JML Resources Ltd.

JML Resources Ltd.

January 05, 2005 08:38 ET

JML Completes Financing


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: JML RESOURCES LTD.

TSX VENTURE SYMBOL: JJJ

JANUARY 5, 2005 - 08:38 ET

JML Completes Financing

TORONTO, ONTARIO--(CCNMatthews - Jan. 5, 2005) - JML Resources Ltd. (TSX
VENTURE:JJJ) announced today that it has completed an offering of
flow-through units with primary use of proceeds to be utilized to drill
the Horwood Gold Property near Timmins Ontario. A total of 1,633,674
units were issued for gross proceeds of $285,893. Each unit was priced
at $0.175 and consists of one common share and one half of one common
share purchase warrant. Each whole warrant can be exercised to acquire
one additional common share at a price of $0.30 per share for a period
of 2 years from the date of closing. The shares and warrants are subject
to applicable regulatory hold periods of four months.

A first phase drill program is now scheduled to commence at the Horwood
Gold Property. A number of high priority geophysical conductors will be
targeted for their gold/silver potential. "JML is now positioned to
conduct an aggressive first phase drill program at the Horwood Gold
Property," said Ken Lapierre P.Geo.(ON) the President and Qualified
Person of JML "We view the Horwood Property as a highly attractive
exploration target offering the potential for sizable concentrations of
gold mineralization," he added.

To find out more about JML Resources Ltd. (TSX-V:JJJ), visit our website
at www.jmlresources.com

Shares Outstanding: 26,746,910

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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    JML Resources Ltd.
    David Black
    Investor Relations
    1-416-203-1404
    1-416-368-1539 (FAX)
    E-mail: investors@jmlresources.com
    www.jmlresources.com
    The TSX Venture Exchange has not reviewed or approved the contents of
    this release.