RATHDOWNEY CLARIFIES PRIVATE PLACEMENT AND DEBT SETTLEMENT

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VANCOUVER, BC, January 7, 2022 / CNW / – Rathdowney Resources Ltd. (“Rathdowney” or the “Company”) (TSXV: RTH) announces that it has completed the last tranche of its previously announced private placement (July 29, 2021) by issuing 10,142,857 Units for gross proceeds of $ 355,000. The Company therefore issued a total of 38,964,853 shares and raised a total of $ 1,363,770 as part of the private placement. In addition, the Company also completed a debt settlement of $ 500,000 as announced on December 31, 2021, which, together with the private placement, represents a total amount of $ 1,863,769.

About Rathdowney and the Olza Project

Rathdowney Resources Ltd. focuses on advancing its Olza Zinc-Lead-Silver project in Poland.

The Olza project is located in the Upper Silesian Mining District, a world-class region of Mississippi valley-type deposits with a well-developed mining infrastructure. Easily accessible by road, the Olza project site is an hour’s drive from Krakow, a large city with full services, including an international airport. The Olza deposits are 25 km from the ZGH zinc smelter at Boleslaw. A railway line runs through the Olza project area, connecting it to local facilities and other foundries via the Baltic Sea ports.

Preliminary economic assessment, announced in early 2015, indicates strong financial return potential for a 6,000 t / d underground operation and conventional processing facility, producing marketable zinc and lead concentrates[1]. Since that time, the Company has advanced the project with additional core drilling to obtain geotechnical and resource information; in-depth geological interpretation, project design engineering; in-depth multi-year hydrological studies; plant evaluations; assessment of infrastructure (electricity, roads, etc.); studies of the existing community framework and the local socio-economic fabric; and in-depth multi-year environmental and land use planning assessments and zoning assessments to prepare the project for licensing and move towards a mining license.

David Copeland, P. Eng., Chairman of the Board of Rathdowney and Qualified Person within the meaning of NI 43-101, has reviewed and approved the technical information contained in this press release.

On behalf of the board of directors

David Copeland, ing.
President

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This press release includes certain statements which may be considered “forward-looking statements”. All statements contained in this press release, other than statements of historical fact, which relate to exploration drilling, operating activities and events or developments that the Company expects, are forward-looking statements. Although the Company believes that the expectations expressed in these forward-looking statements are based on reasonable assumptions, these statements are not guarantees of future performance and actual results or developments may differ materially from those of forward-looking statements. The assumptions used by the Company to develop forward-looking statements are as follows: the Olza project will obtain all required environmental and other permits and all land use and other licenses, studies and development of the Olza project will continue to be positive, and none or technical problems will arise. Factors that could cause actual results to differ materially from those of forward-looking statements include market prices, mining and exploration successes, continuity of mineralization, potential environmental issues and liabilities associated with the business. exploration, development and mining operations, uncertainties related to the ability to obtain the necessary permits, licenses and titles and delays due to third party opposition to changes in government policies regarding exploration and exploitation of minerals and natural resources, the continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that these statements are not guarantees of future performance and that actual results or developments may differ materially from those projected in the forward-looking statements. For more information about the Company, investors should consult the Company’s continuous disclosure documents which are available at www.sedar.com.

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[1] For further details, see Rathdowney’s press release dated April 20, 2015 and the PEA Technical Report posted on the Company’s website and on its profile at www.sedar.com.

SOURCE Rathdowney Resources Ltd.

Cision

See original content: http://www.newswire.ca/en/releases/archive/January2022/07/c7471.html


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