May 16, 2011

Reva Announces Financing for Radio Property, Saskatchewan

Not for Distribution to U.S. Newswire Services or Dissemination in the United States

Vancouver, BC, May 16, 2011 - Reva Resources Ltd. (RVA.TSX-V) is pleased to announce that it has entered into an agreement with Paradigm Capital Inc. to act as lead agent on behalf of a syndicate including Raymond James Limited (collectively, the "Agents") for an up to $8 million financing to qualified purchasers by way of a best efforts brokered private placement (the "Offering"). In addition, the Agents have been granted an option for the placement of up to an additional $2 million for a total of $10 million, exercisable up to two days before closing.

The Offering will consist of up to $2 million of units ("Units") and up to $6 million of flow-through common shares. Each Unit will consist of one common share and one half of one common share purchase warrant exercisable for a period of 24 months from closing. The Units and flow-through common shares will be sold by private placement in the provinces of Ontario, British Columbia, Alberta and Nova Scotia, and such other provinces of Canada as the Company and the Agents mutually agree (collectively, the "Jurisdictions") and in such jurisdictions outside of Canada, including the United States, as the Company and the Agents mutually agree. The pricing of the Offering will be determined in the context of the market with closing on or around June 9, 2011. The Agents shall be entitled to receive a cash commission equal to 6% of the gross proceeds of the Offering.

Net proceeds of the Offering will be used for exploration of the Radio Property in Saskatchewan, for which the Company recently announced an option agreement to earn an interest in the property (the "Option Agreement"). Further details are contained in the Company's press releases of February 8 and May 12, 2011.

Closing of the Offering remains subject to receipt of the acceptance of the TSX Venture Exchange to the Offering and to the Option Agreement.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available. All dollars in this release are in Canadian funds. This press release may contain forward-looking statements based on assumptions and judgments of management regarding future events or results that may prove to be inaccurate as a result of exploration and other risk factors beyond its control and actual results may differ materially from the expected results.

For further information contact:
Douglas Scheving

Neither the TSX Venture Exchange nor its Regulation Service Provider (as the terms is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

You can view the Next News Releases item: Wed Jun 8, 2011, News Release

You can view the Previous News Releases item: Thu May 12, 2011, Reva Amends terms of Radio Property Agreement

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