Benton Advised of Clean Air Metals' Payment to Rio Tinto on Escape Lake Option
Benton Advised of Clean Air Metals' Payment
to Rio Tinto on Escape Lake Option
Thunder Bay, Ontario--(Newsfile Corp. - October 14, 2020) - Benton Resources Inc. (TSXV: BEX)
('Benton' or 'the Company') is pleased to announce it has been advised that Clean Air Metals Inc.
("Clean Air") has paid the sum of CAD$1.0 Million directly to Rio Tinto Exploration Canada Inc.
("RTEC") as Vendor, pursuant to the terms of the definitive option agreement (the "Option Agreement")
between the Company and Clean Air (see Clean Air press release dated May 15, 2020). Clean Air
acquired the Option to acquire a 100% right, title and interest in and to the Escape Lake Property
whereby Clean Air agreed to pay to RTEC an aggregate of C$6 million, C$3.0 million of which was
originally paid by Benton to RTEC on October 9, 2019.
In addition, pursuant to the terms of a definitive share purchase agreement dated January 6, 2020 (the
"Pan Agreement") between Clean Air and Magma Metals Pty Ltd. ("Magma"), Clean Air completed the
acquisition of 100% of Panoramic Resources Limited's indirect subsidiary, Panoramic PGMs (Canada)
Ltd. ("Pan PGMs"), which owns the Thunder Bay North Property (the "TBN Property"). Pan PGM's is now
a wholly-owned subsidiary of Clean Air. In consideration of the acquisition of Pan PGM's, Clean Air has
also agreed to pay to Magma in equal installments over a three-year period an aggregate of C$9 million,
C$4.5 million of which was paid on closing of the Transaction on May 14, 2020.
Clean Air refers to the Escape Lake Property and the TBN Property as the "TBN Project" collectively. A
20,000m drill program, that is underway, has confirmed and expanded the new discovery at Escape
Lake that now measures approximately 200m along strike and 175m wide, averages 30m and remains
open along strike in both directions (see Clean Air press release dated September 30, 2020).
Stephen Stares, President and CEO of Benton, stated: "Benton continues to be encouraged by the
progress of Clean Air at their TBN Project.
The completion of this option payment along with their
aggressive drill program demonstrates Clean Air's confidence in the potential of this project that is
strategically situated near the Lac des Isles mine owned by Impala.
Benton views the 24.6 million shares
of Clean Air that it currently holds as a position that could deliver maximal future shareholder value as the
TBN Project's potential is further developed."
QP
Nathan Sims (P.Geo.), Senior Exploration Manager for Benton Resources Inc., the 'Qualified Person'
under National Instrument 43-101, has approved the scientific and technical disclosure in this news
release and prepared or supervised its preparation.
On behalf of the Board of Directors of Benton Resources Inc.,
"Stephen Stares"
Stephen Stares, President
About Benton Resources Inc.
Benton Resources (TSXV: BEX) is a well-funded Canadian-based project generator with a diversified
property portfolio in Gold, Silver, Nickel, Copper, and Platinum group elements. Benton holds multiple
high-grade projects available for option which can be viewed on the Company's website. Most projects
have an up-to-date 43-101 Report available.
Parties interested in seeking more information about properties available for option can contact Mr.
Stares at the number below.
For further information, please contact:
Stephen Stares, President & CEO
Phone:
807-475-7474
Email:
CHF Capital Markets
Cathy Hume, CEO
Phone:
416-868-1079 x231
Email:
Website:
www.bentonresources.ca
Twitter:
@BentonResources
Facebook:
@BentonResourcesBEX
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associated with mining and exploration; risks related to the maintenance of stock exchange listings;
risks related to environmental regulation and liability; the potential for delays in exploration or
development activities or the completion of feasibility studies; the uncertainty of profitability; risks and
uncertainties relating to the interpretation of drill results, the geology, grade and continuity of mineral
deposits; risks related to the inherent uncertainty of production and cost estimates and the potential
for unexpected costs and expenses; results of prefeasibility and feasibility studies, and the possibility
that future exploration, development or mining results will not be consistent with the Company's
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projections
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