THUNDER BAY, ONTARIO--(Marketwired - Feb. 22, 2017) - Benton Resources Inc. (TSX VENTURE:BEX) ("Benton" or "the Company") is pleased to announce that the Company and its joint venture partner Nordmin Engineering Ltd. ("Nordmin") have advanced with the Environmental Assessment (EA) process for its Cape Ray Gold Project ("Project") located in Southwestern Newfoundland approximately 20 kilometers northeast of Port aux Basques.
Provincially, a Project Description report (PD) was submitted to the Government of Newfoundland's Environmental Assessment Division in late June of 2016 and was accepted immediately without additional information requests and subsequently posted on the NL EA project registry website. After a 45 day internal review and public comment period the province determined that an Environmental Impact Statement (EIS) would be required and Draft (EIS) Guidelines for the EA were received in early November and final EIS Guidelines issued in late December 2016.
Provincial EA related information and project documents can be viewed at:
The Federal EA process is progressing as well and a PD was recently submitted to the Canadian Environmental Assessment Agency (CEAA) satisfying all the requirements of the Canadian Environmental Assessment Act (CEAA 2012) and associated regulations. The PD was posted on the CEAA EA Project Registry on January 19th, 2017 and is currently under federal review and public comment period with a decision on whether a federal EA would be required is anticipated within 45 days.
Federal EA related information and project documents can be viewed at:
Baseline environmental studies are currently being planned to begin in the spring of 2017 and continue through the late fall or as long as necessary to complete the biophysical field programs to support the EIS. A consulting company in Newfoundland has been engaged to assist with the planning and successful completion of the federal and provincial EAs and preparation of the EIS for the Project. Further, through ongoing correspondence with CEAA and NL EA officials by Nordmin it has been confirmed that if required, one EIS can be prepared to satisfy both federal and provincial EA requirements, thus streamlining the process for completion. Preparation for environmental permitting for the project will take place concurrent with EA activities to facilitate an early completion of the permitting process once the Project is approved and all EA obligations have been met.
"Support for this project has been overwhelming from the local municipality, the provincial regulatory authorities and other stakeholders. Wherever our staff travels in the local communities, be it the local hardware store, hotels, or restaurants, many citizens have approached us and voiced strong support for our Project," said Giovanni (John) Sferrazza, Director of Environmental Services at Nordmin. "This Project will also bring much needed economic benefits to this region of the province; our project team is fully aware of our corporate social responsibility and is absolutely committed to ensuring that this project is conceived and developed from the base principle that we will absolutely minimize any impact to the environment. We have had that as a cornerstone of our efforts to date and will continue in that commitment right into operations and closure," states Sferrazza.
Nordmin is earning up to a 50% interest in 4 of the 6 Cape Ray deposits (see Benton PR January 20, 2015) owned by Benton by completing various work programs and project milestones as well as carrying Benton to a full feasibility study and arranging 50% of project financing to production. In February of this year, the companies released the results of updated positive preliminary economic assessment ("PEA") for their Cape Ray Gold Project (see PR Feb 09, 2017). The results of the PEA include a pre-tax net present value ("NPV") at a 7% discount rate of $82.2 million with a pre-tax internal rate of return ("IRR") of 40% and a post-tax NPV at a 7% discount rate of $56.9 million with a post-tax IRR of 34%. The reader should be cautioned that the PEA is preliminary in nature. It contains inferred mineral resources that are considered too speculative to have the economic considerations applied to them that would enable them to be categorized as mineral reserves. The proposed 2017 drill campaign will help bring some of the inferred resources into indicated which will help with the confidence level of the project as we move towards the feasibility study.
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, PGeo, Vice-President of Exploration for Benton Resources Inc., is the qualified person responsible for this release and has prepared, supervised and approved the preparation of the scientific and technical disclosure contained within the 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.