Business
Trillium Gold Mines Satisfies Obligation to Benton Resources for 70% Ownership in the Panama Lake Property
VANCOUVER, British Columbia, Nov. 04, 2022 (GLOBE NEWSWIRE) -- Trillium Gold Mines Inc. (TSXV:TGM, OTCQX:TGLDF, FRA:0702) (“Trillium Gold” or the “Company”) ann
About this update from Renegade Gold Inc.
[{"type":"text","content":" VANCOUVER, British Columbia, Nov. 04, 2022 (GLOBE NEWSWIRE) -- Trillium Gold Mines Inc. (TSXV:TGM, OTCQX:TGLDF, FRA:0702) (“Trillium Gold” or the “Company”) announces that it has completed the issuance of 473,934 common shares of the Company to Benton Resources Inc. (“Benton”) in satisfaction of its obligation to make a cash payment of Cdn $100,000 to acquire a 70% interest in the Panama Lake Property. The Panama Lake Gold Project is located approximately 80 km from, and on the same structural trend as Kinross Gold’s LP Fault Zone, and effectively extends Trillium’s dominant contiguous foothold along the Confederation belt in Red Lake Ontario by 9,882 hectares (see news releases dated October 25 and July 13, 2022). The share issuance, effected at a price of $0.211 per common share based on the 10-day volume-weighted average price of Trillium Gold’s common shares preceding October 22, 2022, extinguishes Trillium Gold’s obligation to Benton in respect of the latter’s holding in the Panama Lake Property. All securities issued pursuant to the issuance of the common shares are subject to a statutory four month hold period. The Panama Lake acquisition brings Trillium Gold’s consolidated land holdings along the Confederation Belt to over 58,400 hectares, bound by the Red Lake and LP Fault structures, positioning it as one of the most prospective exploration projects in the heart of the Red Lake mining district. On behalf of the Board of Directors,Trillium Gold Mines Inc. Russell StarrDirector, President & CEO For further information, please contact Donna Yoshimatsu, VP Corporate Development and Investor Relations at [email protected], (416) 722-2456, or [email protected]. Visit our website at www.trilliumgold.com. About Trillium Gold Mines Inc. Trillium Gold Mines Inc. is a growth focused company engaged in the business of acquisition, exploration and development of mineral properties located in the Red Lake Mining District of Northern Ontario. As part of its regional-scale consolidation strategy, the Company has assembled one of the largest prospective land packages in and around the Red Lake mining district in proximity to major mines and deposits, as well as along the Confederation Lake and Birch-Uchi greenstone belts. The Company recently closed acquisitions effectively extending its contig...