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Benton Advised of Clean Air Metals' Payment to Rio Tinto on Escape Lake Option

14.10.2020  |  Newsfile

Thunder Bay, October 14, 2020 - Benton Resources Inc. (TSXV: BEX) ('Benton' or 'the Company') is pleased to announce it has been advised that Clean Air Metals Inc. ("Clean Air") has paid the sum of CAD$1.0 Million directly to Rio Tinto Exploration Canada Inc. ("RTEC") as Vendor, pursuant to the terms of the definitive option agreement (the "Option Agreement") between the Company and Clean Air (see Clean Air press release dated May 15, 2020). Clean Air acquired the Option to acquire a 100% right, title and interest in and to the Escape Lake Property whereby Clean Air agreed to pay to RTEC an aggregate of C$6 million, C$3.0 million of which was originally paid by Benton to RTEC on October 9, 2019.

In addition, pursuant to the terms of a definitive share purchase agreement dated January 6, 2020 (the "Pan Agreement") between Clean Air and Magma Metals Pty Ltd. ("Magma"), Clean Air completed the acquisition of 100% of Panoramic Resources Ltd.'s indirect subsidiary, Panoramic PGMs (Canada) Ltd. ("Pan PGMs"), which owns the Thunder Bay North Property (the "TBN Property"). Pan PGM's is now a wholly-owned subsidiary of Clean Air. In consideration of the acquisition of Pan PGM's, Clean Air has also agreed to pay to Magma in equal installments over a three-year period an aggregate of C$9 million, C$4.5 million of which was paid on closing of the Transaction on May 14, 2020.

Clean Air refers to the Escape Lake Property and the TBN Property as the "TBN Project" collectively. A 20,000m drill program, that is underway, has confirmed and expanded the new discovery at Escape Lake that now measures approximately 200m along strike and 175m wide, averages 30m and remains open along strike in both directions (see Clean Air press release dated September 30, 2020).

Stephen Stares, President and CEO of Benton, stated: "Benton continues to be encouraged by the progress of Clean Air at their TBN Project. The completion of this option payment along with their aggressive drill program demonstrates Clean Air's confidence in the potential of this project that is strategically situated near the Lac des Isles mine owned by Impala. Benton views the 24.6 million shares of Clean Air that it currently holds as a position that could deliver maximal future shareholder value as the TBN Project's potential is further developed."

QP

Nathan Sims (P.Geo.), Senior Exploration Manager for Benton Resources Inc., the 'Qualified Person' under National Instrument 43-101, has approved the scientific and technical disclosure in this news release and prepared or supervised its preparation.

On behalf of the Board of Directors of Benton Resources Inc.,
"Stephen Stares"
Stephen Stares, President

About Benton Resources Inc.

Benton Resources (TSXV: BEX) is a well-funded Canadian-based project generator with a diversified property portfolio in Gold, Silver, Nickel, Copper, and Platinum group elements. Benton holds multiple high-grade projects available for option which can be viewed on the Company's website. Most projects have an up-to-date 43-101 Report available.

Parties interested in seeking more information about properties available for option can contact Mr. Stares at the number below.

For further information, please contact:
Stephen Stares, President & CEO
Phone: 807-475-7474
Email: sstares@bentonresources.ca

CHF Capital Markets
Cathy Hume, CEO
Phone: 416-868-1079 x231
Email: cathy@chfir.com

Website: www.bentonresources.ca
Twitter: @BentonResources
Facebook: @BentonResourcesBEX

THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

The information contained herein contains "forward-looking statements" within the meaning of applicable securities legislation. Forward-looking statements relate to information that is based on assumptions of management, forecasts of future results, and estimates of amounts not yet determinable. Any statements that express predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance are not statements of historical fact and may be "forward-looking statements."

Forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking statements, including, without limitation: risks related to failure to obtain adequate financing on a timely basis and on acceptable terms; risks related to the outcome of legal proceedings; political and regulatory risks associated with mining and exploration; risks related to the maintenance of stock exchange listings; risks related to environmental regulation and liability; the potential for delays in exploration or development activities or the completion of feasibility studies; the uncertainty of profitability; risks and uncertainties relating to the interpretation of drill results, the geology, grade and continuity of mineral deposits; risks related to the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses; results of prefeasibility and feasibility studies, and the possibility that future exploration, development or mining results will not be consistent with the Company's expectations; risks related to gold price and other commodity price fluctuations; and other risks and uncertainties related to the Company's prospects, properties and business detailed elsewhere in the Company's disclosure record. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements. Investors are cautioned against attributing undue certainty to forward-looking statements. These forward looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances. Actual events or results could differ materially from the Company's expectations or projections

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/65895


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