Benton Stakes Land Position East of Hemlo Gold Mine and Receives First Anniversary Payment from Maxtech Ventures
Thunder Bay, November 24, 2020 - Benton Resources Inc. (TSXV: BEX) ('Benton' or 'the Company') is pleased to announce that it has staked a 100% interest in 145 single-cell mining claims, 5km east of Barrick Gold Corporation's ("Barrick") Hemlo Gold Mine and north of MetalCorp Limited's ("MetalCorp") Hemlo East project. According to MetalCorp's news announcement dated November 20, 2020, it completed an option agreement with Barrick to acquire up to 80% of the Hemlo East project with Barrick making an initial payment of $3.0 million along with other commitments. Benton has acquired its land position with the strategic objective of attracting interested partners to this world-class mining jurisdiction.
In addition, Benton would like to announce it has received the first-year anniversary payment for the Panama Lake Gold Project located in the Red Lake Gold Belt from Maxtech Ventures Inc. (CSE: MVT). The Company received 1.67 million shares at an average price of $0.06 in lieu of a cash payment of $100,000 which was in accordance with the option agreement with Maxtech. Maxtech is currently compiling final reports related to exploration work at Panama thus far and making further plans for the project.
Equity Holdings
Benton continues to be very encouraged by the progress made by Clean Air Metals Inc. ("Clean Air"), in which Benton holds 24.6 million shares. Clean Air has two drill rigs operating on the Thunder Bay North and Escape Lake Copper-Nickel-PGM project and has released excellent drill results from its ongoing drill campaign. Benton looks forward to receiving ongoing encouraging drill results and future project advancement.
Benton also holds 3,940,000 shares of Quadro Resources Ltd, which is advancing various projects in Newfoundland and Ontario. Additionally, Benton holds 3.67 million shares of Maxtech Ventures Inc. (CSE: MVT). Maxtech has an Option and Joint Venture agreement on Benton's Panama Lake gold project in the Red Lake mining region. Further, Benton holds 1 million shares of Sokoman Minerals Corp. which has recently released excellent drill results from its Moosehead Project in Newfoundland. Benton has two NW Ontario projects optioned to Rio Tinto Exploration Canada (the Bark Lake and Baril Lake Copper-Nickel PGE projects).
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. Most projects have an up-to-date 43-101 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
Phone: 807-475-7474
Email: sstares@bentonresources.ca
CHF Capital Markets
Cathy Hume, CEO
Phone: 416-868-1079 x231
Email: cathy@chfir.com
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/68849
