Benton Options Saganaga Gold Project to Private Ontario-Based Exploration Company
Benton Options Saganaga Gold Project to
Private Ontario-Based Exploration Company
Thunder Bay, Ontario--(Newsfile Corp. - August 11, 2020) -
Benton Resources Inc. (TSXV: BEX)
('Benton' or 'the Company') is pleased to announce that the Company has entered into an Option
Agreement (the "Agreement") with 2752300 Ontario Inc.
(the "Optionee"),
a private company, whereby
the Optionee can earn up to a 100% interest in the Saganaga Gold project (the "Project").
The
Saganaga project is a large land package located in the Shebandowan Greenstone belt, 120km west of
Thunder Bay, Ontario, Canada.
The Optionee can aquire an initial 70% interest in the Project by:
paying the Company $50,000 in cash and issuing the greater of 1,000,000 Optionee common
shares or 3% of the issued and outstanding Optionee common shares to the Company upon
execution of the Agreement;
paying the Company $50,000 in cash and issuing the greater of 1,000,000 Optionee common
shares or 2% of the then issued and outstanding Optionee common shares to the Company and
incurring a minimum of $200,000 in qualified exploration expenditures on or before the first
anniversary of the effective date of the Agreement; and,
paying the Company $50,000 in cash and issuing the greater of 1,000,000 Optionee common
shares or 1.5% of the then issued and outstanding Optionee common shares to the Company and
have completed a further $200,000 in qualified exploration expenditures on or before the second
anniversary of the effective date of the Agreement.
The Optionee, at its election, may then provide the Company notice that it intends to earn an additional
30% interest (taking interest to 100% subject to underlying NSR's) in the Project by:
paying the Company $50,000 cash and issuing 2,000,000 Optionee common shares to the
Company and completing a further $400,000 in qualified exploration expenditures on the Project.
In the event that the Optionee completes a resource calculation for the Project in accordance with NI 43-
101, the Optionee will issue to the Company 1,000,000 Optionee common shares.
The Optionee has
covenanted to use its commercial best efforts to complete a liquidity event which consists of a going
public transaction by way of IPO, reverse takeover or similar transaction.
The Project is host to multiple gold zones with highlights from drilling including
5.0gpt Au over 20.6m in
the Star Zone and 32.0gpt Au over 5.9m on the Powell Zone.
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 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. Many projects have an up-
to-date 43-101 Report available.
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
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
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: risks related to failure to obtain adequate financing on a timely basis and on
acceptable terms; risks related to the outcome of legal proceedings; 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 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
expectations; risks related to gold price and other 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. Actual events or results could differ materially from the Company's expectations or
projections.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/61462