Benton Purchases 100% Interest in Cape Ray Project From Cornerstone
THUNDER BAY, ONTARIO--(Marketwired - Jul 4, 2013) - Benton Resources Inc. (TSX VENTURE:BEX) ("Benton" or "the Company") is pleased to announce that it has amended its original agreement dated December 19, 2012 with Cornerstone Capital Resources Inc. ("Cornerstone") which will allow Benton to purchase a 100% interest in the Cape Ray Gold project located on the south west coast of Newfoundland. Benton can purchase the project by making a one-time payment of $200,000 cash and by issuing 350,000 common shares of Benton. Cornerstone will also retain a 0.25% NSR which will result in there being a total of 2% NSR on the project of which Benton has the right to purchase back 1% for $1 million dollars. The amendment is subject to regulatory approval.
Benton is pleased to have completed this transaction with Cornerstone as it allows Benton to explore the project without timelines and strenuous commitments in the current volatile markets. The amended agreement also allows Cornerstone to participate in any upside in the project with its NSR and equity position in Benton.
Highlights for the Cape Ray project are as follows:
- 51 Zone -- Inferred resources of 530,000 tonnes grading 6.10 g/t Au and 15.86 g/t Ag containing 103,943 ounces of gold and 270,253 ounces of silver
- Windowglass Hill - Inferred resources of 1,810,000 tonnes grading 1.77 g/t Au and 11.28 g/t Ag containing 103,001 ounces of gold and 656,415 ounces of silver
- Mineralization is relatively shallow at a maximum of 270 metres vertically below surface for the 51 Zone and 140 m for Windowglass Hill
- Opportunities exist to upgrade and expand the mineral resources
| Table 1. Summary of Mineral Resources for the 51 Zone and Windowglass Hill, Cape Ray Project (Mercator, July 16, 2012). | ||||||
| Deposit | Resource Category (Cut-Off Grade) | Tonnes (Rounded) | Gold Grade (g/t) | Silver Grade (g/t) | Contained Gold (oz) | Contained Silver (oz) |
| 51 Zone | Inferred (2.5 g/t Au) | 530,000 | 6.10 | 15.86 | 103,943 | 270,253 |
| Windowglass Hill | Inferred (0.5 g/t Au) | 1,810,000 | 1.77 | 11.28 | 103,001 | 656,415 |
About Benton Resources Inc. (TSX VENTURE:BEX)
Benton Resources Inc. is a newly listed Canadian based junior with multiple joint ventures and a diversified property portfolio in Gold-Silver, Nickel, Copper, and Platinum group elements. The Company is well funded with approximately $8.7 million in cash and $1.0 million in marketable securities.
Clinton Barr (P.Geo.), V.P. Exploration for Benton Resources Inc., is the qualified person responsible for this release.
On behalf of the Board of Directors of Benton Resources Inc.,
Stephen Stares, President
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
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