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Home > News > Benton Receives 1.38...

Benton Receives 1.38 Million shares of Cameo Industries for Saganaga Gold Project option

Nov 27, 2020


Benton Resources Inc. has received 1,380,000 shares of Cameo Industries Corp. as part of the first payment for the option of its Saganaga Gold project located in the Shebandowan Greenstone Belt. Benton previously announced on August 11, 2020 that it had entered into an Option Agreement with 2752300 Ontario Inc., a private Ontario company, which has now been acquired by Cameo. Under the Agreement, Cameo (through its ownership of 2752300 Ontario Inc.) can earn up to a 100% interest in the Project by completing the following: 

  • paying the Company $50,000 in cash (paid) and issuing the greater of 1,000,000 Cameo common shares or 3% of the issued and outstanding common shares of Cameo to the Company upon execution of the Agreement; (1,380,000 shares issued)
  • paying the Company $50,000 in cash and issuing the greater of 1,000,000 Cameo common shares or 2% of the then issued and outstanding common shares of Cameo to the Company and incurring a minimum of $200,000 in qualified exploration expenditures on or before the first anniversary of the effective date of the Agreement; and,
  • paying the Company $50,000 in cash and issuing the greater of 1,000,000 Cameo common shares or 1.5% of the then issued and outstanding common shares of Cameo to the Company and have completed a further $200,000 in qualified exploration expenditures on or before the second anniversary of the effective date of the Agreement.

Cameo, at its election, may then provide the Company notice that it intends to earn an additional 30% interest (taking its interest to 100% subject to underlying NSR's) in the Project by:

  • paying the Company $50,000 cash and issuing 2,000,000 Cameo common shares to the Company and completing a further $400,000 in qualified exploration expenditures on the Project.

In the event that Cameo completes a resource calculation for the Project in accordance with NI 43-101, Cameo will issue to the Company 1,000,000 common shares. 

The Project is host to multiple gold zones with highlights from drilling including 5.36gpt Au over 20m in the Star Zone and 32.0gpt Au over 5.6m on the Powell Zone.



Tags: Northern Ontario / Deals & Financial / Metals / All Articles