Mr. Robert Klenk reports
JZR GOLD SATISFIES ALL OBLIGATIONS UNDER A JOINT VENTURE ROYALTY AGREEMENT WITH ECO, AND HAS ACQUIRED A 50% NET PROFIT INTEREST ON THE VILA NOVA GOLD PROJECT IN AMAPA STATE, BRAZIL
JZR Gold Inc. has satisfied all requirements under a joint venture royalty agreement (JVRA) with ECO Mining Oil & Gaz Drilling and Exploration entered into on July 6, 2020, as amended on Jan. 9, 2023. Pursuant to the JVRA, it has acquired a 50-per-cent net profit interest from all net profit (as defined in the JVRA) generated from the Vila Nova gold project located in Amapa state, Brazil. Pursuant to an agreement between ECO and Cooperativa do Garimpeiros do Vale da Vila Nova dated Jan. 12, 2020, ECO is entitled to 85 per cent of the 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 advanced to ECO an aggregate of $6-million (U.S.) to, among other things, construct and assemble an 800-tonne-per-day bulk-sampling gravimetric mill on the property. The sum of the capital payments is considered a loan to ECO by the company, and is to be repaid to the company from the proceeds of the sale of any products, prior to the distribution of any profits. As previously disclosed, the mill has been assembled, and is operating and processing material on the property.
The property has a long history of alluvial mining in the deeply saprolitized bedrock consisting of banded gold-bearing iron formations and exhalative gold zones. Some hard rock was also produced.
The technical information in this news release has been prepared in accordance with National Instrument 43-101-- Standards of Disclosure for Mineral Projects, and reviewed and approved by Dr. Stewart A. Jackson, PGeo, a qualified person under NI 43-101 and independent of the company. The company does not report any resources or reserves on the property and has not prepared a preliminary economic assessment for the purposes of proceeding with any bulk sampling on the property.
The company also notes that all matters put forward to its shareholders for approval at the company's annual general and special meeting of shareholders held on Friday, Dec. 16, 2022, were duly approved.
Davidson & Company LLP, chartered professional accountants, was re-elected as the auditor of the company for the ensuing fiscal year. An ordinary resolution approving the company's new equity incentive plan was also adopted.
Immediately following the shareholders' meeting, the board of directors confirmed the appointment of the company's officers. The directors and officers of the company are as follows:
Rob Klenk, director, president and chief executive officer;
Darren Battersby, chief financial officer;
Kirk Fisher, director;
Ron Tewitz, director.
We seek Safe Harbor.
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