Dr. Michael Gunning reports

VR CLOSES FINANCING AND PLANS TO MOBILIZE FOR ADDITIONAL DRILLING AT THE NORTHWAY KIMBERLITE BRECCIA IN NORTHERN ONTARIO

VR Resources Ltd. has closed the recently announced non-brokered private placement for gross proceeds of $836,000. Plans are now under way to take advantage of the drill that remains on site at the nearby Hecla-Kilmer REE (rare earth element) project in order to complete an additional drill hole later this month on the large kimberlite breccia complex discovered nearby at the company's Northway property.

Terms of the financing are outlined in NR-23-02 dated June 2, 2023. The completed financing is as follows:

• Flow-through private placement consisting of 2,051,282 FT units at a price of 19.5 cents per FT unit for proceeds of $400,000;
• Hard-dollar private placement consisting of 2,422,222 units at a price of 18 cents per unit for total gross proceeds of $436,000.

Each FT unit consist of one flow-through common share and one-half of a common share purchase warrant, with each whole warrant entitling the holder to acquire one additional common share at an exercise price of 25 cents per common share until June 7, 2023. Each HD unit consists of one common share and a warrant on the same terms as the FT units.

The company paid a cash fee totalling $24,000 for certain placements into the financing.

The securities that were issued today for the financing are subject to a statutory four-month-and-one-day hold period expiring on Oct. 8, 2023.

Use of proceeds

VR plans to use the gross proceeds of the financing for mineral exploration in Northern Ontario, and for general working capital for the company. More specifically, the company plans to use the funds to complete an additional drill hole later this month into the large kimberlite breccia complex discovered at its Northway property located in Northern Ontario (see NR23-10 dated May 18, 2023), and thereby take advantage of the drill equipment which remains on site following the recent drill program at the nearby Hecla-Kilmer REE property.

About VR Resources Ltd.

VR is an established junior exploration company focused on greenfields opportunities in copper, gold and critical metals. VR is the continuance of four years of active exploration in Nevada by a Vancouver-based private company. The foundation of VR is the diverse experience and proven record of its board in early-stage exploration, discovery, and merger and acquisition. The company focuses on underexplored, large-footprint mineral systems in the western United States and Canada, and is well financed for its mineral exploration and corporate obligations. VR owns its properties outright and evaluates new opportunities on a continuing basis, whether by staking or acquisition.