(TheNewswire)
Vancouver, British Columbia, Canada – TheNewswire – January 23,2023 – JZR Gold Inc. (the “ Company ” or “ JZR ”) ( TSXV:JZR ) is pleased to announce that it hassatisfied all requirements under a Joint Venture Royalty Agreementwith ECO Mining Oil & Gaz Drilling and Exploration (EIRELI)(“ ECO ”) entered into on July 6, 2020, as amended on January 9,2023 (the “ JVRA ”). Pursuant to the JVRA, it has acquired a 50% Net ProfitInterest (as defined in the JVRA) from all Net Profit (as defined inthe JVRA) generated from the Vila Nova Gold Project located in AmapaState, Brazil (the “ Project ” or the “ Property ”). Pursuant to an agreement between ECO and Cooperativa do Garimpeirosdo Vale da Vila Nova dated January 12, 2020, ECO is entitled to 85% ofthe total sale value of all gold derived from the tailings piles,dams, pond basin and waste reservoir on the Property.
In connection with the foregoing, the Company advancedto ECO an aggregate of US$6,000,000 (the “ Capital Payments ”)to, among other things, construct and assemble an 800-tonne-per-daybulk-sampling gravimetric mill (the “ Mill ”) on theProperty. The sum of the Capital Payments is considered a loan toECO by the Company, and is to be repaid to the Company from theproceeds of the sale of any products, prior to the distribution of anyprofits. As previously disclosed, the Mill has been assembled, andis operating and processing material on the Property. The Property has a long history of alluvial mining in thedeeply saprolitized bedrock consisting of banded gold-bearing ironformations and exhalative gold zones. Some hard rock was alsoproduced.
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 is also pleased to announce that allmatters put forward to its shareholders for approval at theCompany’s Annual General and Special Meeting of shareholders held onFriday, December 16, 2022, were duly approved.
Davidson & Company LLP, Chartered ProfessionalAccountants was re-elected as the auditor of the Company for theensuing fiscal year. An ordinary resolution approving theCompany’s new equity incentive plan was also adopted.
Immediately following the shareholders’ meeting, theboard of directors confirmed the appointment of the Company’sofficers. The directors and officers of the Company are asfollows:
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Rob Klenk, Director, President and Chief ExecutiveOfficer
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Darren Battersby, Chief Financial Officer
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Kirk Fisher, Director
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Ron Tewitz, Director
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 or achievements of the Company to be materiallydifferent from those expressed or implied by such forward-lookingstatements. Risks that could change or prevent these statements fromcoming to fruition include, but are not limited to, that the Mill maynot operate as anticipated, or at all; that any minerals which mayexist on the Property may not be economically mined or processed, ifat all; that the processing and sale of any product may not result inany net profit to the Company; that ECO may not be able to obtain anyadditional necessary permits related to the Mill, or to the Project inorder to enable ECO to explore for, or mine or process minerals; thatwe may not be able to raise additional or sufficient funds that may benecessary to develop the Project or to continue the Mill’soperation; the availability, or lack thereof, of labour, equipment andmarkets for our 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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