Thunder Bay, Ontario--(Newsfile Corp. - June 29, 2021) - Benton Resources Inc. (TSXV: BEX) ('Benton') and Sokoman Minerals Corp. (TSXV: SIC) (OTCQB: SICNF)('Sokoman') (jointly, 'the Companies' or 'the Joint Venture') are pleased to announce that on behalf of their strategic alliance (see news release dated May 20, 2021) Benton has entered into an option agreement to acquire the Larry's Pond project which lies along the western boundary of the Kepenkeck Gold JV claims (the "Option Agreement"). Larry's Pond consists of two licenses totalling 30 claim units (the "Property"). The optionors of the Larry's Pond project (the "Optionors") have discovered and sampled multiple quartz veins and silicified zones containing sulfides (chalcopyrite and galena) for which results are pending. Under the Option Agreement and upon approval from the TSX Venture Exchange (the "Exchange"), Benton, on behalf of the Joint Venture, will issue 200,000 common shares and make cash payments to the Optionors of $60,000 as per below:
paying to the Optionors in the aggregate $10,000 cash on execution of the Option Agreement;
issuing to the Optionors in the aggregate 50,000 common shares of Benton upon receipt of Exchange approval for the Option Agreement;
paying to the Optionors in the aggregate a further $10,000 cash and issuing to the Optionors in the aggregate a further 50,000 common shares of Benton by the first anniversary of the effective date of the Option Agreement (the "Effective Date");
paying to the Optionors in the aggregate a further $10,000 cash and issuing to the Optionors in the aggregate a further 50,000 common shares of Benton by the second anniversary of the Effective Date; and
paying to the Optionors in the aggregate a further $30,000 cash and issuing to the Optionors in the aggregate a further 50,000 common shares of Benton by the third anniversary of the Effective Date.
The Optionors will retain a 2% Net Smelter Royalty, half of which Benton, on behalf of the Joint Venture, can purchase for CAD$1M at any time. Under the terms of the Joint Venture, Sokoman will reimburse Benton for 50% of the Option payments made by Benton pursuant to the Option Agreement.
Personnel have begun prospecting and mapping on the Property, and the imminent, detailed, 100m-spaced Airborne Mag-VFL survey that will encompass approximately 1,600 line-km in the area will include the optioned Property. Benton and Sokoman anticipate that these initial activities will generate gold targets for further exploration. Results will be released as they are received and compiled.
Nathan Sims, P.Geo., Senior Exploration Manager for Benton Resources Inc., and Timothy Froude, P.Geo., President & CEO of Sokoman Minerals Corp., "Qualified Persons" under National Instrument 43-101, have approved the scientific and technical disclosure in this news release and prepared or supervised its preparation.
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. Parties interested in seeking more information about properties available for option can contact Mr. Stares directly.
About Sokoman Minerals Corp.
Sokoman Minerals Corp. is a discovery-oriented company with projects in Newfoundland & Labrador, Canada. The Company's primary focus is its portfolio of gold projects: Moosehead, Crippleback Lake (optioned to Trans Canada Gold Corp.) and East Alder (optioned to Canterra Minerals Corporation) along the Central Newfoundland Gold Belt, and the recently acquired district-scale Fleur de Lys project in northwestern Newfoundland, which is targeting Dalradian-type orogenic gold mineralization similar to the Curraghinalt and Cavanacaw deposits in Northern Ireland, and Cononish in Scotland. The Company also recently entered into a strategic alliance with Benton Resources Inc. through three large-scale joint venture properties including Grey River, Golden Hope and Kepenkeck in Newfoundland. Sokoman now controls independently and through the Benton alliance over 150,000 hectares (>6,000 claims) of land, making the Company one of the largest landholders in Newfoundland, Canada's newest and rapidly emerging gold districts. The Company also retains an interest in an early-stage antimony/gold project (Startrek) in Newfoundland, optioned to White Metal Resources Inc., and in Labrador, the Company has a 100% interest in the Iron Horse (Fe) project that has Direct Shipping Ore (DSO) potential.
For further information, please contact:
CHF Capital Markets
Cathy Hume, CEO
Phone: 416-868-1079 x251
Stephen Stares, President & CEO
Timothy Froude, P.Geo., President & CEO
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.
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