Trillium Gold Satisfies Obligation to Benton Resources for 70% Ownership in the Panama Lake Property

Rhea-AI Summary

Trillium Gold Mines (TGLDF) has issued 473,934 common shares to Benton Resources for a cash payment of Cdn $100,000, acquiring a 70% interest in the Panama Lake Property. This acquisition increases Trillium's land holdings along the Confederation Belt to over 58,400 hectares, positioning the company favorably within the Red Lake mining district, near Kinross Gold's LP Fault Zone. The share issuance price was $0.211, based on the 10-day volume-weighted average. The issued securities are subject to a four-month hold period.

Positive

• Acquisition of 70% interest in Panama Lake Property enhances land holdings.
• Consolidated land in Confederation Belt exceeds 58,400 hectares.
• Location near Kinross Gold's LP Fault Zone improves exploration prospects.

Negative

• None.

VANCOUVER, British Columbia, Nov. 04, 2022 (GLOBE NEWSWIRE) -- Trillium Gold Mines Inc. (TSXV:TGM, OTCQX:TGLDF, FRA:0702) (“Trillium Gold” or the “Company”) announces that it has completed the issuance of 473,934 common shares of the Company to Benton Resources Inc. (“Benton”) in satisfaction of its obligation to make a cash payment of Cdn $100,000 to acquire a 70% interest in the Panama Lake Property. The Panama Lake Gold Project is located approximately 80 km from, and on the same structural trend as Kinross Gold’s LP Fault Zone, and effectively extends Trillium’s dominant contiguous foothold along the Confederation belt in Red Lake Ontario by 9,882 hectares (see news releases dated October 25 and July 13, 2022).

The share issuance, effected at a price of $0.211 per common share based on the 10-day volume-weighted average price of Trillium Gold’s common shares preceding October 22, 2022, extinguishes Trillium Gold’s obligation to Benton in respect of the latter’s holding in the Panama Lake Property. All securities issued pursuant to the issuance of the common shares are subject to a statutory four month hold period.

The Panama Lake acquisition brings Trillium Gold’s consolidated land holdings along the Confederation Belt to over 58,400 hectares, bound by the Red Lake and LP Fault structures, positioning it as one of the most prospective exploration projects in the heart of the Red Lake mining district.

On behalf of the Board of Directors,
Trillium Gold Mines Inc.

Russell Starr
Director, President & CEO

For further information, please contact Donna Yoshimatsu, VP Corporate Development and Investor Relations at dyoshimatsu@trilliumgold.com, (416) 722-2456, or info@trilliumgold.com.  

Visit our website at www.trilliumgold.com.

About Trillium Gold Mines Inc.

Trillium Gold Mines Inc. is a growth focused company engaged in the business of acquisition, exploration and development of mineral properties located in the Red Lake Mining District of Northern Ontario. As part of its regional-scale consolidation strategy, the Company has assembled one of the largest prospective land packages in and around the Red Lake mining district in proximity to major mines and deposits, as well as along the Confederation Lake and Birch-Uchi greenstone belts. The Company recently closed acquisitions effectively extending its contiguous land position over more than 100 km of favourable structures on trend with Kinross Gold’s Great Bear Project and Evolution Mining’s Red Lake Operation. In addition, the Company has interests in highly prospective properties in Larder Lake, Ontario.

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.

Cautionary note regarding forward-looking statements

This news release contains forward-looking information, which involves known and unknown risks, uncertainties and other factors that may cause actual events to differ materially from current expectations.

Forward-looking information is based on management’s reasonable assumptions, estimates, expectations, analyses and opinions, which are based on management’s experience and perception of trends, current conditions and expected developments, and other factors that management believes are relevant and reasonable in the circumstances, but which may prove to be incorrect. Such factors, among others, include: impacts arising from the global disruption caused by the Covid-19 coronavirus outbreak, business integration risks; fluctuations in general macroeconomic conditions; fluctuations in securities markets; fluctuations in spot and forward prices of gold or certain other commodities; change in national and local government, legislation, taxation, controls, regulations and political or economic developments; risks and hazards associated with the business of mineral exploration, development and mining (Incl. environmental hazards, industrial accidents); inability to obtain adequate insurance to cover risks and hazards; the presence of laws and regulations that may impose restrictions on mining; employee relations; relationships with and claims by local communities and indigenous populations; availability of increasing costs associated with mining inputs and labour; the speculative nature of mineral exploration and development (Incl. the risks of obtaining necessary licenses, permits and approvals from government authorities); and title to properties.

Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company disclaims any intention or obligation, except to the extent required by law, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

FAQ

What is the significance of Trillium Gold's acquisition of Panama Lake Property?

Trillium Gold's acquisition of a 70% interest in the Panama Lake Property enhances its land holdings along the Confederation Belt, making it one of the most promising exploration projects in the Red Lake mining district.

What price did Trillium Gold pay for the shares issued to Benton Resources?

Trillium Gold issued shares at a price of $0.211 each, based on the 10-day volume-weighted average price before October 22, 2022.

How much land does Trillium Gold now control in the Confederation Belt?

Following the acquisition, Trillium Gold's consolidated land holdings along the Confederation Belt exceed 58,400 hectares.

Are the securities issued by Trillium Gold transferable immediately?

No, the securities issued are subject to a four-month statutory hold period, meaning they cannot be traded during that time.

What is Trillium Gold's strategy in the Red Lake Mining District?

Trillium Gold focuses on acquiring and exploring mineral properties to consolidate its position as a significant player in the Red Lake Mining District, particularly near major mines and deposits.