Benton sells royalty interest in Bermuda Project to Gold Royalties Corporation
Thursday, Jan 31, 2013
THUNDER BAY, ON, Jan. 30, 2013 /CNW/ - Benton Resources Inc. (TSXV: BEX) ("Benton" or "the Company") is pleased to announce that it has entered into an agreement with Gold Royalties Corporation (TSXV: GRO) ("Gold Royalties") whereby Gold Royalties will purchase Benton's 1% net smelter return royalty interest (the "NSR Royalty") on the Bermuda Project located near Marathon, Ontario (the "Transaction"). Benton will receive $275,000 in consideration payable through the issuance of 352,565 common shares of Gold Royalties (the "Gold Royalties Shares") at a deemed price of $0.78 per Gold Royalties Share (the "Share Consideration"). Closing of the Transaction, which is expected to occur on or before February 28, 2013, is subject to certain conditions, including approval of the TSX Venture Exchange.
About the Royalty Interest
The Bermuda Project Royalty The Bermuda Project is an approximately 7,300 hectare exploration property located along the eastern and northern margins of the Coldwell Intrusive Complex near Marathon, Ontario and adjoins the Marathon Project and Geordie Lake properties also being advanced by Stillwater Mining Company and Mitsubishi Corporation. Subject to the NSR Royalty, Stillwater Mining Company acquired 100% of the Bermuda Project as announced in December 2010. Mitsubishi Corporation subsequently acquired a 25% interest in the Bermuda Project in a transaction announced in March 2012.
About Benton Resources Inc.(TSXV: BEX)
Benton Resources Inc. is a newly listed Canadian based junior with multiple joint ventures and a diversified property portfolio in Gold-Silver,
Nickel-Copper, and Platinum group elements. The Company is well-funded with approximately $5.2 million in cash and approximately $7.0 million in marketable securities.
SOURCE Benton Resources Inc.