Business
Benton Options Great Burnt Copper-Gold Deposits from Spruce Ridge Resources in Newfoundland
Thunder Bay, Ontario--(Newsfile Corp. - August 17, 2023) - Benton Resources Inc. (TSXV: BEX) (" B...
About this update from Benton Resources, Inc.
[{"type":"text","content":"Benton Options Great Burnt Copper-Gold Deposits from Spruce Ridge Resources in NewfoundlandThunder Bay, Ontario--(Newsfile Corp. - August 17, 2023) - Benton Resources Inc. (TSXV: BEX) (\"Benton\" or the \"Company\") is pleased to announce that on August 15, 2023, it entered into a binding letter of intent (LOI) with Spruce Ridge Resources Ltd. (TSXV: SHL) (\"Spruce\"), whereby Benton can earn an undivided 70% interest in Spruce's Newfoundland properties including the Great Burnt Copper deposit and South Pond Gold and Copper zones (the \"Property\"). The Option Agreement is subject to due diligence by both parties, which is ongoing and is subject to approval by the TSX Venture Exchange (the \"Exchange\").Highlights of the Option AgreementUnder the terms of the Option Agreement, Benton can earn an undivided 70% interest in the Property by:Making a $40,000 cash payment to Spruce upon receipt of Exchange approvalIssuing to Spruce 15 million common shares in the capital of Benton (\"Benton Shares\") as follows:5,000,000 Benton Shares subject to a four-month regulatory trading restriction;5,000,000 Benton Shares subject to a four-month regulatory trading restriction plus an additional eight-month trading restriction; and5,000,000 Benton Shares subject to a four-month regulatory trading restriction plus an additional twenty-month trading restrictionCompleting $2.5 million in exploration expenditures on the Property within 36 months of the date of the LOI, of which $1.0 million must be expended by the first anniversary of the LOI, subject to the right of Benton to accelerate the completion of such expenditures and share issuancesOnce a 70% interest in the Property is earned by Benton, the Property will be operated as a participating joint ventureBenton President and CEO Stephen Stares states: \"This project gives Benton another excellent opportunity in central Newfoundland, which is ranked one of the best mining jurisdictions worldwide. We're excited to be building off a great land position with many known zones that are open for expansion and the potential for new discoveries bodes well for success. Benton will plan an aggressive exploration program that will start as soon as possible.\" Commenting on the Option Agreement, interim Spruce President and CEO Steve Balch explained that, \"Spruce is very pleased to be partnering with Benton...