VANCOUVER, British Columbia, Nov. 4, 2022 (GLOBE NEWSWIRE) — Trillium Gold Mines Inc. TGMTGLDF 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 fulfillment of its obligation to make cash payments from 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 expands Trillium’s dominant contiguous foothold along the Confederation Belt in Red Lake Ontario by 9,882 hectares (see news releases October 25 and July 13, 2022).
The share offering, which will be priced at $0.211 per common share based on the 10-day volume weighted average price of Trillium Gold’s common shares prior to October 22, 2022, will extinguish Trillium Gold’s obligation to Benton with respect to its interest in Panama lake property. All securities issued pursuant to the issuance of the common stock are subject to a statutory four-month hold period.
The acquisition of Panama Lake increases Trillium Gold’s consolidated land position along the Confederation Belt to over 58,400 hectares bounded by the Red Lake and LP Fault Structures and positions 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,…
