THUNDER BAY,
ON, Feb. 15, 2013 /CNW/ -
Benton Resources Inc. (TSXV: BEX) ("Benton" or "the
Company") is pleased to announce that it has completed its
disposition of 348,053 shares of Stillwater Mining Company (NYSE:
SWC) ("Stillwater") for net cash proceeds of $5,022,050 USD. The Company now has
approximately $10 million in cash
along with $3.02 million in remaining
equity positions (based on February 14,
2013 market closing prices) which in aggregate represents
$0.174 on a per common share basis
versus its $0.16 share price (based
on February 14, 2013 market closing
price). Benton intends to continue to advance its Elizabeth
Anne gold-silver project in San
Bernardino County, California with continued ground sampling
and an airborne high resolution aeromagnetic and radiometric survey
to commence immediately. In addition, the Company has
submitted diamond drilling permit applications on several high
priority targets with the objective of drilling by April once all
geological and geophysical data has been received and fully
analyzed.
Stephen Stares,
Company President and CEO stated "We are pleased to have further
strengthened our treasury by monetizing our stake in Stillwater at no dilution to our
shareholders. With a current share price that is trading
below our cash and equity value, we feel that there is significant
upside to current and prospective shareholders as we continue to
advance and understand the potential at Elizabeth Anne".
About Benton Resources Inc. (BEX: TSX.V)
Benton Resources Inc is a newly 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
$10.0 million in cash and
$3.02 million in marketable
securities.
On behalf of the Board of Directors of Benton
Resources Inc.,
"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
SOURCE Benton Resources Inc.