ST. JOHN’S, Newfoundland and Labrador--(BUSINESS WIRE)--Sokoman Minerals Corp. (TSXV: SIC) (OTCQB: SICNF) (the “Company” or “Sokoman”) today announced the execution of two (2) property option agreements on behalf of the strategic alliance between the Company and Benton Resources Inc. (“Benton”) (TSXV: BEX) (see news release dated May 20, 2021) to add additional mineral claims to the Grey River Gold Property in the province of Newfoundland and Labrador, Canada.
Pursuant to an option agreement (the “Lewis Option Agreement”), Gary Lewis (“Lewis”) has granted Sokoman the option to acquire a 100% interest in a property license consisting of seven claims (the “Lewis Property”) subject to a 1.5% net smelter return royalty (the “Lewis NSR”) in favour of Lewis (the “Lewis Option”). One percent of the Lewis NSR may be purchased by the Company for $1 million at any time. The Lewis Option Agreement will terminate if Sokoman fails to complete any of the following terms, and each cash payment and share issuance is to be made equally among Gary Lewis, Aubrey Budgell and Paul Delaney:
- the payment of $10,000 cash;
- the issuance of 50,000 shares of Sokoman upon TSX Venture Exchange (the “Exchange”) approval;
- the payment of a further $10,000 and the issuance of a further 50,000 shares on or before the first anniversary of the Lewis Option Agreement;
- the payment of a further $10,000 and the issuance of a further 50,000 shares on or before the second anniversary of the Lewis Option Agreement; and
- the payment of a further $10,000 and issuance of a further 50,000 shares on or before the third anniversary of the Lewis Option Agreement.
Pursuant to a second option agreement (the “G2B Gold Option Agreement”), G2B Gold Inc. (“G2B Gold”) has granted Sokoman the option to acquire a 100% interest in a property consisting of three licenses comprised of four claims (the “G2B Property”) subject to a 1.5% net smelter return royalty (the “G2B NSR”) in favour of G2B Gold (the “G2B Gold Option”). One percent of the G2B NSR may be purchased by the Company for $1 million at any time. The G2B Option Agreement will terminate if Sokoman fails to complete any of the following terms, and each cash payment and share issuance is to be made equally among G2B Gold, United Gold Inc. and Grassroots Prospecting & Prospect Generation Inc.:
- the payment of 10,000 cash;
- the issuance of 50,000 shares of Sokoman upon Exchange approval;
- the payment of a further $10,000 and the issuance of a further 50,000 shares on or before the first anniversary date of the G2B Gold Option Agreement;
- the payment of a further $10,000 and the issuance of a further 50,000 shares on or before the second anniversary date of the G2B Gold Option Agreement.
About Sokoman Minerals Corp.
Sokoman Minerals Corp. is a discovery-oriented company with projects in Newfoundland and Labrador, Canada. The Company’s primary focus is its portfolio of gold projects: flagship Moosehead, Crippleback Lake (optioned to Trans Canada Gold Corp.) and East Alder (optioned to Canterra Minerals Corporation) along the Central Newfoundland Gold Belt, and the district-scale Fleur de Lys project in northwestern Newfoundland, which is targeting Dalradian-type orogenic gold mineralization similar to the Curraghinalt and Cavanacaw deposits in Northern Ireland, and Cononish in Scotland. The Company also recently entered into a strategic alliance with Benton Resources Inc. through three large-scale joint venture properties including Grey River Gold, Golden Hope and Kepenkeck in Newfoundland. Sokoman now controls independently and through the Benton alliance over 150,000 hectares (>6,000 claims – 1,500 sq. km), making it one of the largest landholders in Newfoundland, Canada’s newest and rapidly-emerging gold districts. The Company also retains an interest in an early-stage antimony/gold project (Startrek) in Newfoundland, optioned to White Metal Resources Inc., and in Labrador, the Company has a 100% interest in the Iron Horse (Fe) project that has Direct Shipping Ore (DSO) potential.
About Benton Resources Inc.
Benton Resources is a well-funded Canadian-based project generator with a diversified property portfolio in Gold, Silver, Nickel, Copper, and Platinum group elements. Benton holds multiple high-grade projects available for option which can be viewed on the Company's website. Parties interested in seeking more information about properties available for option can contact Mr. Stares directly.
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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.