Muzhu Mining closes $442,255 private placement

Dec 22, 2021

2021-12-21 16:41 ET – News Release

Mr. Donald Baxter reports

MUZHU MINING CLOSES OVERSUBSCRIBED NON-BROKERED PRIVATE PLACEMENT

Muzhu Mining Ltd., due to increased interest in the private placement (news release dated Dec. 1, 2021), has oversubscribed its non-brokered private placement by 10 per cent from 2,365,000 to 2,601,500 common shares designated as flow-through shares at a price of 17 cents per share for $442,255. The issuer may pay finder’s fees, which may be paid to eligible finders in accordance with the Canadian Securities Exchange 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 per cent 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 grams per tonne gold and current measured and indicated reserves of 175,757 ounces at 11.2 g/t Au. (Geant Dormant mines — Abcourt Inc., National Instrument 43-101, 2019). Abcourt Mines is currently in the process of reopening the mine approximately 75 kilometres south of Matagami, Que., just off Highway No. 109.

Muzhu has excellent access to the Sleeping Giant South project from Highway No. 109 to the east and west part of the property, along with old logging roads and ATV (all-terrain vehicle) 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

Donald K.D. Baxter, PEng, chief executive officer of Muzhu Mining, is a qualified person as defined by National Instrument 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, neighbouring 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.

We seek Safe Harbor.

https://muzhumining.ca/