Benton Responds to Continuous Disclosure Review
THUNDER BAY, ONTARIO--(Marketwired - Sep 21, 2015) - Benton Resources Inc. (TSX VENTURE:BEX) ("Benton" or "the Company") announces that as a result of a review by staff of the Ontario Securities Commission, we are issuing the following news release related to the Cape Ray Property Technical Report (the "Report") dated April 29, 2015. The Company addressed the following issues raised by the review;
Cape Ray Property: 04, 41, 51 and Windowglass Hill Deposits Technical Report
The Report was required to be prepared by independent qualified persons. Two of the authors listed as qualified persons in the Report are not independent of the Company. The Company has amended the Report such that it has been signed-off by a qualified person that is independent of the Company.
In addition, the Company limited the volume of appendices included in the Report since a technical report is intended to be a summary document and as such the body of the Report should summarize the key points. The Company amended the Report by removing certain appendices which are unnecessary to comply with the requirements.
The Company amended the Report to resolve some inconsistencies with cited CIM Definitions Standards in order to ensure only the most current standards are being referenced in the Report.
The Company amended the Report to include additional disclosure to support and justify the selected cut-off grades specified in the Report. The cut-off grades used to estimate the mineral resources are based on cut-offs for a similar deposit with similar style of mineralization and in a similar location. The mineral resource estimates remain unchanged and are reported unconstrained by any pit shell for surface mining methods or any preliminary underground mining outline for underground methods.
Finally, the Company amended the Report to clarify that only the indicated resource estimates can be used in a pre-feasibility study or feasibility mining study.
The Company has refiled on SEDAR the Report amended September 8, 2015.
Website Disclosure
The review indicated that the Company's Fact Sheet and Cape Ray Property page on its website provided historical estimates for the 04 and 41 deposits, amongst others despite having current estimates in the Report with respect to these deposits. The Company amended the website disclosures to remove reference to historical resources when discussing the 04 and 41 deposits. With respect to the Big Pond and Isle aux Mort deposits, the Company removed any reference to the resources on these deposits as "non-compliant" and rather referred to them as historical and added the requisite cautionary language.
In addition, certain items on the Company's website grouped inferred resources with indicated resources when totaling such resources which is prohibited disclosure under NI 43-101. The Company has amended all press releases, the fact sheet and any tables to disclose inferred resources separately and distinctly from indicated resources.
About Benton Resources Inc. (TSX VENTURE:BEX)
Benton Resources Inc. is a well-funded Canadian-based junior with a diversified property portfolio in Gold-Silver, Nickel, Copper, and Platinum group elements.
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.
The information contained herein contains "forward-looking statements" within the meaning of applicable securities legislation. Forward-looking statements relate to information that is based on assumptions of management, forecasts of future results, and estimates of amounts not yet determinable. Any statements that express predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance are not statements of historical fact and may be "forward-looking statements."
Forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking statements, including, without limitation: risks related to failure to obtain adequate financing on a timely basis and on acceptable terms; risks related to the outcome of legal proceedings; political and regulatory risks associated with mining and exploration; risks related to the maintenance of stock exchange listings; risks related to environmental regulation and liability; the potential for delays in exploration or development activities or the completion of feasibility studies; the uncertainty of profitability; risks and uncertainties relating to the interpretation of drill results, the geology, grade and continuity of mineral deposits; risks related to the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses; results of prefeasibility and feasibility studies, and the possibility that future exploration, development or mining results will not be consistent with the Company's expectations; risks related to gold price and other commodity price fluctuations; and other risks and uncertainties related to the Company's prospects, properties and business detailed elsewhere in the Company's disclosure record. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements. Investors are cautioned against attributing undue certainty to forward-looking statements. These forward looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances. Actual events or results could differ materially from the Company's expectations or projections.