Edmonton, Alberta--(Newsfile Corp. - September 19, 2019) - Benchmark Metals Inc. (TSXV: BNCH) (OTCQB: CYRTF) (WKN: A2JM2X) (the "Company" or "Benchmark") is pleased to announce that, further to the Company's press release dated August 14, 2019, Benchmark has closed its business combination with PPM Phoenix Precious Metals Corp. ("PPM"), thereby completing the acquisition of a 100% interest in the Lawyers Gold-Silver Property (the "Property"), which is situated in the Stikine Terrane of northern British Columbia, Canada, within the prolific, mineral-endowed 'Golden Horseshoe'.
Pursuant to a share exchange agreement (the "Agreement"), Benchmark issued the following consideration in a series of transactions structured as a three-cornered amalgamation:
- cash payment of $250,000;
- 12 million common shares of Benchmark issued to the former shareholders of PPM on a pro rata basis in exchange for all of their PPM common shares; and
- 0.5% net smelter returns royalty from any production of the Property.
John Williamson, CEO commented, "Since taking charge of exploration at the past-producing Lawyers Gold-Silver Mine in early 2018, our team has been systematically identifying and testing new discovery targets with anomalous gold-silver indicators across the 127 km2 Property. With a 100% interest in the Lawyers Project, we are now looking forward to delivering continued outstanding exploration results and bringing the great potential of the historically underexplored and highly prospective regional-scale (+)20 km Lawyers Trend to fruition."
About Benchmark Metals Inc.
Benchmark is a Canadian mineral exploration company with its common shares listed for trading on the TSX Venture Exchange in Canada, the OTCQB Venture Market in the United States, and the Tradegate Exchange in Europe. Benchmark is managed by proven resource sector professionals, who have a track record of advancing exploration projects from grassroots scenarios through to production.
ON BEHALF OF THE BOARD OF DIRECTORS
s/ "John Williamson"
John Williamson, Chief Executive Officer
For further information, please contact:
Telephone: +1 604 260 6977
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
This news release may contain certain "forward looking statements". Forward-looking statements involve known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Any forward-looking statement speaks only as of the date of this news release and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise.