(TheNewswire)
Vancouver, British Columbia, Canada – TheNewswire – December 6,2022 – JZR Gold Inc. (the “ Company ” or “ JZR ”) ( TSXV:JZR ) is pleased to announce that it has been advised by ECOMining Oil & Gaz Drilling and Exploration EIRELI (“ ECO ”), its jointventure royalty agreement counterparty and the operator of the VilaNova Gold Project located in Amapa State, Brazil (the “ Project ” or the“ Property ”) that the 800 tonne-per-day bulk sampling gravimetricmill (the “ Mill ”) located on the Property is now operating and processingmaterial on the Property. The Mill wasmanufactured in Brazil by Brastorno, a respected manufacturer ofspecialized mining equipment and assembled by ECO under Brastorno’ssupervision.
The Company has also been advised that ECO has receivedall applicable permits from the regulatory authorities in Brazil withrespect to operating the Mill to process tailings and bedrock on theProperty. TheMill has the capacity to process 800 tonnes of tailings and bedrockper day. The Property has a long history ofalluvial mining in the deeply saprolitized bedrock consisting ofbanded gold-bearing iron formations and exhalative gold zones. Somehard rock was also produced.
Commencement of operations on the Property representsthe achievement of a significant milestone for the Company. Aspreviously disclosed, in 2020 the Company became a party to a JointVenture Royalty Agreement dated July 6, 2020, as amended (the“ JVRA ”), with ECO. Pursuant to the terms of the JVRA, theCompany had the option and right to acquire a 50% net profits interestin the Project, subject to making certain payments to ECO totalingUS$6,000,000. To date, the Company has paid an aggregate ofUS$6,000,000 to ECO to advance the Project and to construct theMill.
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.
Further to the Company’s news release dated October28, 2022, wherein it announced the closing of an offering of units ata price of $0.65 per unit, the Company wishes to disclose that theportion of the cash finder’s fee that was paid to registered personsin connection with the unit offering was $3,900, and not $1,950. Inaddition, the Company discloses that, pursuant to the aforementionedoffering, it issued 115,384 units to insiders, and not 76,923 units aspreviously disclosed. The Company is exempt from the formal valuationrequirement in section 5.4 of MI 61-101 as it relied upon section5.5(a), that the fair market value of the transaction, insofar as itinvolved interested parties, did not exceed 25% of the Company’smarket capitalization. Additionally, the Company is exempt from theminority shareholder approval requirement set out in section 5.6 of MI61-101 as the Company relied upon the exemption set out in section5.7(1)(a), that the fair market value of the transaction, insofar asit involved interested parties, did not exceed more than 25% of theCompany’s market capitalization.
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 operation andprocessing capacity of the Mill and the quantity of tailings andbedrock to be processed. Forward-looking statements are subject toa variety of known and unknown risks, uncertainties and other factorsthat may cause 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 the Mill may not operate asanticipated, or at all; that any minerals which may exist on theProperty may not be economically mined or processed, if at all; thatECO may not be able to obtain any additional necessary permits relatedto the Mill, or to the Project in order to enable ECO to explore for,or mine or process minerals; that we may not beable to raise additional or sufficient funds that may be necessary todevelop the Project or to continue the Mill’s 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.
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