Thunder Bay, Ontario--(Newsfile Corp. - July 18, 2022) - Benton Resources Inc. (TSXV: BEX) ("Benton" or the "Company") is pleased to announce that it has amended its agreement with Thunder Gold Corp. (formerly White Metal Resources Corp.) ("TGOL") (the "Amending Agreement") regarding the Far Lake project (the "Property") located 80km west of Thunder Bay, Ontario (see the Company's May 20, 2020 news release for details on the original agreement).
Pursuant to the Amending Agreement, the Company may exercise the Initial Option, earning a 60% interest in the Property by paying $25,000 and issuing 200,000 shares to TGOL (originally $30,000 and 400,000 shares). By July 15, 2022. The Second Option in the original agreement has been eliminated such that the Company is limited to earning a 60% in the Property.
Having exercised the Initial Option, the Company will now spend the first $150,000 in exploration expenditures within 24 months, thereafter the Company and TGOL will form a joint venture with terms consistent with usual industry practice for further development of the Property, with the Company having an initial 60% interest and TGOL having an initial 40% interest in the joint venture. The agreement governing the joint venture will contain provisions which provide for dilution for non-participation in programs including a provision for participant's interest to be converted to a 2% net smelter returns royalty (the "NSR") if its interest is diluted to less than 10% interest, half of which can be purchased by the non-diluted party for $1 million at any time.
On behalf of the Board of Directors of Benton Resources Inc.,
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. through three large-scale joint-venture properties including Grey River Gold, Golden Hope, and Kepenkeck in Newfoundland that are now being explored.
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
CHF Capital Markets
Thomas Do, IR Manager
Phone: 416-868-1079 x 232
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."
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