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Benton Completes Initial Resource Estimates on Cape Ray JV Project
THUNDER BAY, ONTARIO--(Marketwired - May 5, 2015) - Benton Resources Inc. (TSX VENTURE:BEX) ("Benton" or "the Company") is pleased to announce the initial National Instrument 43-101 resource estimates for the 04, 41, 51 and Windowglass Hill deposits on the Cape Ray Joint Venture property located in south west Newfoundland. The resource estimates were completed by Sibley Basin Group Geological Consulting Services Ltd. of Thunder Bay, Ontario.
In a January 20, 2015 release Benton announced an Option and Joint Venture Agreement with Nordmin Engineering Ltd. ("Nordmin") whereby Nordmin can earn up to a 50% interest in these four deposits (referred to as the Cape Ray JV property ("CRJVP")) through a series of expenditures and services with the goal of completing a feasibility study on the project.
The new NI 43-101 report will be filed on SEDAR and posted on the Company web site shortly. Highlights of the new NI 43-101 report are listed in the table below. All deposits remain open for further drilling and expansion.
Table 1: Summary of Mineral Resources for the 51, 41, 04 and Windowglass Hill deposits on the Cape Ray Project
Deposit | Classifi- | Cutoff | Tonnes | Au | Ag | Cu | Pb | Zn | Con- | Con- |
04 | Indicated | 2.5 | 0.7 | 6.68 | 17.13 | 0.08 | 0.45 | 0.37 | 152,000 | 389,000 |
Inferred | 0.3 | 4.47 | 7.04 | 0.04 | 0.35 | 0.25 | 40,000 | 64,000 | ||
41 | Indicated | 2.5 | 0.2 | 5.07 | 18.77 | 0.1 | 0.3 | 0.19 | 35,000 | 130,000 |
Inferred | 0.1 | 5.01 | 13.08 | 0.08 | 0.34 | 0.25 | 10,000 | 27,000 | ||
51 | Inferred | 2.5 | 0.6 | 7.12 | 14.41 | 0.03 | 0.09 | 0.05 | 132,000 | 267,000 |
WGH | Inferred | 0.8 | 1.1 | 1.83 | 9.48 | 66,000 | 344,000 | |||
Total Indicated | 187,000 | 519,000 | ||||||||
Total Inferred | 248,000 | 702,000 | ||||||||
1) CIM definition standards were followed for mineral resources.
2) The qualified person responsible for the resource calculations is Alan Aubut, P.Geo.
Benton's QA/QC protocols include inserting a blank and a standard sample within each 20 samples collected and sent for analyses. Periodically an entire batch of pulps and/or rejects will be directed to a second laboratory for confirmation of the analyses.
Benton retains a 100% interest in a large land package surrounding the CRJVP, covering approximately 60 km of strike length along the Cape Ray fault and includes the Isle Aux Morts and Big Pond deposits.
In addition the Company has also hired Paradox Public Relations ("Paradox") for investor relations. The agreement is for a minimum of three months and maximum of 24 months, at a monthly fee of $5,500. In addition Paradox will also receive 400,000 stock options to acquire the same number of common shares of the Company at $0.10 per share. These options are subject to the vesting previsions under the Company's stock option plan. The Company has also granted a total of 2,620,000 options to officers, directors, employees and consultants of the Company under the same terms.
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 $5.3 million in cash and $0.7 million in marketable securities.
Clinton Barr (P.Geo.), V.P. Exploration for Benton Resources Inc., is the qualified person responsible for this release, has reviewed the contents for accuracy and approved this news release on behalf of the Company.
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.