Thunder Bay, Ontario--(Newsfile Corp. - August 7, 2018) - Benton Resources Inc. (TSXV: BEX) (“Benton” or “the Company”) would like to announce that it has entered into an purchase agreement with Canadian Orebodies Inc. (“Canadian Orebodies”) whereby Benton will sell the southwest portion the “Goodchild Lake” mining property (the “Property”). The portion of the property being sold consists of 31 claim cells totaling approximately 500 hectares, and covers a prospective trend adjacent to the northwest portion of Canadian Orebodies 100% owned Black Raven Property. As consideration for the purchase, Canadian Orebodies will issue Benton 100,000 common shares in the capital stock of the Canadian Orebodies and grant Benton a 1.5% net smelter returns royalty (“NSR”). Canadian Orebodies will have the option to buy-down 50% of the NSR at any time for the sum of $750,000. Closing of the acquisition is conditional upon the receipt of all required regulatory approvals, including the approval of the TSX Venture Exchange.”
Benton is selling the south-western non-core claims as they lie outside the main Goodchild ultramafic intrusion where the Company holds the project for its Nickel-Cobalt and PGM potential. The Goodchild Project is located 30km west of the world class Hemlo gold deposit and just 5km northeast of the Marathon Copper-PGM deposit held by Sibanye-Stillwater. The property is located in the Cirrus Lake and Martinet Lake Area, Thunder Bay Mining Division and is adjacent to the north boundary of Canadian Orebodies’ recent gold discovery (see Canadian Orebodies PR dated February 20, 2018). Historical exploration on the Goodchild project has returned up to 12.6% nickel, 0.5% copper, 0.16% cobalt, 1.8gpt palladium and 0.5gpt platinum from selective grab samples which are Benton’s main focus.
About Benton Resources Inc. (TSXV: BEX)
Benton Resources Inc 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 web site. Most projects have an up to date 43-101 report available. Interested parties can contact Stephen Stares from the contact below.
Nathan Sims (P.Geo.), Senior Exploration manager for Benton Resources Inc., is the qualified person responsible for this release and has prepared or supervised the preparation of or reviewed and approved the scientific and technical disclosure in this news release.
On behalf of the Board of Directors of Benton Resources Inc.,
"Stephen Stares"
Stephen Stares, President
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.
For further information contact Stephen Stares @:
684 Squier Street,
Thunder Bay, ON
P7B 4A8
Phone (807)475-7474
Cell (807)474-9020
Fax (807)475-7200
