Connect with us

Today’s News

Fiore Gold Achieves Annual Production Guidance for Third Consecutive Year and Reports Record Gold Production for Fiscal Q4 2021

VANCOUVER, BC / ACCESSWIRE / October 12, 2021 / FIORE GOLD LTD. (TSXV:F)(OTCQB:FIOGF) ("Fiore" or the "Company") is pleased to announce preliminary production…

Share this article:

Published

on

VANCOUVER, BC / ACCESSWIRE / October 12, 2021 / FIORE GOLD LTD. (TSXV:F)(OTCQB:FIOGF) ("Fiore" or the "Company") is pleased to announce preliminary production results for the Company's fourth fiscal quarter ("Q4") and the full fiscal year 2021 which ended September 30th, 2021, for its Pan open pit mine in White Pine County, Nevada.

Full Year and Q4 Operating Highlights

(all figures in U.S. dollars unless otherwise indicated)

  • Full-year gold production of 45,397 ounces, achieving the midpoint of our 44,000-47,000 ounces guidance range
  • Record Q4 gold production of 13,527 ounces
  • Full-year gold sales of 45,341 gold ounces at an average realized price of $1,807 per ounce
  • Record Q4 sales of 13,506 gold ounces at an average realized price of $1,790 per ounce
  • Closing cash balance of $22.9 million, an increase of $4.4 million from June 30, 2021, and zero corporate debt
  • Full-year mined ore production of 14,047 tons per day at a stripping ratio of 1.5 and grade of 0.45 grams per tonne, or 0.013 ounces per ton; ore tons mined and grade within guidance, strip ratio below the guided 1.8:1
  • Q4 mined ore production of 16,639 tons per day at a stripping ratio 1.5 and grade of 0.41 grams per tonne, or 0.012 ounces per ton
  • 388,461 hours worked in the fiscal year 2021 at a Total Recordable Injury Frequency Rate ("TRIFR") of 3.1
  • Pan Mine achieved one million hours worked without a lost time injury in January 2021

Full Year Organic Growth Highlights

  • At Pan, reported a two year mine life extension, continuing our history of replacing mine depletion through successful exploration
  • Additionally at Pan, constructed the Phase 3 heap leach pad with first ore placed in July 2021, providing substantial capacity for the added mine life
  • Acquired the past-producing Illipah project, extending our Nevada land holdings to a total of 222 square kilometers or 55,000 acres
  • At Gold Rock, we continued our resource expansion and metallurgical drilling program in support of a Feasibility Study. Given our drill success to date, we recently approved an expanded resource drilling program aimed at continued expansion of the Gold Rock mineral resource. We expect to issue the Feasibility Study during calendar Q4 2022 with production at Gold Rock expected in the second half of 2024.

Tim Warman, Fiore's CEO commented, "Backed by our consistently strong operating performance, we continue to put capital back into our Nevada assets. We have invested in Pan's future, adding two years of mine life and substantial heap leach capacity, and are planning a significant investment in resource expansion drilling at Pan over the next year. At the same time, we have meaningfully advanced Gold Rock with extensive drilling to progress the Feasibility Study. Given our exploration success, we have elected to add approximately 130,000 feet of drilling aimed at continued expansion of the Gold Rock mineral resource. We believe the modest extension to the Feasibility timeline is well justified given the opportunity to grow the resource. Further, we have added a valuable third Nevada asset to our portfolio, the Illipah project. Despite the ongoing investment, our cash balance and share count have remained steady, our working capital has improved, and we remain debt free. Our financial flexibility is allowing us to advance our goal of having Pan and Gold Rock operate in unison."

Gold Rock Update

Work on the Gold Rock Feasibility Study is proceeding well, with several programs underway including:

  • One core and one RC rig currently on site carrying out geotechnical and condemnation drilling.
  • Three RC rigs expected to arrive onsite in October and November as part of an expanded resource drilling program.
  • Column tests using samples from 15 large-diameter core holes underway at Forte Dynamics in Colorado, with initial results expected in December.
  • Background work and contractor selection proceeding for the various Nevada state permit applications required for Gold Rock. The Federal NEPA permitting process was completed in 2018.

Recent drilling at Gold Rock (PR of March 30, 2021) has identified a zone of higher-grade mineralization beyond the northern end of the known resource area, including:

  • 42.7 m of 1.17 g/t gold in hole GR20-110 north of the planned North Pit
  • 18.3 m of 0.99 g/t gold in hole GR21-001 north of the planned North Pit
  • 45.7 m of 2.01 g/t gold in hole GR21-002 north of the planned North Pit

Based on these results, Fiore recently approved an expanded resource drilling program to add an additional 130,000 feet (40,000 metres) of RC and HQ core drilling aimed at continued expansion of the Gold Rock mineral resource. The additional drilling was scheduled to begin in June of this year, but a shortage of available drill rigs in Nevada has delayed the start of the program to October when the first of three additional rigs is expected to arrive on site. The opportunity to add higher-grade ounces to the resource as well as the delays in bringing additional rigs to site is expected to extend the completion date for the feasibility study to calendar Q4 of 2022. Despite this delay to the Feasibility Study schedule, the overall project schedule still anticipates first production at Gold Rock in the second half of 2024.

Technical Disclosure

The scientific and technical information relating to Fiore Gold's properties contained in this news release was approved by J. Ross MacLean (MMSA), Fiore Gold's Chief Operating Officer and a "Qualified Person" under National Instrument 43-101.

Corporate Strategy

Our corporate strategy is to grow Fiore Gold into a 150,000 ounce per year gold producer. To achieve this, we intend to:

  • continue to grow gold production at the Pan Mine, while increasing the resource and reserve base
  • advance the development of the nearby Gold Rock project
  • acquire additional production or near-production assets to complement our existing operations

On behalf of FIORE GOLD LTD.

"Tim Warman"
Chief Executive Officer

Contact Us:
[email protected]
1 (416) 639-1426
www.fioregold.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Note Regarding Forward-Looking Statements

This news release contains "forward-looking statements" and "forward-looking information" (as defined under applicable securities laws), based on management's best estimates, assumptions and current expectations. Such statements include but are not limited to, statements regarding, expectations for future performance of the Pan Mine, preliminary operating results, which are pending final results in the Company's annual financial report, plans for future drilling at the Pan Mine and Gold Rock project, expectations based on drilling results at Gold Rock, work planned for Gold Rock, expectations for and timing of a Feasibility Study for Gold Rock, expected mineral production at Gold Rock, plans capital investments in our properties, expected availability of drill rigs, goal to become a 150,000-ounce producer, goal to acquire additional production or near production assets, and other statements, estimates or expectations. Often, but not always, these forward-looking statements can be identified by the use of forward-looking terminology such as "expects", "expected", "budgeted", "targets", "forecasts", "intends", "anticipates", "scheduled", "estimates", "aims", "will", "believes", "projects" and similar expressions (including negative variations) which by their nature refer to future events. By their very nature, forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond Fiore Gold's control. These statements should not be read as guarantees of future performance or results. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, as well as a number of assumptions made by, and information currently available to, the Company concerning, among other things, anticipated geological formations, potential mineralization, future plans for exploration and/or development, potential future production, ability to obtain permits for future operations, drilling exposure, and exploration budgets and timing of expenditures, all of which involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievement of Fiore Gold to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Factors that could cause actual results to vary materially from results anticipated by such forward looking statements include, but not limited to, risks related to the Pan Mine performance, risks related to the COVID-19 pandemic or future pandemics, including government restrictions impacting our operations, risks pandemics pose to our work-force, impact viruses may have on ability to obtain services and materials from our suppliers and contractors; availability of drilling contractors and drilling equipment; risks related to general economic conditions, actual results of current or future exploration activities, unanticipated reclamation expenses; changes in project parameters as plans continue to be refined; fluctuations in prices of metals including gold; fluctuations in foreign currency exchange rates; increases in market prices of mining consumables; possible variations in ore reserves, grade or recovery rates; uncertainties involved in the interpretation of drilling results, test results and the estimation of gold resources and reserves; failure of plant, equipment or processes to operate as anticipated; the possibility that capital and operating costs may be higher than currently estimated; the possibility of cost overruns or unanticipated expenses in the work programs; availability of financing; accidents, labour disputes, title disputes, claims and limitations on insurance coverage and other risks of the mining industry; delays in the completion of exploration, development or construction activities; the possibility that required permits may not be obtained on a timely manner or at all; changes in national and local government regulation of mining operations, tax rules and regulations, and political and economic developments in countries in which Fiore Gold operates, and other factors identified in Fiore Gold's filing with Canadian securities authorities under its profile at www.sedar.com respecting the risks affecting Fiore Gold and its business. Although Fiore Gold has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The forward-looking statements and forward-looking information are made as of the date hereof and are qualified in their entirety by this cautionary statement. Fiore disclaims any obligation to revise or update any such factors or to publicly announce the result of any revisions to any of the forward-looking statements or forward-looking information contained herein to reflect future results, events or developments, except as require by law. Accordingly, readers should not place undue reliance on forward-looking statements and information.

SOURCE: Fiore Gold Ltd.



View source version on accesswire.com:
https://www.accesswire.com/667450/Fiore-Gold-Achieves-Annual-Production-Guidance-for-Third-Consecutive-Year-and-Reports-Record-Gold-Production-for-Fiscal-Q4-2021

Today’s News

CopperBank Shareholders Overwhelmingly Approve Long Term Incentive Plan at Special Meeting; Leadership Team Additions Announced

VANCAOUVER, BC / ACCESSWIRE / October 15, 2021 / CopperBank Resources Corp. ("CopperBank" or the "Company") (CSE:CBK)(OTC PINK:CPPKF)(FRANKFURT:9CP) is…

Share this article:

VANCAOUVER, BC / ACCESSWIRE / October 15, 2021 / CopperBank Resources Corp. ("CopperBank" or the "Company") (CSE:CBK)(OTC PINK:CPPKF)(FRANKFURT:9CP) is pleased to announce that earlier today shareholders of Copperbank voted at the special meeting of shareholders (the "Meeting") to approve the long term incentive plan of the Company (the "LTIP"), as further described in the management information circular of the Company dated September 14, 2021, with approximately 98% of votes cast in favour of the new LTIP. Additionally, the company is pleased to announce key appointments to the senior leadership team.

As previously announced in the Company's September 2, 2021 press release, the board of directors of CopperBank approved grants of 9,650,000 stock options to eligible participants under the LTIP, which grant was subject to the approval of the LTIP by shareholders. The grant, which will be effective as of today's date, permits each holder to purchase one common share of the Company for each option held at a price of $0.40 for a period of three years.

Leadership Team Appointments

The Company is also pleased to announce that Graham Richardson, Thomas Bissig and Zach Allwright will be joining the leadership team as Chief Financial Officer, Vice President of Exploration, and Vice President of Projects and Evaluations, respectively. Paul Harbidge, President and Chief Executive Officer, commented, "I am very excited to welcome Graham, Thomas and Zach to the CopperBank team as we work on advancing our exciting copper projects in the world-class mining districts of Arizona and Nevada. It is a testament to the quality of the projects that we have been able to attract three key senior individuals and I look forward to leveraging their experience and expertise as we work to unlock the value inherent in the CopperBank portfolio."

Mr. Graham Richardson joined the Company on October 15, 2021, as Chief Financial Officer and is a Canadian CPA with over 10 years of finance experience in the mining sector and a proven track record of adapting and partnering with various levels of organizations to achieve desired outcomes. In his most recent role as Senior Director, Finance and Accounting at Fortuna Silver Mines Inc., Mr. Richardson was closely involved in the financial due diligence and integration activities in connection with the acquisition of Roxgold, while also being responsible for the delivery of the quarterly reports and oversight of the finance function and Vancouver Corporate Office. Previously, he was the Assistant Controller, North America at Newmont, following the acquisition of Goldcorp in April 2019. Prior to his role with Newmont, he was the Director, Finance Performance Management at Goldcorp after joining in 2016 and holding progressively senior finance roles within the organization. Mr. Richardson started his career with Deloitte Touche Tohmatsu Limited in their mining practice in Vancouver, and subsequently Melbourne, where he gained diverse experience working with operations across Canada, Australia, USA, Mexico and West Africa. Mr. Richardson has a Bachelor of Commerce in Accounting from the University of British Columbia, Sauder School of Business.

Dr. Thomas Bissig joined the Company on October 1, 2021, as the Vice President of Exploration. Dr. Bissig is a geologist and geochemist with more than 23 years of experience in exploration and applied research on porphyry and epithermal deposit types across the Americas. He most recently worked as a consulting geoscientist providing services ranging in scale from orebody knowledge to regional exploration. From March 2017 to February 2020 he held the position of Director, Geochemistry for Goldcorp/Newmont providing subject matter expertise to exploration teams across the Americas. From 2008 to 2017 he was a senior research associate at the Mineral Deposit Research Unit at the University of British Columbia (Vancouver, Canada) where he was responsible for multiple gold and copper research programs and exploration, focused in the Andes, British Columbia, Nevada and Eastern Europe. Dr. Bissig was also a Professor at the Universidad Catolica del Norte in Antofagasta, Chile from 2004 to 2007 after graduating in 1997 from the Swiss Federal Institute of Technology (ETH) in Zürich with a diploma in Earth Sciences. Dr. Bissig carried out his PhD research at Queen's University in Kingston (Ontario, Canada) on the metallogeny of the El Indio epithermal belt in Chile and Argentina, graduating in 2001.

Mr. Zach Allwright joined the company on October 15, 2021, as the Vice President of Projects and Evaluations. He is a skilled mining professional with 15 years of diversified international experience, specializing in asset optimization and technical evaluations. In his most recent role as Director, North America for Mining Plus Consulting (part of the Byrnecut Group from Australia), he successfully delivered an extensive range of technical studies and asset evaluations in team environments. Notable engagements include the delivery of technical advisory to GT Gold (supporting the subsequent acquisition by Newmont in May 2021), facilitating the mining technical due diligence for Goldcorp culminating in the Newmont/Goldcorp merger in April 2019, leading the transformation of Lac Des Illes mine through the implementation of sub-level caving 2015-2018 and advancing the Pumpkin Hollow (Nevada Copper) project from an optimized concept to first production between 2016 and 2018. Mr. Allwright (P.Eng) holds a Mining Engineering degree from the Western Australian School of Mines and an MBA from Curtin Graduate School of Business.

About CopperBank

CopperBank is a Canadian exploration company focused on advancing two copper projects in The United States of America. The Company trades on the Canadian Securities Exchange under the symbol "CBK".

For additional information please contact:

Paul Harbidge, President and Chief Executive Officer

CopperBank Resources Corp.
Suite 1500, 409 Granville Street, Vancouver, BC V6C 1T2

Phone: 778-987-2761
E-mail: [email protected]
Website: www.copperbankcorp.com

SOURCE: CopperBank Resources Corp.



View source version on accesswire.com:
https://www.accesswire.com/668432/CopperBank-Shareholders-Overwhelmingly-Approve-Long-Term-Incentive-Plan-at-Special-Meeting-Leadership-Team-Additions-Announced

Continue Reading

Today’s News

Pure Gold Mining Inc. Closes Previously Announced Non-Brokered Financing of Approximately C$3.47 Million

THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT AUTHORIZED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION…

Share this article:

THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT AUTHORIZED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.

VANCOUVER, British Columbia, Oct. 15, 2021 (GLOBE NEWSWIRE) -- Pure Gold Mining Inc. (TSXV:PGM LSE:PUR) (“PureGold” or the “Company”) is pleased to announce that it has closed the non-brokered private placement (the “Offering”) announced on October 5, 2021.

Pursuant to the Offering, the Company issued a total of 3,307,619 units of the Company (the “Units”) to AngloGold Ashanti Limited (“AngloGold”) at a price of C$1.05 per Unit, for aggregate gross proceeds of approximately C$3,473,000. The Offering brings AngloGold’s ownership percentage in the Company to 14.96% of the issued and outstanding common shares on a non-diluted basis upon completion of the Offering.

Each Unit consists of one common share of the Company (a “Unit Share”) and one-half of one common share purchase warrant (each whole common share purchase warrant, a “Warrant”). Each Warrant is transferrable and entitles the holder to acquire one common share of the Company until April 15, 2023, at a price of C$1.36.

Due to its share ownership, AngloGold is considered a “related party” of Pure Gold and, accordingly, the Offering constitutes a “related party transaction” within the meaning of Multilateral Instrument 61-101 (“MI 61-101”). The Offering was exempt from the minority approval requirement of Section 5.6 and the formal valuation requirement of Section 5.4 of MI 61-101 as neither the fair market value of the Offering, nor the fair market value of the consideration of the Offering, exceeded 25% of Pure Gold’s market capitalization. A material change report in connection with the Offering will be filed less than 21 days before the closing of the Offering. This shorter period was reasonable and necessary in the circumstances as the Company wished to complete the Offering in a timely manner.

The net proceeds received from the Offering will be used to fund the continued ramp up of operations at its 100%-owned PureGold Mine Project located in Red Lake, Ontario, underground drilling and development of the high-grade 8 zone, and for general corporate purposes. The securities issued under the Offering have a hold period of four months and one day from closing, expiring on February 16, 2022.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold to U.S. Persons (as such term is defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws, or an exemption from such registration is available.

ABOUT PURE GOLD MINING INC.

PureGold is a growth company, located in the very heart of Red Lake, Canada. Our objective is pure and simple. To develop a highly-profitable long life gold mining company, becoming Canada’s next iconic gold producer. Our plan is very disciplined, very methodical and financially sound. To expand organically, and develop PureGold’s multi-million ounce high grade gold asset incrementally, step-by-step, using a phased mining development plan to deliver maximum return.

ON BEHALF OF THE BOARD
"Darin Labrenz"
Darin Labrenz, President & CEO

For further information:
Adrian O’Brien
Director, Marketing and Communications
604-809-6890
[email protected]

Forward-Looking Information

This news release contains "forward-looking information" which may include, but is not limited to, statements with respect to the future financial or operating performance of the Company and its projects and the expected use of proceeds of the Offering. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Forward-looking statements contained herein are made as of the date of this press release and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The Company undertakes no obligation to update forward-looking statements if circumstances, management's estimates or opinions should change, except as required by securities legislation. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements.


Continue Reading

Today’s News

Benton and Sokoman Enter into Mutual Participation Agreements Governing Cost Reimbursement Under Their Strategic Exploration Alliance

Thunder Bay, Ontario–(Newsfile Corp. – October 15, 2021) – Benton Resources Inc. (TSXV: BEX) ("Benton") and Sokoman Minerals Corp. (TSXV: SIC) (OTCQB:…

Share this article:

Thunder Bay, Ontario--(Newsfile Corp. - October 15, 2021) - Benton Resources Inc. (TSXV: BEX) ("Benton") and Sokoman Minerals Corp. (TSXV: SIC) (OTCQB: SICNF) ("Sokoman") (jointly, "the Companies" or singularly a "Joint Venture Party") are pleased to announce that they have entered into mutual participation agreements (the "Participation Agreements") that govern cost reimbursement between the Companies relating to certain option agreements entered into by each of Benton and Sokoman on behalf of their strategic exploration alliance announced on May 20, 2021. Pursuant to the strategic alliance the Companies agreed to share, on a 50/50 basis, exploration costs and costs associated with the exercise of property options entered into by either party on behalf of the strategic alliance. In cases where one of the Joint Venture Parties enters into an option agreement that requires shares to be issued to a third party optionor the other Joint Venture Party will contribute its 50% of the costs by reimbursing the first company for 50% of the option payments. Where common shares are required to be issued as part of the option payments in order to ensure that the costs are equally divided the monetary value of such shares will be calculated and the Joint Venture Party that did not enter into the option agreement will issue such number of shares to the Joint Venture Party that did enter into the option agreement that have a monetary value equal to 50% of the value of the shares issued by the Joint Venture Party that has entered into the option agreement.

Sokoman and Benton have on behalf of the strategic alliance, each entered into two property option agreements that have previously been announced that are being contributed to the strategic alliance and governed by the Participation Agreements. The Participation Agreements simply formalize and clarify what cash payments and share issuances are required to be made by the Joint Venture Party that did not directly enter into a particular option agreement in order to reimburse the Joint Venture Party that did enter into the option agreement.

  1. Benton Participation Agreement

    1. Sokoman entered into an option agreement that provides it with the right to acquire a 100% interest in a mineral license consisting of seven mineral claims (the "Lewis Option") lying within the Grey River Gold Property. In order to exercise the Lewis Option Sokoman is required to make four cash payments of $10,000 each by June 15, 2024, and issue four tranches of shares of 50,000 each by June 15, 2024 (see Sokoman news release dated July 13, 2021). In accordance with the terms of the Benton Participation Agreement in order to contribute its 50% of the costs of the Lewis Option Benton will, to the extent that Sokoman continues to exercise the Lewis Option, reimburse Sokoman by: a) paying to Sokoman 50% of the cash payments made by Sokoman to exercise the Lewis Option ($20,000); and b) issuing to Sokoman such number of shares of Benton having a value equal to 50% of the value of each tranche of shares Sokoman issues to exercise the Lewis Option (292,208 Benton shares - 100,000 Sokoman shares at a floor price of $0.45 = $45,000 / $0.154 floor price for Benton shares).

    2. Sokoman entered into an option agreement that provides it with the right to acquire a 100% interest (subject to a 1.5% NSR, two-thirds of which may be purchased for $1 million) in three licenses consisting of four mineral claims (the "G2B Option") lying within the Grey River Gold Property. In order to exercise the G2B Option Sokoman is required to make three annual cash payments of $10,000 each and issue three tranches of shares of 50,000 each (see Sokoman news release dated July 13, 2021). In accordance with the terms of the Benton Participation Agreement in order to contribute its 50% of the costs of the G2B Option Benton will, to the extent that Sokoman continues to exercise the G2B Option, reimburse Sokoman by: a) paying to Sokoman 50% of the cash payments made by Sokoman to exercise the G2B Option ($15,000); and b) issuing to Sokoman such number of shares of Benton having a value equal to 50% of the value of each tranche of shares Sokoman issues to exercise the G2B Option (219,156 Benton shares - 75,000 Sokoman shares at a floor price of $0.45 = $33,750 / $0.154 floor price for Benton shares).

  2. Sokoman Participation Agreement

    1. Benton entered into an option agreement that provides it with the right to acquire a 100% interest (subject to a 2% NSR, half of which may be purchased for $1 million) in eleven mineral claims (the "Keats Option") at the Kepenkeck gold project. In order to exercise the Keats Option Benton is required to make the following cash payments and issue the following shares: (i) an initial $10,000 and issue 200,000 shares; (ii) on the first anniversary $20,000 and issue 200,000 shares; (iii) on the second anniversary $20,000 and issue 200,000 shares; and (iv) on the third anniversary $40,000 and issue 400,000 shares (see Benton news release dated May 6, 2021). In accordance with the terms of the Sokoman Participation Agreement in order to contribute its 50% of the costs of the Keats Option Sokoman will, to the extent that Benton continues to exercise the Keats Option, reimburse Benton by: a) paying to Benton 50% of the cash payments made by Benton to exercise the Keats Option ($45,000); and b) issuing to Benton such number of shares of Sokoman having a value equal to 50% of the value of each tranche of shares Benton issues to exercise the Keats Option (171,111 Sokoman shares - 500,000 Benton shares at a floor price of $0.154 = $77,000 / $0.45 floor price for Sokoman shares).

    2. Benton entered into an option agreement that provides it with the right to acquire a 100% interest (subject to a 2% NSR, one-half of which may be purchased for $1 million) in two licenses consisting of thirty mineral claims at Larry's Pond (the "Rogers Option"). In order to exercise the Rogers Option Benton is required to make the following cash payments and issue the following shares: (i) an initial $10,000 and issue 50,000 shares; (ii) on the first anniversary $10,000 and issue 50,000 shares; (iii) on the second anniversary $10,000 and issue 50,000 shares; and (iv) on the third anniversary $30,000 and issue 50,000 shares (see Benton news release dated June 29, 2021). In accordance with the terms of the Sokoman Participation Agreement in order to contribute its 50% of the costs of the Rogers Option Sokoman will, to the extent that Benton continues to exercise the Rogers Option, reimburse Benton by: a) paying to Benton 50% of the cash payments made by Benton to exercise the Rogers Option ($30,000); and b) issuing to Benton such number of shares of Sokoman having a value equal to 50% of the value of each tranche of shares Benton issues to exercise the Rogers Option (34,222 Sokoman shares - 100,000 Benton shares at floor price of $0.154 = $15,400 / $0.45 floor price for Sokoman shares).

  3. For the purposes of paragraph 1 and 2 above: a) the value of Sokoman shares issued or to be issued to exercise the Lewis Option, the G2B Option or shares to be issued under the Sokoman Participation Agreement shall be the share price that is the greater of $0.45 and the 20-day volume weighted average price (the "VWAP") of Sokoman shares prior to the day the Sokoman shares are issued, and b) the value of Benton shares to be issued to exercise the Keats Option, the Rogers Option or shares to be issued under the Benton Participation Agreement shall be the share price that is the greater of $0.154 and the 20-day VWAP of Benton shares prior to the day that Benton shares are issued.

About Benton Resources Inc.

Benton Resources 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 that can be viewed on the company's website. Parties interested in seeking more information about properties available for option can contact Mr. Stares directly.

About Sokoman Minerals Corp.

Sokoman Minerals Corp. is a discovery-oriented company with projects in the province of Newfoundland and Labrador, Canada. The company's primary focus is its portfolio of gold projects: Moosehead, Crippleback Lake (optioned to Trans Canada Gold Corp.) and East Alder (optioned to Canterra Minerals Corporation) along the Central Newfoundland Gold Belt, and the recently acquired district-scale Fleur de Lys project in northwestern Newfoundland, that is targeting Dalradian-type orogenic gold mineralization similar to the Curraghinalt and Cavanacaw deposits in Northern Ireland, and Cononish in Scotland. The company also recently entered into a strategic alliance with Benton Resources Inc. through three large-scale joint-venture properties including Grey River, Golden Hope and Kepenkeck in Newfoundland. Sokoman now controls independently and through the Benton alliance over 150,000 hectares (>6,000 claims) of land, making the company one of the largest landholders in Newfoundland, Canada's newest and rapidly emerging gold districts. The company also retains an interest in an early-stage antimony/gold project (Startrek) in Newfoundland, optioned to White Metal Resources Inc., and in Labrador, the company has a 100% interest in the Iron Horse (Fe) project that has Direct Shipping Ore (DSO) potential.

CHF Capital Markets
Cathy Hume, CEO
Phone: 416-868-1079 x 251
Email: [email protected]

Benton Resources Inc.
Stephen Stares, President & CEO
Phone: 807-475-7474
Email: [email protected]

Sokoman Minerals Corp.
Timothy Froude, P.Geo., President & CEO
Phone: 709-765-1726
Email: [email protected]

Website: www.bentonresources.ca, www.sokomanmineralscorp.com
Twitter: @BentonResources, @SokomanMinerals
Facebook: @BentonResourcesBEX, @SokomanMinerals

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 Companies' expectations; risks related to gold price and other commodity price fluctuations; and other risks and uncertainties related to the Companies' prospects, properties and business detailed elsewhere in the Companies' 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 Companies do not assume any obligation to update or revise them to reflect new events or circumstances. Actual events or results could differ materially from the Companies' expectations or projections.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/99881

Continue Reading

Trending