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BENTON AND METALS CREEK TO OPTION STAGHORN PROPERTY TO QUADRO RESOURCES

BENTON AND METALS CREEK TO OPTION STAGHORN PROPERTY TO QUADRO RESOURCES

Thunder Bay, Ontario: Benton Resources Inc. (TSXV: BEX) (“Benton” or “the Company”) and Metals Creek Resources Corp. (TSXV: MEK) are pleased to announce that they have entered into an agreement (the “Quadro Option”) with Quadro Resources Ltd. (NEX: QRO) (“Quadro”) wherby Quadro will have an option to acquire a 100% interest in the Staghorn property and all rights to the newly optioned Rose Gold property which is contiguous with the northern border of the Staghorn property (see Company PR dated April 12, 2017).  Under the terms of the option Quadro must complete a 2:1 share consolidation, settle outstanding debts and payables, complete no less than a $1 million financing and issue 4,000,000 shares of Quadro (post-consolidation) to each of Benton and Metals Creek.  Quadro must also assume all obligations of the Rose Gold property option, while the optionor has agreed to accept Quadro shares in place of the 225,000 Benton shares and 225,000 Metals Creek shares (450,000 shares combined) originally negotiated.  The Quadro Option will be subject to the certain royalties held by Benton and Metals Creek (the “Benton/Metals Creek Royalty”) as well as a royalty held by Ed Northcott and Gilbert Lushman (the “Northcott/Lushman Royalty”) and a royalty held by Shawn Rose (the “Rose Royalty”) all of which are described below (See Company website for maps and additional details):  

staghorn-nsrs-for-pr_thumb

  • The Benton/Metals Creek Royalty represents a 3km area of interest that is subject to a 3% NSR in favour of Benton/Metals Creek, 2% of which can be purchased at any time for $2 million;
  • The Northcott/Lushman Royalty represents a 3km area of interest that is subject to: (i) a 2% NSR in favour of Ed Northcott and Gilbert Lushman, 1% of which can be purchased at any time for $1 million; and (ii) a 1% NSR  in favour of Benton/Metals Creek; and 
  • The Rose Royalty the together with a 1km area of interest is subject to: (i) a 2% NSR in favour of Shawn Rose, 1% of which can be purchased at any time for $1 million; and (ii) a 1% NSR in favour of Benton/Metals Creek.

The Company was earning an initial 60% interest in the Staghorn project (See Company PR dated November 18, 2014) by paying Metals Creek $50,000 ($30,000 paid), issuing 500,000 shares of Benton (350,000 issued) and completing $500,000 in work expenditures (fully expended) over a 3-year period.  Benton and Metals Creek have agreed to dissolve this agreement in favour of completing the Quadro Option on a 50%-50% basis.

Stephen Stares, Company President and CEO stated “We feel this is great opportunity to unlock shareholder value in an excellent property by receiving a large share position in Quadro while retaining a royalty in a new and exciting exploration district in Central Newfoundland.  We believe the Staghorn and Rose Gold projects are among the most prospective properties in the region with excellent geology, multiple new gold zones and large land holdings in a very active area where other explorers such as Marathon Gold Corp., Antler Gold Inc. and Torq Resources Inc. have completed extensive exploration efforts with tremendous early success".   

The Staghorn project has multiple gold showings including the Woods lake zone, Ryan's Hammer, Glimmer, Rich House and the new Rose Zone discovery.

The Quadro Option is subject to TSX Venture Exchange acceptance of a filing required to be made in respect of this agreement and all other necessary regulatory approvals and acceptances.

About Benton Resources Inc. (TSXV: BEX)

 

Benton Resources Inc is a well-funded Canadian-based junior with a diversified property portfolio in Gold-Silver, Nickel, Copper, and Platinum group elements.  

 

Clinton Barr (P.Geo.), V.P. Exploration for Benton Resources Inc., is the qualified person responsible for this release has prepared, supervised the preparation or approved the scientific and technical disclosure in the news release.

 

On behalf of the Board of Directors of Benton Resources Inc., 

"Stephen Stares" 

Stephen Stares, President

 

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

 

For further information contact Stephen Stares @:

684 Squier Street,

Thunder Bay, ON  P7B 4A8

Phone (807)475-7474

Fax (807)475-7200

www.bentonresources.ca

 

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684 Squier St
Thunder Bay, ON
P7B 4A8
(P) 807.475.7474
(F) 807.475.7200

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