Muzhu Mining Announces Non-Brokered Private Placement
MUZHU MINING ANNOUNCES NON-BROKERED
PRIVATE PLACEMENT
December 1, 2021 - Vancouver, B.C.; Muzhu Mining Ltd. (CSE:MUZU)
(“Muzhu” or the “Company”) is pleased to announce that the Company
has arranged a non brokered private placement of up to 2,365,000
common shares designated as "flow-through" shares at a price of $0.17 per
share for $402,050. The Issuer may pay finder's fees, which may be paid
to eligible finders in accordance with the CSE policies. All securities issued
pursuant to the offering will be subject to a hold period of four months and
one day from the date of closing. The offering and payment of finders' fees
are both subject to approval by the CSE.
Muzhu owns 100% of the Sleeping Giant South Project (15,000 acres)
located in Quebec’s Abitibi Greenstone Belt contiguous to the South of the
Sleeping Giant Mine held by Abcourt Mines. The Sleeping Giant Mine has
historical production of 1.1 Million ounces of Gold at a historical grade of
10.28 g/t Au and current M&I reserves of 175,757 oz at 11.2 g/t Au. (Géant
Dormant –Mines Abcourt Inc., NI 43-101, 2019). Abcourt Mines is currently
in the process of re-opening the Mine approximately 75km South of
Matagami, Quebec just off Hwy. #109.
Muzhu has excellent access to the Sleeping Giant South Project from
Hwy. #109 to the East and West part of the property, along with old logging
roads and ATV trails. Muzhu is expected to commence groundwork shortly
to follow up on the Airborne Geophysics that was successfully completed
over the property. The MAG airborne survey was done at low altitude using
tight line spacing, with a total of 1,620 km and has helped define numerous
geophysical targets on the property for follow up.
QUALIFIED PERSON (QP)
Donald K.D. Baxter, P.Eng., CEO of Muzhu Mining Ltd., is a Qualified
Person as defined by National Instrument 43-101 ("N.I. 43-101") guidelines
and has reviewed and approved the content of this news release.
The QP has not completed sufficient work to verify the historic information
on the Property, particularly in regard to historical exploration, neighboring
companies, and government geological work. The information provides an
indication of the exploration potential of the Muzhu property, but may not be
representative of expected results.
ON BEHALF OF THE BOARD OF DIRECTORS
Donald Baxter, P. ENG.
CEO Muzhu Mining Ltd.
Phone: 1-226-455-5644
Email: [email protected]
Muzhu Mining Ltd. is a Canadian junior exploration company currently
operating in Quebec. Muzhu current hold 100% interest in the Sleeping
Giant South Project, located in the Abitibi Greenstone Belt, approximately
75km South of Matagami, Quebec of which Hwy. #109 runs through.
Forward-Looking Statements:
This news release contains certain forward-looking statements; Wherever
possible, words such as "may", "will", "should", "could", "expect", "plan",
"intend", "anticipate", "believe", "estimate", "predict" or "potential" or the
negative or other variations of these words, or similar words or phrases,
have been used to identify these forward-looking statements. These
statements reflect management's current beliefs and are based on
information currently available to management as at the date hereof.
Forward-looking statements involve significant risk, uncertainties and
assumptions. Many factors could cause actual results, performance or
achievements to differ materially from the results discussed or implied in
the forward-looking statements. These factors should be considered
carefully and readers should not place undue reliance on the forward-
looking statements. Although the forward-looking statements contained in
this news release are based upon what management believes to be
reasonable assumptions, the Company cannot assure readers that actual
results will be consistent with these forward-looking statements. The
Company assumes no obligation to update or revise them to reflect new
events or circumstances, except as required by law.
Neither the Canadian Securities Exchange (the "CSE") nor its Regulation
Services Provider (as that term is defined in the policies of the CSE)
accepts responsibility for the adequacy or accuracy of this release.