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JZR Gold Provides Vila Nova Gold Project Operational Update; Closes C$1 Million Private Placement

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JZR Gold (JZR.V) has entered into a contract with RR Bueno for the mobilization of a mining fleet, following the company's assumption of operatorship of the Vila Nova Gold Project in Amapa State, Brazil, it said Friday.

The company expects the equipment to be on site at the beginning of next week to support mining operations, ore movement, access road maintenance and plant feed activities, it said.

"We are building an experienced operating team, mobilizing equipment, strengthening our mining capabilities and advancing the Project toward consistent production," said CEO Robert Klenk.

The company also raised gross proceeds of C$1 million through a non-brokered private placement offering of units, it said late Thursday.

The company issued 4 million units priced at C$0.25 each, it said. Each unit is made up of a share and a two-year warrant, said the company. Each warrant is exercisable into an additional share at a price of C$0.35 per warrant share, it added.

Proceeds are intended to be used to fund operations of the fully constructed 800 tonne-per-day gravimetric mill, and for general working capital purposes, added JZR Gold.

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