Benton and Metals Creek Option New Gold Discovery in Staghorn Property Area

Benton Resources Inc. (TSXV:BEX) (“Benton”) and Metals Creek Resources Corp. (TSX VENTURE:MEK) (“Metals Creek”) are pleased to announce that they have jointly executed a letter of intent (the “Agreement”) with a Newfoundland prospector (the “Vendor”) pursuant to which Metals Creek and Benton have been granted the option to acquire a 100% interest (50% each) in 22 claim units (the “Property”) located in the Victoria Lake area, Central Newfoundland.
As quoted in the press release:

Under the Agreement, Benton and Metals Creek will make staged payments to the Vendor totaling $45,000 ($5,000 on signing) and 425,000 common shares (50,000 on signing) over a three year period. All cash and share payments will be split 50% Benton and 50% Metals Creek. The Vendor will retain a 2% net smelter return (“NSR”) on the Property. Benton and Metals Creek will have the right to buy back 1% of the NSR for $1,000,000. This transaction is subject to TSX Venture Exchange approval as well as a due diligence period expiring June 15, 2017.

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Source: www.canadianinsider.com