ValGold, Revolver Revise Binding Letter Agreement for Ontario Tower Mountain Gold Property

ValGold Resources Ltd. ("ValGold") is pleased to report that it has revised the binding letter agreement (the "Option Agreement") with Revolver Resources Inc. ("Revolver") for ValGold's 100%-owned Tower Mountain gold property in north western Ontario. The Option Agreement was previously announced in a news release dated September 19, 2012. The revised agreement is subject to TSXV approval.

The terms of the Option Agreement have been revised so that Revolver can acquire an initial undivided 70% interest in the Tower Mountain property over the next three years by:

• making cash payments of $1,700,000 to ValGold of:
  • $200,000 on receipt of Regulatory Approval;
  • $350,000 on the first anniversary of receipt of Regulatory Approval;
  • $450,000 on the second anniversary of receipt of Regulatory Approval, and;
  • $700,000 on the third anniversary of receipt of Regulatory Approval.
• incurring aggregate expenditures of $3,500,000 on the Tower Mountain Property, with not less than $300,000 to be incurred by the first year anniversary of receipt of Regulatory Approval and $3,200,000 to be incurred by the fourth anniversary of receipt of the Regulatory Approval. The minimum expenditure shall be $500,000 in any 12 month period between anniversary dates.
• issuing to ValGold an aggregate of 7,500,000 Revolver common shares as follows:
  • 1,500,000 Revolver Shares within five business days from receipt of Regulatory Approval, and;
  • 2,000,000 Revolver Shares on each of the first, second and third anniversaries of receipt of Regulatory Approval.

All other terms of the Option Agreement as disclosed in the September New Release remain unchanged.

Revolver has completed an updated National Instrument 43-101 report on the Tower Mountain Property which will be filed with the TSX Venture Exchange and posted on SEDAR once acceptance has been received for the transaction.