Benton Provides Cape Ray Update and Terminates Elizabeth Anne Option
May 01 2014 - 10:16AM
Marketwired
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.
For further information contact Stephen Stares @:3250 Highway
130,Rosslyn, ON P7K 0B1(807) 475-7474(807)
475-7200www.bentonresources.ca
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