VANCOUVER, British Columbia, Aug. 29, 2017 (GLOBE NEWSWIRE) -- (TSX-V:BZ) Benz Mining Corp. (the “Company” or “Benz”), is pleased to announce the 2017 Phase 2 exploration program for its Mel zinc/lead/barite project in south-east Yukon.
2017 Phase 2 Exploration Program Objectives
- Diamond drilling to test the Mel Main Zone along strike and in depth;
- Continuation of the excavator trenching at the Jeri and Jeri North zones to identify potential drill targets for future drilling;
- Camp and infrastructure maintenance and construction; and,
- Heritage Resource Impact Assessment
The 2017 exploration program is managed by Archer, Cathro & Associates (1981) Limited (“Archer Cathro”), and diamond drilling is anticipated to commence in late-September.
Diamond drilling within the Mel Main Zone will primarily focus on previously untested areas of the resource in order to extend it. Infill drilling within the Mel Main Zone resource area will be conducted to better define the known resource, collect metallurgical samples, and identify additional drill targets.
Trenching at the Jeri and Jeri North zones, located approximately 8 km north of the Mel Main zone, will test approximately 4 km of favourable stratigraphy in order to identify targets for future drilling.
The Company announces an amendment to its previously announced non-brokered, private placement. The Company now plans to complete a non-brokered private placement of 12,500,000 units (each, a “Unit”) at a price of $0.20 per Unit, for gross proceeds of up to $2,500,000 (the “Private Placement”). Each Unit consisting of one common share in the capital of the Company (each a “Share”) and one whole common share purchase warrant (each a “Warrant”). Each Warrant will entitle the holder to purchase one Share (a “Warrant Share”) at a price of $0.35 per Warrant Share for a period of 24 months following closing.
The net proceeds from the Private Placement will be used for completion of the 2017 exploration program of Benz’s flagship Mel Zinc project near Watson Lake, Yukon and working capital.
All of the Shares issued pursuant to the Private Placement (including Warrant Shares issuable upon exercise of Warrants) will be subject to a four-month hold period from the date of issue. The Private Placement is subject to approval from the TSX Venture Exchange (the “Exchange”).
After giving effect to the Private Placement, the Company will have an aggregate of 23,989,402 common shares issued and outstanding.
Warrant and Accelerator Clause
The Warrants are subject to an acceleration clause. If the closing price of the Company’s shares on the TSX Venture Exchange is at or above $0.55 per share for a period of twenty (20) consecutive trading days during the term of the Warrants, the Company may accelerate the expiry date of the Warrants to 30 calendar days from the date express written notice is given by the Company to the holder.
Completion of the private placement and any finder’s fees payable are subject to regulatory approval.
On behalf of the Board of Directors of Benz Mining Corp.
Miloje Vicentijevic, President and Chief Executive Officer
Neither the 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 accuracy or adequacy of this release.
For more information please contact Benz Mining Corp. Telephone: 604.617.1239 Email: firstname.lastname@example.org