Benton Provides Update on Drill Programs and Options Gold Project in Timmins Area
THUNDER BAY, ONTARIO -- (Marketwire) -- 08/10/11 -- Benton Resources Corp. (TSX VENTURE: BTC) ('Benton' or 'the Company') is pleased to announce that the Company has commenced diamond drilling on its 100% owned RIM copper nickel project located 100km south of the world class Voisey's Bay nickel deposit. The program will consist of 6-7 diamond drill holes totaling approximately 3000 metres testing a series of east-west trending conductive anomalies located within the mapped outline of the main Suture Zone. The Company believes that the conductors may represent magmatic sulphide along an east-west trending structural conduit cutting through the Suture Zone similar to the emplacement of the Voisey's Bay deposit. Results of the drilling will be released after they been completed and compiled by Company personnel.
In addition, Benton is planning a 6-8 diamond drill hole program on its 100% owned Abernethy gold project located 10km southwest of Kenora, Ontario. The property covers several well defined zones of electromagnetic conductors associated with gold in soil geochemistry. One of these historically well defined zones has a strike length of at least 640 metres long and up to 210 metres wide and was tested with 3 historical diamond drill holes returning grades up to 17.8 gpt gold over 1.52 metres and 6.30 gpt gold over 6.1 metres (see Benton's PR dated April 18, 2011). Recent forestry logging operations have opened entry to several areas within the claim group providing excellent access to the known mineralization.
The Company would also like to announce that it has acquired an option on 13 claims totaling 107 units located in Sewell Township in the west Timmins mining area. The Sewell property is an early stage gold project with several newly discovered gold occurrences which may host mineralization of economic potential. Under the option the Company can earn 100% by paying $200,000 cash and 200,000 shares over 4 years. The project is also subject to a 2% Net Smelter Return with the Company retaining the option to buy back 1%. This agreement is subject to TSX and regulatory approval.
Finally, Benton would also like to announce that after completion of its due diligence the Company has cancelled its right to option the Melba project (see Benton's PR dated May 2, 2011).
About Benton
Benton is a Canadian based junior with multiple joint ventures and a diversified property portfolio in Gold, Nickel, Copper, and Platinum group elements. The Company currently has approximately $12.2 million in cash, owns approximately 57.9 million shares in Coro Mining Corp. (TSX: COP), holds approximately 348,000 shares of Stillwater Mining Company (NYSE: SWC), holds 782,500 shares in Marathon Gold Corp. (TSX: MOZ), holds approximately 1.6 million shares in Puget Ventures (TSX VENTURE: PVS), holds approximately 6.5 million shares of Mineral Mountain Resources Ltd. (TSX VENTURE: MMV), holds 815,000 shares of Bell Copper Corporation (TSX VENTURE: BCU), holds approximately 1.7 million shares of Trillium North Minerals (TSX VENTURE: TNM), holds approximately 1.6 million shares of Golden Dory Resources (TSX VENTURE: GDR) and holds 3 million shares Parkside Resources (currently a private corporation). Benton is currently in the process of spinning out the majority of its assets by a plan of arrangement into a new listed company in order to separate its approximate 41.6% investment in Coro Mining Corp. from its cash, equities and exploration assets. Benton shareholders will receive a pro-rata interest in this new company on a one-for-one share basis and pursuant to regulatory approval.
Clinton Barr (P.Geo.), V.P. Exploration for Benton Resources Corp., is the qualified person responsible for this release.
On behalf of the Board of Directors of Benton Resources Corp.,
Stephen Stares, President
Forward-looking statements in this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties.
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Contacts:
Benton Resources Corp.
Stephen Stares
President
(807)475-7474
(807)475-7200 (FAX)
www.bentonresources.ca
Clair Calvert
Investor Relations
204-799-2086