Benton Acquires Gold Project in U.S.
THUNDER BAY, ONTARIO -- (Marketwire) -- 03/02/12 -- Benton Resources Corp. (TSX VENTURE: BTC) ('Benton' or 'the Company') is pleased to announce that the Company has entered into a letter of intent ('LOI') to acquire a 100% interest in the Elizabeth Anne Gold Project located approximately 19km west of the Mountain Pass rare earth mine in California. Management believes this project lies within the southern extension of the Walker Lane Gold Belt, which hosts several multi-million ounce gold deposits throughout Nevada and California. Sampling by the vendor returned values up to 73 grams per tonne ('gpt') gold, while recent sampling completed by Benton returned surface grab samples grading up to 3.6gpt gold along with highly anomalous values of silver, bismuth, mercury and arsenic--standard trace elements used by most major gold companies to locate large epithermal gold systems within the Walker Lane Gold Belt. Since 2009, only two shallow holes have been drilled on this project, one of these holes returning several anomalous values up to 0.45gpt gold over 8.4 metres within intense illite alteration that continued to the bottom of that drill hole. The project has all necessary permits in place for prospecting, mapping and a first phase drill program. Benton can earn a 100% interest by paying $1.2 million in cash over 13 years, which includes an upfront payment of $40,000 on signing for the first year, and subject to a 3% net smelter royalty ('NSR') (which Benton will have the right to buy back half of for $1.5 million, and hold a right of first refusal to match any offer on the remaining 1.5% NSR).
President and CEO Stephen Stares states 'We look forward to exploring and advancing this promising Elizabeth Anne Gold Project. We see tremendous potential and opportunities to discover and delineate economic deposits in the U.S. and this project represents the first of many that we will be evaluating in the U.S.'
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 $8 million in cash, owns approximately 57.86 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 1.6 million shares in Puget Ventures (TSX VENTURE: PVS), holds 8.47 million shares of Mineral Mountain Resources Ltd. (TSX VENTURE: MMV), and holds 815,000 shares of Bell Copper Corporation (TSX VENTURE: BCU), holds 1.67 million shares of Trillium North Minerals (TSX VENTURE: TNM), holds 1.55 million shares of Golden Dory Resources (TSX VENTURE: GDR) and holds 3 million shares of Parkside Resources (currently private). 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 41.6% investment in Coro Mining from its cash, equities and exploration assets. Benton shareholders will receive one share in this new company for each share of Benton held 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
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.
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
(807) 475-7474
(807) 475-7200 (FAX)
www.bentonresources.ca
Investor Relations
Clair Calvert
204-799-2086