Sep 15, 2009
Reva to Acquire 100% Interest in the Chu Chua Massive Sulfide Deposit
Mr. Douglas Scheving, President and CEO is pleased to report that Reva Resources Corp. (the "Company") has entered into an agreement with a private company, at arms length to the Company, whereby the Company has acquired the right to purchase a 100% interest in the Chu Chua massive sulfide mineral deposit located approximately 70km north of Kamloops, British Columbia.
Chu Chua was discovered in 1978 by Craigmont Mines Ltd. and subsequently optioned to Minnova Inc. One hundred and thirty (130) drillholes have been drilled on the Chu Chua property for a total of 23,500m, with a total of 98 drillholes for a total of 19,000m in the resource area. The deposit is comprised of two vertical and steeply dipping lenses of massive pyrite--chalcopyrite and magnetite up to 40m thick, with a known strike length of 400m and a known depth of 250m.
A resource calculation conducted by Mintec Inc. in 1989 quoted a resource of 2.9m tonnes at 1.6% Cu, 0.26% Zn, and 6.9 g/t Ag. Using a 2% copper cut-off grade, a resource was estimated at 798,611 tonnes at 3.87% Cu, 0.45% Zn and 12.8 g/t Ag. This resource calculation is classified as being an historical resource and is not therefore acceptable for NI43-101 reporting purposes and should not be relied upon. The most commonly reported grade and tonnage for the Chu Chua deposit is in the 1992-93 Canadian Mines Handbook which reports an "open pit reserve" of 1,043,154 tonnes grading 2.98% Cu, 10.2 g/t Ag, 0.54 g/t Au and 0.3% Zn. This is an historical "reserve" and is not therefore acceptable for NI 43-101 reporting purposes and should not be relied upon.
A qualified person has not classified either the historical "resource' or the historical "reserve" as a current mineral resource or reserve and the Company is not treating any of the above estimates as such. As part of the work to be conducted by the Company a new NI 43-101 resource model and estimation will be derived utilising the extensive drillhole data base to construct a 3-D geological resource model to be used for block modelling in order to calculate a NI 43-101 compliant resource estimation and to direct metallurgical testing and sampling. The Company has retained the services of APEX Geosciences Ltd. to conduct this work.
Under the terms of the agreement, the consideration to be paid by the Company to purchase a 100% interest in the Chu Chua property, subject to a 2% Net Smelter Royalty ("NSR"), is Cdn$50,000 and 52,000,000 (fifty two million) shares of the Company, the total deemed value of the consideration paid being Cdn$2,975,000. As part of the transaction the Company also has a First Right of Refusal ("FRR") over the 2% NSR.
The closing of the transaction detailed herein remains subject to the acceptance of the TSX Venture Exchange and shareholder approval.
Mr. Kris Raffle, P. Geol., of APEX Geoscience Ltd. is the Qualified Person who reviewed the scientific and technical information contained in this news release.
For further information contact:
"Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release."
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