jobs representing almost $100 million a year in total compensation largely in a region that suffers from higher unemployment than the Idaho state average,” said President & CEO, Hugh Agro.
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 $100 million and a one-year construction period. Including sustaining capital and other expenditures, the total cumulative gross capital investment is estimated to be $207 million. The project would generate an after-tax Net Present Value at a 5% discount rate (“NPV5%”) of $88 million and an after-tax Internal Rate of Return (“IRR”) of 25% at a $1,550 per ounce gold price, increasing to a $211 million NPV5% and 49% after-tax IRR at a gold price of $1,950 per ounce.
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 $100,000 per person, 80% higher than the average salary package in Idaho and 107% higher than the average salary package in Lemhi County where the median annual household income is $37,900. Including indirect jobs, some 858 full-time jobs will be supported each year by the mine. An additional 506 full-time direct and indirect jobs will be supported during project construction.
Over the course of eight years of expected first phase operations, total added value to the state’s GDP, will be a cumulative $1.2 billion, averaging $152 million annually. This large increase in economic activity will generate significant gains in the State’s tax base. Total gains to state and local government coffers are expected to be $84 million cumulatively, averaging $11 million annually.
Summary Estimated Economic Contributions (millions of constant 2024 dollars)
Operating
Year | Direct &
Indirect
Jobs | GDP
(US$ M) | Total
Compensation
(US$ M) | State and Local
Taxes
(US$ M) |
| 0 | 1,364 | $172 | $113 | $11 |
| 1 | 813 | $145 | $95 | $10 |
| 2 | 742 | $137 | $91 | $10 |
| 3 | 887 | $152 | $100 | $11 |
| 4 | 912 | $153 | $101 | $11 |
| 5 | 957 | $160 | $106 | $11 |
| 6 | 795 | $147 | $97 | $10 |
| 7 | 897 | $152 | $100 | $10 |
Total
Contributions | | $1,218 | $803 | $84 |
“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 Mr. Agro.
Revival Gold is advancing Beartrack-Arnett towards a Pre-Feasibility Study expected to be completed by year-end 2022. Meanwhile, exploration continues. Interested parties are encouraged to visit www.revival-gold.com or contact Revival Gold at info@revival-gold.com for more information.