Benton Completes Plan of Arrangement, Provides Update and Benton Resources Inc. Commences Trading
August 02 2012 - 9:00AM
PR Newswire (Canada)
THUNDER BAY, ON, Aug. 2, 2012 /CNW/ - Benton Capital Corp. ("Benton
Capital" formerly Benton Resources Corp.) is pleased to inform
shareholders that it has completed its previously announced spin
out transaction by way of plan of arrangement whereby, with the
exception of its investment in Coro Mining Corp., $730,000 in
working capital and the Goodchild Project, it has transferred all
of its assets to a newly listed company named Benton Resources Inc.
("Benton Resources"). Shareholders received one new common
share in Benton Resources for each share held of Benton Resources
Corp. which changed its name to Benton Capital Corp. on closing of
the transaction. Benton Resources Inc. commenced trading under the
symbol "BEX" at market open on August 1, 2012. Benton Capital
Corp. continued trading under the existing symbol "BTC". Benton
Resources Inc. would also like to inform shareholders that it has
commenced a second phase diamond drill program on the Elizabeth
Anne gold project located approximately 19km west of the Mountain
Pass rare earth mine in San Bernardino County, California. This
drilling campaign is designed to follow up on the previously
announced (news release dated June 6, 2012) new discovery of high
grade zones on the Elizabeth Anne gold project which included
intersections of 10.92 grams per tonne (gpt) gold (Au) over 15.24
metres (m) in hole EA-12C-05, 5.56gpt over 6.1m in hole EA-12C-03
and 5.54gpt over 4.58m in hole EA-12C-01. The second phase program
is designed as a follow up to EA-12C-05 which was in an area
referred to as the mega breccia zone. Several other zones
were also encountered in the initial drilling program indicating
the possibility of a large low grade shell around the higher grade
zones. Benton Resources will release results once they are
received and compiled. Stephen Stares, President and CEO commented
"We are pleased to have completed our spinout transaction and are
hopeful that our shareholders will now receive full value for the
aggregate of the assets now that they are segregated into separate
companies. We are excited to follow up with a second phase of
drilling on the Elizabeth Anne project after an encouraging first
program in the spring. Finally, we will continue to identify
opportunities to add shareholder value moving forward for both
companies". Clinton Barr (P.Geo.), V.P. Exploration for Benton
Capital Corp., is the qualified person responsible for this
release. About Benton Resources Inc. Benton Resources Inc is
a newly listed Canadian based junior with multiple joint ventures
and a diversified property portfolio in Gold, Nickel, Copper, and
Platinum group elements. Benton Resources Inc. currently has
approximately $6.0 million in cash, owns 348,000 shares of
Stillwater Mining Company , holds 782,500 shares in Marathon Gold
Corp. (TSX.MOZ), holds 1.6 million shares in Puget Ventures
(TSX-V.PVS), holds approximately 8.5 million shares of Mineral
Mountain Resources Ltd. (TSX-V.MMV), holds 815,000 shares of Bell
Copper Corporation (TSX-V.BCU), holds 1.67 million shares of
Trillium North Minerals (TSX-V.TNM), holds 1.55 million shares of
Golden Dory Resources (TSX-V.GDR) and 3.0 million shares of
Parkside Resources (currently private). About Benton Capital Corp
Benton Capital Corp. (formerly Benton Resources Corp.) is a
Canadian based junior which currently holds the Goodchild
Copper-Nickel-PGM project located 5km NE of Stillwater Mining's
Marathon Copper-PGM deposit currently being permitted for
production. Benton Capital Corp. also holds approximately 57.87
million shares (approximately 41.84%) of Coro Mining Corp. . Coro
Mining Corp. is a Vancouver based copper exploration company with
projects located in South America. On behalf of the Board of
Directors of Benton Capital Corp., "Stephen Stares" 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 Benton Resources Corp. CONTACT: For
further information contact Stephen Stares @:3250 Highway
130,Rosslyn, ON P7K 0B1Phone (807)475-7474Fax
(807)475-7200www.bentonresources.caInvestor RelationsClair Calvert:
@ 204-799-2086
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