Benton Advised of Clean Air Metals' Payment to Rio Tinto on Escape Lake Option
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."
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, 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
CHF Capital Markets
Cathy Hume, CEO
Phone: 416-868-1079 x231
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