(TheNewswire)
Vancouver, British Col umbia, Canada – TheNewswire – April 27, 2022 - Jazz Resources Inc. (TSXV:JZR) (the “ Company ” or“ JZR ”) is pleased to announce that assembly of the 800 tonneper day bulk sampling gravimetric mill (the “ Mill ”) on the VilaNova gold property in Amapa, Brazil (the “ Property ”) has beencompleted. Brastorno Tecnologia em Equipamentos Para Mineracao(“ Brastorno ”), a Brazilian manufacturer of mineral exploration andmining equipment, was retained in 2021 to design, manufacture andassemble the Mill on the Property. It is anticipated that the Millwill be powered up with electricity and water and Brastorno willundertake start-up and testing procedures in May 2022 before the Millwill become operational.
The Company, together with the operator of the projecton the Property, ECO Mining Oil & Gaz Drilling and ExplorationEIRELI (“ ECO ”), and all technical consultants and other personnel onthe Property, are working diligently to bring the Mill into operation. The Company is focused on commencing bulk sampling as soon aspossible, with a view to generating revenue from its royalty interestin the Property, pursuant to the terms of the Joint Venture RoyaltyAgreement with ECO.
The technical information in this news release has beenprepared in accordance with National Instrument 43-101 Standards of Disclosure for MineralProjects (“ NI 43-101 ”), andreviewed and approved by Dr. Stewart A. Jackson, PGeo., a “QualifiedPerson” under NI 43-101 and independent of the Company. TheCompany does not report any resources or reserves on the Property, andhas not prepared a preliminary economic assessment for the purposes ofproceeding with any bulk sampling on the Property.
The Company also announces that 2,909,000 sharepurchase warrants issued in 2021, with an exercise price of $0.35 pershare, were exercised in March. As a result, the Company issued anaggregate of 2,909,000 common shares and received gross proceeds of$1,018,150. The Company has used, and intends to use, the netproceeds received from the exercise of warrants to further develop theVila Nova gold project and for general working capital purposes.
For further information, please contact:
Robert Klenk
Chief Executive Officer
rob@jazzresources.ca
Forward-Looking Statements
This news release contains forward-looking statements,which includes any information about activities, events ordevelopments that the Company believes, expects or anticipates will ormay occur in the future. Forward-looking statements in this newsrelease include statements with respect to the expected use ofproceeds derived from the exercise of Warrants, the anticipatedstart-up of the Mill and the planned commencement of bulk sampling onthe Property. Forward-looking statements are subject to a variety ofknown and unknown risks, uncertainties and other factors that maycause the actual results, level of activity, performance orachievements of the Company to be materially different from thoseexpressed or implied by such forward-looking statements. Risks thatcould change or prevent these statements from coming to fruitioninclude, but are not limited to, that we may not succeed in bringingthe Mill into operation and that the Mill may not operate asanticipated, or at all; that any minerals which may exist on ourProperty may not be economically mined or processed, if at all; thatwe or ECO may not be able to obtain the necessary permits related tothe Mill or the Property to enable us to explore for, or mine orprocess minerals; that we may not be able to raise additional orsufficient funds that may be necessary to develop our Property orbring the Mill into operation and to continue its operation; theavailability, or lack thereof, of labour, equipment and markets forour products; and general business, economic, competitive,geopolitical and social uncertainties and regulatory risks. Althoughthe Company has attempted to identify important factors that couldcause actual results to differ materially from those contained inforward-looking information, there may be other factors that causeresults not to be as anticipated, estimated or intended. There canbe no assurance that such information will prove to be accurate, asactual results and future events could differ materially from thoseanticipated in such statements. Accordingly, readers should notplace undue reliance on forward-looking statements. Theforward-looking statements contained in this news release is expresslyqualified in its entirety by this cautionary statement. The Companydoes not undertake to update any forward-looking statements, except asrequired by applicable securities laws.
Neither the TSXVenture Exchange nor its regulation services provider (as that term isdefined in the policies of the TSX Venture Exchange) acceptsresponsibility for the adequacy or accuracy of this pressrelease.
None of thesecurities of JZR have been registered under the U.S. Securities Actof 1933, as amended (the “U.S. Securities Act”), or any statesecurities law, and may not be offered or sold in the United States orto, or for the account or benefit of, persons in the United States or“U.S. persons” (as such term is defined in Regulation S under theU.S. Securities Act) absent registration or an exemption from suchregistration requirements. This news release shall not constitute anoffer to sell or the solicitation of an offer to buy in the UnitedStates nor shall there be any sale of the securities in any State inwhich such offer, solicitation or sale would be unlawful.
NOT FORDISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR RELEASE, PUBLICATION,DISTRIBUTION OR DISSEMINATION, DIRECTLY OR INDIRECTLY, IN WHOLE OR INPART, IN OR INTO THE UNITED STATES
Copyright (c) 2022 TheNewswire - All rights reserved.