Benton Resources Inc.

TSX VENTURE : BEX


Benton Resources Inc.

May 01, 2014 10:16 ET

Benton Provides Cape Ray Update and Terminates Elizabeth Anne Option

THUNDER BAY, ONTARIO--(Marketwired - May 1, 2014) - Benton Resources Inc. (TSX VENTURE:BEX) ("Benton" or "the Company") would like to update its shareholders on the current status of the Cape Ray Project. Due to severe weather conditions encountered in the Port aux Basques region this past winter the Company temporarily delayed its winter drill campaign until conditions improve. It is anticipated that the diamond drill program will now be initiated before the end of May. The drill program will consist of approximately 2000 metres of drilling designed to test not only the immediate western extension of the 51 Deposit but also the exploration potential of this mineralized horizon with coincident induced polarization geophysical and gold in geochemical (rock and soil) anomalies further to the west. The drilling will also test the east and west strike extent of the PW zone and a few holes within the 51 Deposit may be duplicated in the attempt to achieve better recoveries of the mineralized zone.

Furthermore the Company is continuing metallurgical test work from the 150 kilogram mini bulk sample collected from the 51 Deposit that will include floatation and leach tests on gravity tailings left over after concentration of metals by the falcon concentrator.

The Company also announces that it has terminated the option to acquire the Elizabeth Anne project located in California. Benton continues to believe in the potential of the Elizabeth Anne project to host economic mineralization and although the option agreement allowed for the Company to earn a 100% interest, there were still annual cash payments to the vendor and to the government as well as other holding costs that made moving forward with the project prohibitive given the current market conditions and the Company's objective to conserve capital. The Company believes that the best way to increase shareholder value in the current market is to focus its' efforts on the more advanced, 100%-owned Cape Ray property by moving the project towards possible production and cash flow.

About Benton Resources Inc. (TSX VENTURE:BEX)

Benton Resources Inc is a Canadian-based junior with a diversified property portfolio in Gold-Silver, Nickel, Copper, and Platinum group elements. The Company is well funded with approximately $7.0 million in cash and $0.9 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.

Contact Information

  • For further information contact Stephen Stares @:
    3250 Highway 130,
    Rosslyn, ON P7K 0B1
    (807) 475-7474
    (807) 475-7200 (FAX)
    www.bentonresources.ca