Benton Resources Inc.

Benton Resources Inc.

March 12, 2014 13:07 ET

Benton Regains 100% Interest in Onion Lake Copper-Nickel-PGE Project

THUNDER BAY, ONTARIO--(Marketwired - March 12, 2014) - Benton Resources Inc. (TSX VENTURE:BEX) ("Benton" or "the Company") is pleased to announce that it has regained a 100% interest in the Onion Lake copper-nickel-PGE project located 30km north of Thunder Bay Ontario. The project was under option to Glory Resources Limited ("Glory"), an Australian-based junior currently being acquired by Eldorado Gold Corp. ("Eldorado"). Due to assessment deficiencies, Benton will receive an $80,000 payment in lieu and the return of a 100% interest in the project from Eldorado.

Benton considers the Onion Lake project to be highly prospective for the discovery of Platinum (Pt), Palladium (Pd), Copper (Cu), and Nickel (Ni) mineralization. The property abuts the potential western strike extent of Panoramic Resources Ltd's Thunder Bay North deposit which has an Indicated mineral resource of 9.83 million tonnes grading 2.34g/t Pt-Eq for 741,000 Pt-Eq ounces and a further Inferred mineral resource of 0.53 million tonnes at 2.87g/t Pt-Eq for 49,000 Pt-Eq ounces (2011 JORC compliant mineral resource estimate, see In addition, the Onion Lake property also borders the recently announced discovery of 20.2m grading 3.22gpt Pt+Pd+Au, 0.25% Cu and 0.11% Ni made by partners Transition Metals Corp. and Impala Platinum Holdings Limited on their Sunday Lake project.

In the last four years, Glory has expended more than $1.2 million in exploration on the Onion Lake project and identified multiple highly prospective targets that Benton plans to follow up this year.

About Benton Resources Inc. (TSX VENTURE:BEX)

Benton Resources Inc. is a 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 $6.9 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"

Stephen Stares, President


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

  • Benton Resources Inc.
    Stephen Stares
    3250 Highway 130, Rosslyn, ON P7K 0B1
    (807) 475-7474
    (807) 475-7200 (FAX)