Trillium Gold Announces Intention to Issue Shares to Benton Resources in Payment of $100,000 Option
NEWS RELEASE
Trillium Gold Announces Intention to Issue Shares to
Benton Resources in Payment of $100,000 Option
Vancouver, BC, Canada – October 25, 202 2 – Trillium Gold Mines Inc. (TSXV:TGM,
OTCQX:TGLDF, FRA:0702) (“Trillium Gold” or the “Company”) today announced that it intends to
issue common shares to Benton Resources Inc. (“Benton”) in satisfaction of its obligation to make
a cash payment of Cdn $100,000 pursuant to the terms of the Option Agreement whereby Trillium
Gold has the right to acquire a 70% interest in the Panama Lake Property (see news release dated
July 13, 2022).
Trillium Gold intends to issue to Benton a total of 473,934 common shares of the Company (the
“Common Shares”) at a deemed price of $0.211 per Common Share in lieu of paying Cdn
$100,000, as payment for the Second Option as defined in the Option Agreement dated October
22, 2019. The issuance of Common Shar es is subject to the receipt of all required approvals,
including the approval of the TSX Venture Exchange. All securities issued pursuant to the issuance
of the Common Shares are subject to a statutory four month hold period.
The Panama Lake Gold Project is located approximately 80 km from, and on the same structural
trend as Kinross Gold’s LP Fault Zone , and effectively extends Trillium ’s dominant contiguous
foothold along the Confederation belt by a further 9,882 hectares.
With the completed acquisition of the Eastern Vision properties, the Panama Lake acquisition
brings Trillium Gold’s consolidated land package along the Confederation Belt to over 58,400
hectares, bound by the Red Lake and LP Fault structures, positioning it as one of the mos t
prospective exploration projects in the heart of the Red Lake mining district.
On behalf of the Board of Directors,
Trillium Gold Mines Inc.
Russell Starr
Director, President & CEO
For further information, please contact Donna Yoshimatsu, VP Corporate Development and
Investor Relations at [email protected], (416) 722-2456, or [email protected].
Visit our website at www.trilliumgold.com.
About Trillium Gold Mines Inc.
Trillium Gold Mines Inc. is a growth fo cused company engaged in the business of acquisition,
exploration and development of mineral properties located in the Red Lake Mining District of
Northern Ontario. As part of its regional-scale consolidation strategy, the Company has assembled
one of the largest prospective land packages in and around the Red Lake mining district in proximity
to major mines and deposits, as well as along the Confederation Lake and Birch-Uchi greenstone
belts. The Company recently closed acquisitions effectively extending its contiguous land position
over more than 100 km of favourable structures on trend with Kinross Gold’s Great Bear Project
and Evolution Mining’s Red Lake Operation. In addition, the Company has interests in highly
prospective properties in Larder Lake, Ontario.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined
in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Cautionary note regarding forward-looking statements
This news release contains forward-looking information, which involves known and unknown risks,
uncertainties and other factors that may cause actual events to differ materially from current
expectations.
Forward-looking infor mation is based on management’s reasonable assumptions, estimates,
expectations, analyses and opinions, which are based on management’s experience and
perception of trends, current conditions and expected developments, and other factors that
management believes are relevant and reasonable in the circumstances, but which may prove to
be incorrect. Such factors, among others, include: impacts arising from the global disruption
caused by the Covid -19 coronavirus outbreak, business integration risks; fluctuati ons in general
macroeconomic conditions; fluctuations in securities markets; fluctuations in spot and forward
prices of gold or certain other commodities; change in national and local government, legislation,
taxation, controls, regulations and political o r economic developments; risks and hazards
associated with the business of mineral exploration, development and mining ( Incl. environmental
hazards, industrial accidents); inability to obtain adequate insurance to cover risks and hazards;
the presence of laws and regulations that may impose restrictions on mining; employee relations;
relationships with and claims by local communities and indigenous populations; availability of
increasing costs associated with mining inputs and labour; the speculative nature of mineral
exploration and development (Incl. the risks of obtaining necessary licenses, permits and approvals
from government authorities); and title to properties.
Readers are cautioned not to place undue reliance on these forward -looking statements, w hich
speak only as of the date of this press release. The Company disclaims any intention or obligation,
except to the extent required by law, to update or revise any forward -looking statements, whether
as a result of new information, future events or otherwise.