Benton Exercises Remaining Warrants in Coro Mining Corp.
June 02 2011 - 11:38AM
Marketwired
Benton Resources Corp. (TSX VENTURE: BTC) ("Benton" or "the
Company") is pleased to announce that it has exercised its
remaining 2,437,500 warrants in Coro Mining Corp. ("Coro") at a
price of $0.50 per warrant for a total outlay of $1,218,750. The
warrants were exercisable at $0.50 until June 1, 2011 and $0.65
thereafter until they were due to expire in June 2012. The Company
now holds 57,866,754 common shares of Coro. The Company believes
that its investment in Coro has excellent upside potential from its
current value. Coro is currently awaiting ratification of its
Environmental Impact Statement on the San Jorge Copper Gold project
by the provincial legislature in the Mendoza province of Argentina.
At current commodity prices the San Jorge project has robust
economics. Coro is also currently conducting a 2,000 meter diamond
drill program at its Cerro Chacay project, which is a very
prospective early stage copper porphyry project in Chile which is
situated 12 kms from Teck Resources Limited's Relincho copper
deposit where a prefeasibility study is currently expected to be
completed this year.
About Benton:
Benton is a Canadian based junior with multiple joint ventures
and a diversified property portfolio in Gold, Nickel, Copper, and
Platinum group elements. The Company currently has approximately
$13.2 million in cash, owns approximately 57.9 million shares of
Coro Mining Corp. (TSX: COP), holds approximately 348,000 shares of
Stillwater Mining Company (NYSE: SWC), holds 782,500 shares in
Marathon Gold Corp. (TSX: MOZ), holds 1.6 million shares in Puget
Ventures (TSX VENTURE: PVS), holds approximately 4.47 million
shares of Mineral Mountain Resources Ltd. (TSX VENTURE: MMV), and
holds 815,000 shares of Bell Copper Corporation (TSX VENTURE: BCU).
Benton is currently in the process of spinning out the majority of
its assets by a plan of arrangement into a new listed company in
order to separate its investment in Coro Mining from its cash,
equities and exploration assets. Benton shareholders will receive a
pro-rata interest in this new company via one new common share for
each share held as of the effective date as yet to be determined
and pursuant to regulatory approval.
Clint Barr (P.Geo), V.P. Exploration for Benton Resources Corp.,
is the qualified person responsible for this release.
On behalf of the Board of Directors of Benton Resources
Corp.,
Stephen Stares, President
Forward-looking statements in this release are made pursuant to
the safe harbor provisions of the Private Securities Litigation
Reform act of 1995. Investors are cautioned that such
forward-looking statements involve risks and uncertainties.
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Contacts: For further information contact Stephen Stares @: 3250
Arthur St. West, RR #2 Thunder Bay, ON P7C 4V1 (807)475-7474
(807)475-7200 (FAX) www.bentonresources.ca Investor Relations Clair
Calvert: @ 204-799-2086