Benton Resources Corp.

Benton Resources Corp.

January 07, 2011 14:22 ET

Benton Exercises 16.67 Million Coro Mining Warrants

THUNDER BAY, ONTARIO--(Marketwire - Jan. 7, 2011) - Benton Resources Corp. ("Benton" or "the Company") (TSX VENTURE:BTC) is pleased to announce that it has exercised the remainder of its $0.20 Coro Mining Corp. (TSX:COP) ("Coro") warrants that were set to expire on January 23, 2011. In total, the Company exercised 16,672,727 warrants for common shares of Coro at $0.20 per share for a cash outlay totalling $3,334,545. Benton now holds 55,373,954 common shares of Coro with a fair market value of approximately $59.8 million (based on the January 5, 2011 closing price of Coro of $1.08 per share). In addition, Benton still holds 2,437,500 warrants in Coro at an exercise price of $0.50 until June 1, 2011, and at an exercise price of $0.65 thereafter subject to a forced exercise provision. The forced conversion is initiated should the common shares of Coro trade at a price that is greater than or equal to $0.625 prior to June 1, 2011 for a period of 10 trading days or is equal to or greater than $0.8125 thereafter for a period of 10 trading days and Coro has received the approval of the Mendoza provincial government for its Environmental Impact Study for the San Jorge project. The cumulative fair value of Benton's cash and equity portfolio now exceeds $86.9 million or $1.15 per share (based on January 6, 2011 closing prices).

Stephen Stares, President and CEO of the Company stated "We are extremely pleased with Coro's progress in Mendoza with the recent recommendation made by the Commission for the Environmental Evaluation of Mining Projects that the Environmental Impact Statement be approved by the provincial government for the San Jorge project. We look forward to its final approval and ratification and commend the Coro team for their efforts in moving San Jorge closer to development."

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 $12.7 million in cash, owns approximately 55.37 million shares and 2.43 million warrants in Coro Mining Corp. (TSX:COP), holds 523,053 shares of Stillwater Mining Company (NYSE:SWC), holds 782,500 million shares in Marathon Gold Corp. (TSX:MOZ), holds 1.6 million shares in Puget Ventures (TSX VENTURE:PVS), holds 4 million shares of Mineral Mountain Resources Ltd. (TSX VENTURE:MMV), and holds 815,000 shares of Bell Copper Corporation (TSX VENTURE:BCU).

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.


Contact Information

  • Benton Resources Corp.
    Stephen Stares
    (807) 475-7474
    (807) 475-7200 (FAX)
    Benton Resources Corp.
    Clair Calvert
    Investor Relations
    (204) 799-2086