Benton Regains 100% Interest in Onion Lake Copper-Nickel-PGE Project
March 12 2014 - 1:07PM
Marketwired
Benton Regains 100% Interest in Onion Lake Copper-Nickel-PGE
Project
THUNDER BAY, ONTARIO--(Marketwired - Mar 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 www.panoramicresources.com). 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 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 Inc.Stephen Stares3250 Highway 130, Rosslyn, ON
P7K 0B1(807) 475-7474(807) 475-7200www.bentonresources.ca
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