Benton Resources Corp.: Provincial Legislature Denies Ratification of San Jorge Environmental Impact Declaration
August 25 2011 - 2:40PM
Marketwired
Benton Resources Corp. (TSX VENTURE: BTC)("Benton") regrets to
announce that it has been advised by Coro Mining Corp. ("Coro" or
the "Company") (TSX: COP) that the Provincial Legislature of
Mendoza has voted against the ratification of the Company's
approved Environmental Impact Declaration ("EID"). Stephen Stares,
President and CEO of Benton Resources made the following statement:
"We are very disappointed that the Mendoza Government has decided
not to ratify the San Jorge Project, especially after all the hard
work, expense and mining education of the highest quality that was
provided by the Coro team. Benton gives Coro its full support in
taking the necessary steps to protect shareholders interest".
Below is Coro's Press Release that was disseminated today:
Coro Mining Corp. ("Coro" or the "Company") (TSX: COP) regrets
to announce that the Provincial Legislature of Mendoza has voted
against the ratification of the Company's approved Environmental
Impact Declaration ("EID"), notwithstanding that the EID was
conditional, inter alia, upon the Company's Argentinean subsidiary,
Minera San Jorge ("MSJ"), complying with the highest standards of
environmental protection, control and monitoring prior to, and
during the construction and operation of the project. Over the past
3 years, Coro has strictly complied with all laws and regulations,
including the 7722 law which required the ratification of the
approved EID, and has made every effort to ensure that the
legislators were fully informed about the project. In addition, a
Mendoza court recently determined that the process which led to the
approval of the EID was neither illegitimate nor arbitrary, and
therefore fully complied with provincial law.
As recently as August 24th, the head of the Lower House
confirmed that the ratification vote would take place after the
elections scheduled for October, in order that the decision could
be taken based on the merits of the project and not on a
calculation of electoral advantage. Unfortunately, the vote took
place in any event, without consideration of the conclusions of the
legislature's commissions who have spent the last several months
evaluating the EID, and more pertinently, the validity of the
process which led to its approval. The decision to not ratify the
EID was taken against the clearly expressed wishes of the current
government, with whom the Company was in advanced discussions aimed
at delivering a carried 10% interest in MSJ to the province.
Coro will now consider its alternatives to seek legal redress
and compensation through the Argentinean and international courts.
In particular, the 7722 law is currently subject to legal
challenges of its constitutionality by Coro and several other
parties. We anticipate that this law suit may be resolved by mid
2012 and in the event that the courts find that the law is indeed
unconstitutional, the denial of legislative ratification of the
Company's valid and approved EID, may be deemed to be null and
void.
Finally, we wish to express our gratitude to the people of
Uspallata who had supported the development of San Jorge. We
sincerely regret the rejection our project by your elected
representatives, especially given the rigorous review and
consultation process that has taken place over the past 3 years.
Coro had hoped to work with you in raising your living standards
and demonstrating the economic and social benefits that San Jorge
could have brought to your community; unfortunately, this
opportunity has now been denied to us."
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
$12.2 million in cash, owns approximately 57.9 million shares in
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 approximately 1.6 million
shares in Puget Ventures (TSX VENTURE: PVS), holds approximately
6.5 million shares of Mineral Mountain Resources Ltd. (TSX VENTURE:
MMV), holds 815,000 shares of Bell Copper Corporation (TSX VENTURE:
BCU), holds approximately 1.7 million shares of Trillium North
Minerals (TSX VENTURE: TNM), holds approximately 1.6 million shares
of Golden Dory Resources (TSX VENTURE: GDR) and holds 3 million
shares Parkside Resources (currently a private corporation). 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 approximate 41.6% investment in Coro Mining Corp.
from its cash, equities and exploration assets. Benton shareholders
will receive a pro-rata interest in this new company on a
one-for-one share basis and pursuant to regulatory approval.
Clinton 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: Benton Resources Corp. Stephen Stares (807) 475-7474
(807) 475-7200 (FAX) www.bentonresources.ca Investor Relations
Clair Calvert (204) 799-2086