VR Closes Financing and Plans to Mobilize for Additional Drilling at the Northway Kimberlite Breccia in Northern Ontario

(TheNewswire)

Vancouver, BC - TheNewswire - June 07, 2023 - VRResources Ltd . ( TSX.V:VRR ) ( FSE:5VR ) ( OTC:VRRCF ), the (Company ), or (VR) , is pleased to announce it has closed the recentlyannounced, non-brokered private placement (the " Financing ") forgross proceeds of $836,000 . Plans are now underway to takeadvantage of the drill that remains on site at the nearby Hecla-KilmerREE project in order to complete an additional drill hole later thismonth on the large kimberlite breccia complex discovered nearby at theCompany's Northway property.

Terms of the financing are outlined in NR-23-02 dated June2, 2023. The completed Financing is as follows:

Flow Through private placement consisting of 2,051,282 FT Units at a price of $0.195 per FT Unitfor proceeds of $400,000 , and;

Hard dollar private placement consisting of 2,422,222 nits at a price of $0.18 per Unit for total gross proceeds of $436,000

Each FT Unit consist of one Flow Through common shareand one-half of a common share purchase warrant ( "Warrant" ), witheach whole Warrant entitling the holder to acquire one additionalcommon share at an exercise price of $0.25 per commonshare until June 7, 2023. Each HD Unitconsists of one common share and a Warrant on the same terms as the FTUnits.

The Company paid a cash fee totaling $24,000 for certain placementsinto the Financing.

The securities that were issued today for the Financingare subject to a statutory four month and oneday hold period expiring on October 8,2023.

Use of Proceeds

VR plans to use the gross proceeds of the Financing for mineralexploration in northern Ontario, and for general working capital forthe Company. More specifically, the Company plans to use the funds tocomplete an additional drill hole later this month into the largekimberlite breccia complex discovered at its Northway property locatedin northern Ontario (see NR23-10 dated May 18, 2023 ), and thereby take advantage of the drillequipment which remains on site following the recent drill program atthe nearby Hecla-Kilmer REE property.

The securitieshave not been registered under the U.S. Securities Act of 1933, asamended (the " U.S. Securities Act "), or any U.S. statesecurities laws, and may not be offered or sold in the "UnitedStates" or to "U.S. persons" (as such terms are defined inRegulation S under the U.S. Securities Act) without registration underthe U.S. Securities Act and all applicable state securities laws orcompliance with an exemption from such registration. This pressrelease shall not constitute an offer to sell or the solicitation ofan offer to buy nor shall there be any sale of the securities in anystate in which such offer, solicitation or sale would beunlawful.

About VR Resources

VR is an established junior exploration company focused on unique,greenfield opportunities on large-footprint mineral systems forcritical metals, copper and gold in the western United States andCanada (TSX.V: VRR; Frankfurt: 5VR; OTCQB: VRRCF). The foundation ofVR is the diverse experience and proven track record of its Board inearly-stage exploration, discovery and M&A. The Company is wellfinanced for its exploration strategies and corporate obligations. VRowns its properties outright and evaluates new opportunities on anongoing basis, whether by direct staking or acquisition.

ON BEHALF OF THE BOARD OF DIRECTORS :

"Michael H. Gunning"

_____________________________

Dr. Michael H. Gunning, PhD, PGeo President & CEO

For general information please use the following: Website: www.vrr.ca Email: [email protected] Contact: Mike Gunning, 604-374-3708; e-mail: [email protected]

Forward Looking Statements

This press release containsforward-looking statements. Forward-looking statements are typicallyidentified by words such as: believe, expect, anticipate, intend,estimate, postulate and similar expressions or are those which, bytheir nature, refer to future events. Forward looking statements inthis release, for example include but are not limited to: the generaluse of proceeds; that the Company will mobilize the drill program toNorthway; that the Company evaluates new opportunities on an ongoingbasis.

Although the Company believes thatthe use of such statements is reasonable, there can be no assurancethat such statements will prove to be accurate, and actual results andfuture events could differ materially from those anticipated in suchstatements. The Company cautions investors that any forward-lookingstatements by the Company are not guarantees of future performance,and that actual results may differ materially from those inforward-looking statements. Trading in the securities of the Companyshould be considered highly speculative.

The Company's public disclosurefilings can be accessed via www.sedar.com and readers are urged toreview the materials.

Neither the TSX Venture Exchange norits Regulation Services Provider (as that term is defined in Policiesof the TSX Venture Exchange) accepts responsibility for the adequacyor accuracy of this release.

This News Releaseis not for distribution to the United States newswire services or fordissemination in the United States. Any failure to comply with thisrestriction may constitute a violation of U.S. Securities Laws.