Benjamin Hill Mining updates Colombian Coal Project
Benjamin Hill Mining Corp. [CSE-BNN; OTCQB-BNNHF; FSE-5YZ0] provided an update on advancements Aion Mining’s fully permitted Colombian coal project, Colombia.
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. These surface works for platform development have started to expose key coal seams on the project.
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-metre 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.
Lorne Warner, president, stated: “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.
The company entered into an extension agreement in respect of the previously announced non-binding letter of intent (with Aion Mining Corp. 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 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.
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.
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.