Thunder Bay, Ontario--(Newsfile Corp. - August 4, 2021) - Benton Resources Inc. (TSXV: BEX) ('Benton') is pleased to report that it has received the first anniversary option payment comprised of $50,000 and 1,248,177 shares of Metallica Metals Corp. (CSE: MM) ("Metallica") for the Starr gold-silver project (formerly known within Benton as the Saganaga gold project) located in the Thunder Bay Mining District of Ontario.
Benton now holds 2,628,177 million shares of Metallica. Metallica has the option to earn a 70% interest in the Starr project by making certain cash and share payments to Benton along with exploration work commitments and has an option to earn the remaining 30% interest by completing further cash and share payments along with further work commitments (see Benton news release dated August 11, 2020) over the term of the agreement.
Last week Metallica announced that they had identified numerous new drill targets on the Starr project, and a drill program will commence shortly (see Metallica news release dated July 28, 2021).
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 Royalties (NSR) for potential long-term cash flow.
Benton has also recently entered into a 50/50 strategic alliance with Sokoman Minerals (TSXV: SIC) through three large-scale joint venture properties including Grey River, Golden Hope and Kepenkeck in Newfoundland that are now being explored.
For further information, please contact:
Stephen Stares, President & CEO
CHF Capital Markets
Cathy Hume, CEO
Phone: 416-868-1079 x251
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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