Benton To receive $300,000 from Renegade Gold for Panama Lake Project In Red Lake

Benton Resources Inc. has been notified by Renegade Gold Inc.  that Renegade will issue common shares to the Company in satisfaction of its obligation to make a cash payment of $300,000 pursuant to the terms of the Option Agreement (as defined below) whereby the Renegade had the right to acquire the remaining 30% interest (for a total interest of 100%) in the Panama Lake Property (see Renegade's news releases dated July 13, 2022 and November 4, 2022). Renegade intends to issue Benton a total of 769,230 common shares (the "Common Shares") at a deemed price of $0.39 per Common Share in lieu of paying $300,000, as payment for the Third Option as defined in an option agreement dated October 22, 2019 (the "Option Agreement") in respect of the Panama Lake Property. The issuance of Common Shares is subject to the receipt of all required approvals, including the approval of the TSX Venture Exchange. The Common Shares are subject to a statutory four month hold period.

The Panama Lake Gold Project is located approximately 80 km from, and on the same structural trend as Kinross Gold's Great Bear deposit and expands Renegade's dominant contiguous foothold along the Confederation belt by a further 9,900 hectares. Benton will retain a 2% Net Smelter Royalty on the project.

About Benton Resources Inc.

Benton Resources is a well-financed mineral exploration company listed on the TSX Venture Exchange under the symbol BEX. Benton has recently concluded its first phase drill program at the Great Burnt Copper Deposit with every drill hole intersecting stringer, semi-massive and massive sulphides. The Company drilled 22 diamond drill holes in 5,651m and has released significant results including 8.31% Cu over 13.0m in GB-23-02 and 7.18% over 26.87m Cu in GB-23-04 (see Benton's news release dated November 28, 2023).

Following a project generation business model, Benton has a diversified, highly prospective property portfolio of gold, silver, nickel, copper, platinum group elements and, most recently, lithium and cesium assets. In addition, it currently holds large equity positions in other mining companies that are advancing high-quality assets. Whenever possible, Benton retains net smelter return (NSR) royalties with potential long-term cash flow.

 

Tags: Quebec / Deals & Financial / Gold / All Articles