THUNDER BAY, ONTARIO -- (Marketwired) -- 07/04/13 -- 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 resourcesTable 1. Summary of Mineral Resources for the 51 Zone and Windowglass Hill, Cape Ray Project (Mercator, July 16, 2012). Resource Category Gold Silver Contained Contained (Cut-Off Tonnes Grade Grade Gold SilverDeposit Grade) (Rounded) (g/t) (g/t) (oz) (oz)51 Zone Inferred 530,000 6.10 15.86 103,943 270,253 (2.5 g/t Au)Windowglass Hill Inferred 1,810,000 1.77 11.28 103,001 656,415 (0.5 g/t Au)
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.
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.
Benton Resources Inc.
(807) 475-7200 (FAX)