Benton Advised That Clean Air Metals Accelerates Final Payment to Rio Tinto for the Escape Lake Property Option
Benton Advised That Clean Air Metals
Accelerates Final Payment to Rio Tinto for the
Escape Lake Property Option
Thunder Bay, Ontario--(Newsfile Corp. - November 10, 2021) - Benton Resources Inc. (TSXV: BEX)
('Benton') is pleased to announce it has been advised by Clean Air Metals Inc. that the final payment of
CAD $1 million has been made to Rio Tinto Exploration Canada on behalf of Benton pursuant to the
option agreement on the Escape Lake Property.
Benton continues to hold approximately
24.6 million
shares in Clean Air Metals Inc. and is very pleased with their progress to date.
The news release, which
was issued earlier today is reproduced below.
Thunder Bay, ON, November 10, 2021 - Clean Air Metals Inc.
(TSXV: AIR) (FSE: CKU) (OTCQB:
CLRMF)
("Clean Air Metals" or the "Company")
is pleased to announce that, further to its press
release dated October 12, 2021, it has made the final payment of CAD $1 Million, for and on behalf of
Benton Resources Inc. ("Benton") (TSXV: BEX), directly to Rio Tinto Exploration Canada Inc. ("RTEC"),
pursuant to the terms of the definitive option agreement (the "Option Agreement") entered into by the
Company and Benton in order to satisfy a payment requirement of Benton under its pre-existing option
agreement with RTEC dated October 9, 2019 relating to the Escape Lake Property (the "Escape Lake
Option Agreement") (see previous press release dated January 6, 2020 and May 14, 2020).
The final payment of CAD $1 Million, not due under the terms of the Escape Lake Option Agreement
until October 9, 2022, was accelerated at the Company's option.
Clean Air Metals has now fulfilled all of
Benton's payment obligations under the Escape Lake Option Agreement, earning Benton a 100% right,
title and interest in and to the Escape Lake Property, subject to a 1.0% net smelter return royalty to be
retained by RTEC (the "RTEC Royalty"), and subject to Clean Air Metals' right to acquire 100% of
Benton's interest in and to the Escape Lake Property pursuant to the terms of the Option Agreement.
Clean Air Metals will be entitled to exercise the option to acquire 100% of Benton's interest in the
Escape Lake Property, subject to a 0.5% net smelter return royalty from production on the Escape Lake
Property to be retained by Benton, upon completion of the two remaining payments under the Share
Purchase Agreement between Clean Air Metals and Magma Metals PTY LTD. ( CAD $1.5 Million is due
by May 13, 2022, and a further CAD $1.5 Million is due by May 13, 2023 provided that both payments
can be accelerated at the discretion of Clean Air Metals).
Upon exercise of its option, Clean Air Metals
will also assume the obligations of the payor in respect of the RTEC Royalty.
Social Engagement
Clean Air Metals Inc. and its wholly-owned subsidiary Panoramic PGMs (Canada) Ltd. acknowledge that
the Thunder Bay North Project is on the traditional territories of the Fort William First Nation, Red Rock
First Nation and Biinjitiwabik Zaaging Anishinabek. The parties together are the Cooperating
Participants in a Memorandum of Agreement dated January 9, 2021.
The Company appreciates the opportunity to work in these territories and remains committed to the
recognition and respect of those who have lived, traveled, and gathered on the lands since time
immemorial. Clean Air Metals is committed to stewarding Indigenous heritage and remains committed
to building, fostering and encouraging a respectful relationship with First Nations, Métis, and Inuit
peoples based upon principles of mutual trust, respect, reciprocity and collaboration in the spirit of
reconciliation.
About Clean Air Metals Inc.
Clean Air Metals' flagship asset is the 100% owned, high grade Thunder Bay North Project, a platinum,
palladium, copper, nickel project located near the City of Thunder Bay, Ontario and the Lac des Iles Mine
owned by Impala Platinum. The Clean Air Metals project hosts the Current Lake Deposit and magma
conduit and the Company is actively exploring the Escape Lake Deposit, a twin structure to the Current
Lake Deposit. Executive Chairman Jim Gallagher and CEO Abraham Drost lead an experienced team
of geologists and engineers who are using the Norilsk magma conduit stratigraphic and mineral deposit
model to guide ongoing exploration and development studies. As the former CEO of North American
Palladium Ltd. which owned the Lac des Iles Mine prior to the sale to Impala Platinum in December
2019, Jim Gallagher and team are credited with the mine turnaround and creation of significant value for
shareholders.
ON BEHALF OF THE BOARD OF DIRECTORS
"
Abraham Drost
"
Abraham Drost, Chief Executive Officer of Clean Air Metals Inc.
For further information, please contact:
Abraham Drost, Chief Executive Officer of Clean Air Metals Inc.
Phone:
807-252-7800
Email:
Website:
www.cleanairmetals.ca
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in
policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this
release.
Cautionary Note
The information contained herein contains "forward-looking statements" within the meaning of applicable
securities legislation. Forward-looking statements relate to information that is based on assumptions of
management, forecasts of future results, and estimates of amounts not yet determinable. Any statements
that express predictions, expectations, beliefs, plans, projections, objectives, assumptions or future
events or performance are not statements of historical fact and may be "forward-looking statements."
Forward-looking statements are subject to a variety of risks and uncertainties which could cause actual
events or results to differ from those reflected in the forward-looking statements, including, without
limitation: political and regulatory risks 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 cost estimates and
the potential for unexpected costs and expenses; results of technical studies, benchmark reports, and
the possibility that future exploration, development or mining results will not be consistent with the
Company's expectations; risks related to commodity price fluctuations; and other risks and uncertainties
related to the Company's prospects, properties and business detailed elsewhere in the Company's
disclosure record. Should one or more of these risks and uncertainties materialize, or should underlying
assumptions prove incorrect, actual results may vary materially from those described in forward-looking
statements. Investors are cautioned against attributing undue certainty to forward-looking statements.
These forward-looking statements are made as of the date hereof and the Company does not assume
any obligation to update or revise them to reflect new events or circumstances, except in accordance
with applicable securities laws. Actual events or results could differ materially from the Company's
expectations or projections.
On behalf of the Board of Directors of Benton Resources Inc.,
"Stephen Stares"
Stephen Stares, President
About Benton Resources Inc.
Benton Resources Inc. is a well-funded mineral exploration company listed on the TSX Venture
Exchange under the symbol BEX. Following a project generation business model, Benton has a
diversified, highly-prospective property portfolio in Gold, Silver, Nickel, Copper, and Platinum Group
Elements and currently holds large equity positions in other mining companies that are advancing high-
quality assets. Whenever possible, BEX retains Net Smelter Return (NSR) royalties for potential long-
term cash flow. Benton has also recently entered into a 50/50 strategic alliance with Sokoman Minerals
Corp. (TSXV: SIC) through three large-scale joint venture properties including Grey River Gold, Golden
Hope and Kepenkeck in Newfoundland that are now being explored.
For further information, please contact:
CHF Capital Markets
Cathy Hume, CEO
Phone:
416-868-1079 x 251
Email:
Benton Resources Inc.
Stephen Stares, President & CEO
Phone: 807-475-7474
Email:
Website:
www.bentonresources.ca
Twitter:
@BentonResources
Facebook:
@BentonResourcesBEX
LinkedIn:
@BentonResources
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/102791