Metals Creek to partner with Benton on Staghorn project
JOHANNESBURG (miningweekly.com) – Junior exploration company Metals Creek Resources has entered into an option and/or joint venture (JV) agreement with TSX-V-listed Benton Resources through which Benton could acquire up to a 70% interest in Metals Creek's Staghorn gold property, in Newfoundland, Canada.
In terms of the agreement, to earn an initial 60% interest, Benton had to make cash payments of $50 000 and issue 500 000 Benton shares over three years, with $10 000 and 100 000 shares being due upon regulatory approval.
Benton, which would be the project operator during the earn-in period, also had to incur work expenditures of $500 000 over three years, $50 000 of which had to be spent by the agreement’s first anniversary.
Once a 60% interest had been earned by Benton, the companies would either enter into a 60:40 JV, or Benton could elect to earn an additional 10% interest in the property to bring its total interest to 70%.
The terms for Benton to increase its interest from 60% to 70% included payments of $50 000 and 500 000 Benton shares within 60 days of the third anniversary date, as well as incurring an additional $500 000 in exploration expenditures by the agreement’s fifth anniversary.
“During a time when it is extremely difficult to attract JV partners, Metals Creek has been successful in acquiring partners to keep several projects in our portfolio of properties moving forward. We are extremely pleased to have Benton as a partner on the Staghorn gold project and we look forward to advancing this project to the diamond drilling stage,” Metals Creek president and CEO Alexander Stares said.
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