Business
Benton Notified That St. Anthony Gold Corp Will Exercise the Second Option on the Panama Lake Project; Rio Tinto Terminates Bark Lake Option
Thunder Bay, Ontario--(Newsfile Corp. - October 20, 2021) - Benton Resources Inc. (TSXV: BEX) ...
About this update from Benton Resources, Inc.
[{"type":"text","content":"Benton Notified That St. Anthony Gold Corp Will Exercise the Second Option on the Panama Lake Project; Rio Tinto Terminates Bark Lake OptionThunder Bay, Ontario--(Newsfile Corp. - October 20, 2021) - Benton Resources Inc. (TSXV: BEX) (\"Benton\") would like to announce that St. Anthony Gold Corp. (\"St. Anthony\" or the \"Company\") (CSE: STAG) (FSE: M1N) (OTC Pink: MTEHF) has notified Benton they will make a CAD$100,000 (cash or shares) payment to earn a 50% interest in the Panama Lake property (the \"Property\").The Panama Lake option agreement (the \"Option Agreement\") between Benton and St. Anthony was signed in October 2019. In order to earn a 50% interest, St. Anthony was required to issue two million shares, complete CAD$450,000 of qualified expenditures on the Property and make two annual cash payments of CAD$100,000 or issue the equivalent value in common shares, all within 24 months from the date of the Option Agreement. Additionally, St. Anthony intends to earn a 70% interest in the Property by paying CAD$100,000 in cash- or shares-equivalent on the third anniversary and complete CAD$250,000 in exploration expenditures on the Project. The Company has the option to own 100% of the Property by paying Benton CAD$300,000 in cash- or shares-equivalent on the fourth anniversary and complete CAD$300,000 in exploration expenditures. The Option Agreement contains a 2 km-area-of-influence clause that covers the Project's claim boundary. Benton will retain a 2% Net Smelter Return (NSR) royalty on the Project with St. Anthony having the option to buy-back 1% for CAD$1M. In addition, St. Anthony will issue to Benton an additional 1,000,000 common shares upon completion of its initial NI 43-101 compliant resource calculation as defined in the Option Agreement.Interest in Panama Lake is being reinforced by leading gold companies and joint ventures that are moving to secure nearby and adjacent properties. Most recently, Kenorland Minerals Ltd. optioned its project, immediately adjacent to the Panama project, to Barrick Gold Corp. As one of the major gold developers in the world, participation by this group is evidence of a renewed focus on this mining district.In addition, Benton has been notified by Rio Tinto Exploration Canada Inc. (\"RTEC\") that it has elected to terminate the Bark Lake option dated October 20th, 2016, with Bent...