- Benton Resources Inc. (BEX) has amended its agreement with Thunder Gold Corp. (formerly White Metal Resources Corp.) (TGOL), regarding the Far Lake project
- The amending agreement empowers Benton to exercise the initial option, earning a 60 per cent interest in the property by paying $25,000 and issuing 200,000 shares to TGOL
- Having exercised the initial option, the company will now spend the first $150,000 in exploration expenditures within 24 months
- Benton Resources Inc. is a mineral exploration company
- Benton Resources Inc. was up 5.263 per cent, trading at $0.10 at 11:44 AM ET
Benton Resources (BEX) has amended its agreement with Thunder Gold Corp.
The agreement is in regards to the Far Lake project located 80km west of Thunder Bay, Ontario.
In accordance with the amended agreement, the company may exercise the initial option, earning a 60 per cent interest in the property by paying $25,000 and issuing 200,000 shares to TGOL (originally $30,000 and 400,000 shares).
The second option in the original agreement has been eliminated because the company is limited to earning 60 per cent on the property.
With the exercise of the initial option, Benton Resources will then spend the first $150,000 in exploration expenditures within 24 months.
Subsequently, the company and TGOL will form a joint venture with terms consistent with usual industry practice for further property development, with the company having an initial 60 per cent interest and TGOL having an initial 40 per cent interest in the joint venture.
Benton Resources Inc. is a mineral exploration company with a diversified, highly-prospective property portfolio in gold, silver, nickel, copper, and platinum group elements.
Benton Resources Inc. was up 5.263 per cent, trading at $0.10 at 11:44 AM ET.