Noble Mineral to sell Island Pond claims to Benton

Executive Summary

• Noble Mineral Exploration Inc. entered into an agreement to sell its Island Pond mining claims (≈175 ha) in Newfoundland and Labrador to Benton Resources Inc.
• Consideration: 1,000,000 common shares of Benton (four‑month hold period) plus a cash payment of $30,000.
• Noble will retain a 1% net smelter return (NSR) royalty on the sold claims (with Benton holding a right of first refusal), while a pre‑existing 2% NSR remains in place.

Key Details

• Property: Island Pond claims – seven mining claims covering ~175 ha, located north of Benton's South Pond gold zone within the Great Burnt copper‑gold project area.
• Consideration to Noble:
• 1,000,000 common shares of Benton Resources Inc., subject to a standard four‑month hold period per TSX Venture Exchange rules.
• Cash payment of $30,000.
• Royalty Structure:
• Noble retains a 1% NSR royalty on the sold claims; Benton receives a right of first refusal on any future sale of this royalty.
• An existing 2% NSR royalty on the property remains unchanged.
• Closing Conditions: Transaction closing is contingent upon:
• Approval by Noble’s board of directors.
• Any required approvals from the TSX Venture Exchange.
• Strategic Rationale: The Island Pond claims are adjacent to Benton's existing South Pond gold zone, potentially enhancing Benton’s Great Burnt project footprint.

Notable Quotes

“We wish to congratulate Benton on the success they have had to date on the Great Burnt and look forward to results in the future. Noble will retain a 1‑per‑cent NSR on the seven mining claims being sold subject a right of first refusal to Benton.” – H. Vance White, CEO, Noble Mineral Exploration Inc.