Rathdowney Resources Clarifies Private Placement and Debt Settlement

VANCOUVER, BC, Jan. 7, 2022 /CNW/ – Rathdowney Resources Ltd. (“Rathdowney” or the “Company”) (TSXV: RTH) announces that it has completed the final tranche of its previously announced private placement (July 29, 2021) by issuing 10,142,857 Units for gross proceeds of $355,000. The Company has therefore in the aggregate issued a total of 38,964,853 Units and raised an aggregate total of $1,363,770 under the private placement. In addition, the Company has 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 Project Olza

Rathdowney Resources Ltd. is focused on advancing its Olza Zinc-Lead-Silver Project in Poland. 

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

A Preliminary Economic Assessment, announced in early 2015 indicates strong potential financial returns for a 6,000 tpd underground operation and conventional treatment facility, producing marketable zinc and lead concentrates^[1]. Since that time, the Company has progressed the project with additional core drilling for geotechnical and resource information; extensive geological interpretation, project design engineering; extensive multi-year hydrology studies; plant evaluations; infrastructure assessment (power, roads, etc.); studies of the existing community setting and local socioeconomic fabric; and extensive multi-year environmental and land use planning and zoning assessments to prepare the project for permitting and to advance toward a mining license.

David Copeland, P.Eng., Chairman of Rathdowney and a qualified person as defined under NI 43-101, has reviewed and approved the technical information in this release.

On behalf of the Board of Directors

David Copeland, P.Eng. 
Chairman

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 release includes certain statements that may be deemed “forward-looking statements”. All statements in this release, other than statements of historical facts, that address exploration drilling, exploitation activities and events or developments that the Company expects, are forward looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Assumptions used by the Company to develop forward-looking statements include the following: 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 no geological or technical problems will occur. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, continuity of mineralization, potential environmental issues and liabilities associated with exploration, development and mining activities, uncertainties related to the ability to obtain necessary permits, licenses and title and delays due to third party opposition, changes in government policies regarding mining and natural resource exploration and exploitation, continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. For more information on the Company, investors should review the Company’s continuous disclosure filings that are available at www.sedar.com.