Benjamin Hill Provides Project Update on Fully Permitted Colombian Coal Project

Rhea-AI Summary

Benjamin Hill Mining Corp. provides an update on Aion Mining's Colombian coal project, highlighting significant progress in earth movement contracts, platform development, and surface works. The company also reports advancements in facilities development, environmental compliance, and an extension agreement with Aion Mining. A correction to a previous press release regarding the number of shares issued has been issued.

Positive

• Significant progress in civil earth movement contract with completion reaching 88%
• Approximately 10,170 m3 of earth material moved, 1,929 m2 of slope profiled, and 2,091 m2 of the final platform conformed at an elevation of 409 meters above sea level
• Access roads to the powder magazine improved, preparations underway for drilling guide hole, portal construction, and development of a 170-meter decline for bulk sampling
• Certification obtained for the powder magazine, initiatives to enhance water and electricity infrastructure initiated
• Extension agreement with Aion Mining to acquire a further interest in Aion to bring the Company's total interest to 40%
• Correction issued regarding the number of shares issued to settle aggregated debts

Negative

• None.

Vancouver, British Columbia--(Newsfile Corp. - April 5, 2024) - Benjamin Hill Mining Corp. (CSE: BNN) (OTCQB: BNNHF) (FSE: 5YZ0) ("BNN" or the "Company") is pleased to provide an update on advancements Aion Mining's fully permitted Colombian coal project.

Aion Mining reports significant progress in civil earth movement contract with completion reaching 88% and facilities works. Noteworthy achievements include the movement of approximately 10,170 m³ of earth material, the profiling of 1,929 m² of slope, and the conformation of 2,091 m² of the final platform at an elevation of 409 meters above sea level (Figure 1). These surface works for platform development have started to expose key coal seams on the project (Figure 2).

Figure 1

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Figure 2

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The improvement of access roads to the powder magazine utilizing equipment has also been completed. Additionally, preparations are underway at the mine mouth portal area to begin drilling a guide hole, portal construction, and development of a 170-meter decline to facilitate bulk sampling by crosscutting the coal seams.

Surface rights milestones include the issuance of the land title in public registry for the recently purchased project land (24 hectares) and securing terms for the purchase of the access land (0.7 hectares) to the main road.

President, Lorne Warner states: "The progress on site is very exciting to see take shape. With the ongoing surface preparations, we are expecting the company to advance swiftly into the underground development phase to further our understanding of the resources through our bulk sampling program."

In facilities development, certification from the military explosives unit has been obtained for the recently constructed powder magazine. Initiatives to enhance the project's water and electricity infrastructure have commenced. Additional progress includes the expansion of core shack, office space, septic systems, constructed with local workforce, suppliers, and materials.

Aion Mining emphasizes its commitment to environmental compliance of its environmental license, evidenced by the planting of 70 native trees and community engagement with ongoing events and social sharing spaces and the collaboration with local, regional, and national entities.

Extension to Aion Mining LOI
The Company entered into an extension agreement (the "LOI Extension Agreement") in respect of the previously announced non-binding letter of intent (the "LOI") with Aion Mining Corp. ("Aion") dated January 30, 2024 which outlined the general terms and conditions of a proposed transaction whereby the Company would acquire a further interest in Aion to bring the Company's total interest in Aion to 40% (the "Proposed Transaction"). The LOI Extension Agreement extends the exclusivity period between the Company and Aion in the LOI until April 15, 2024 in order to provide sufficient time for the parties to enter into a definitive agreement, finalize the NI 43-101 and close concurrent financing.

Benjamin Hill Mining Corp. Issues Correction to Press Release Issued March 4, 2024
The Company would like to correct the number of shares issued to settle aggregated debts owing to certain creditors announced March 8, 2024. The Company's release incorrectly stated that 1,149,943 shares were issued upon closing. The correct amount of shares that were issued upon closing was 1,159,167.

About Benjamin Hill Mining Corp.
Benjamin Hill Mining Corp. is a Canadian-listed junior exploration company focused on exploring and advancing the Alotta project, a prospective porphyry copper-gold-molybdenum project located 50 km south of the Casino porphyry deposit in the unglaciated portion of the Dawson Range porphyry/epithermal belt in the Yukon Territory of Canada.

In addition, the Company holds a 20% interest in Aion Mining Corp., a company that is developing the fully permitted La Estrella coal project in Santander, Colombia. The project contains eight known seams of metallurgical and thermal coal.

On behalf of the Board of Directors
"Cole McClay", CEO Benjamin Hill Mining Corp.
info@benjaminhillmining.com

Forward-Looking Statements
Certain of the statements made and information contained herein may contain forward-looking information within the meaning of applicable Canadian securities laws. Forward-Looking information includes, but is not limited to, information concerning the Company's intentions with respect to the development of its mineral properties. Forward-Looking information is based on the views, opinions, intentions and estimates of management at the date the information is made, and is based on a number of assumptions and subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated or projected in the forward-looking information (including the actions of other parties who have agreed to do certain things and the approval of certain regulatory bodies). Many of these assumptions are based on factors and events that are not within the control of the Company and there is no assurance they will prove to be correct. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change except as required by applicable securities laws, or to comment on analyses, expectations or statements made by third parties in respect of the Company, its financial or operating results or its securities. The reader is cautioned not to place undue reliance on forward-looking information. We seek safe harbor.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/204455

FAQ

What progress has Aion Mining made in the civil earth movement contract?

Aion Mining has reached 88% completion in the civil earth movement contract, moving approximately 10,170 m3 of earth material.

What is the elevation of the final platform developed by Aion Mining?

The final platform developed by Aion Mining is at an elevation of 409 meters above sea level.

What certifications has Aion Mining obtained for its facilities development?

Aion Mining has obtained certification from the military explosives unit for the recently constructed powder magazine.

What extension agreement has Benjamin Hill Mining Corp. entered into?

Benjamin Hill Mining Corp. has entered into an extension agreement with Aion Mining to acquire a further interest in Aion, bringing the total interest to 40%.

What correction has been issued by Benjamin Hill Mining Corp. regarding a previous press release?

Benjamin Hill Mining Corp. issued a correction stating that 1,159,167 shares were issued, correcting the previously announced number of shares.