Benton Receives 1.38 Million Shares of Cameo Industries for Saganaga Gold Project Option
Thunder Bay Ontario--(Newsfile Corp. - November 26, 2020) - Benton Resources Inc. (TSXV: BEX) ('Benton' or 'the Company') is pleased to announce it has received 1,380,000 shares of Cameo Industries Corp. ("Cameo") (CSE: CRU) as part of the first payment for the option of its Saganaga Gold project (the "Project") located in the Shebandowan Greenstone belt. Benton previously announced on August 11, 2020 that it had entered into an Option Agreement (the "Agreement") with 2752300 Ontario Inc., a private Ontario company, which has now been acquired by Cameo. Under the Agreement, Cameo (through its ownership of 2752300 Ontario Inc.) can earn up to a 100% interest in the Project by completing the following:
- paying the Company $50,000 in cash (paid) and issuing the greater of 1,000,000 Cameo common shares or 3% of the issued and outstanding common shares of Cameo to the Company upon execution of the Agreement; (1,380,000 shares issued)
- paying the Company $50,000 in cash and issuing the greater of 1,000,000 Cameo common shares or 2% of the then issued and outstanding common shares of Cameo 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 Cameo common shares or 1.5% of the then issued and outstanding common shares of Cameo 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.
Cameo, at its election, may then provide the Company notice that it intends to earn an additional 30% interest (taking its interest to 100% subject to underlying NSR's) in the Project by:
- paying the Company $50,000 cash and issuing 2,000,000 Cameo common shares to the Company and completing a further $400,000 in qualified exploration expenditures on the Project.
In the event that Cameo completes a resource calculation for the Project in accordance with NI 43-101, Cameo will issue to the Company 1,000,000 common shares.
The Project is host to multiple gold zones with highlights from drilling including 5.36gpt Au over 20m in the Star Zone and 32.0gpt Au over 5.6m on the Powell Zone.
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, 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. Most projects have an up-to-date NI43-101 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
Cathy Hume, CHF Capital Markets
Phone: 416-868-1079 x 231
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/69047