Benton Executes Non-Binding Agreement With Rambler to Explore Custom Milling for Cape Ray Project
THUNDER BAY, ONTARIO--(Marketwired - Mar 15, 2016) - Benton Resources Inc. (TSX VENTURE:BEX) ("Benton" or "the Company") and its partner Nordmin Engineering Ltd. ("Nordmin") are pleased to announce that they have signed a non-binding letter of intent ("LOI") with Rambler Metals and Mining Canada Limited ("Rambler") to explore the potential to custom mill gold-rich concentrate from the Cape Ray deposits at Rambler's Nugget Pond milling facility located near Baie Verte, Newfoundland.
The Company and Nordmin are looking at all options to improve the economics of the Cape Ray gold project. Custom milling has the potential to reduce the capital and operating costs of the project by eliminating the cyanide leach circuit at the proposed Cape Ray mill site as outlined in the recently announced initial Preliminary Economic Assessment (see Company press release dated March 7, 2016).
Stephen Stares, Company President and CEO stated "we along with our partner Nordmin are pleased to have executed this exploratory agreement with Rambler to determine the economics of custom milling gold-rich concentrate from the Cape Ray project. Not only are we committed to finding the most economic and streamlined pathway to potential development at Cape Ray, but this agreement allows us to leverage the knowledge and expertise of an extremely capable mining team at Rambler. We look forward to examining all of our mining options as we move closer to development".
Norman Williams, Rambler's President and CEO commented, "the Cape Ray region holds great potential for future gold discoveries and Benton has a proven track record in exploration and discovery. This, combined with Nordmin's engineering abilities, makes this group highly capable of advancing the Cape Ray Project towards production. We have an idle gold leaching and refining circuit ready and available for gold concentrate. Should Benton and Nordmin push their project towards production we would be happy to assist with tolling milling and making their project a success. The mining space is showing some signs of recovery, making this an ideal timing to solidify those relationships that will help continue growing the business while optimizing all available infrastructure at Nugget Pond."
About Benton Resources Inc. (TSX VENTURE:BEX)
Benton Resources Inc. is a well-funded Canadian-based junior with a diversified property portfolio in Gold-Silver, Nickel, Copper, and Platinum group elements which including the advanced Cape Ray Gold project under Option and Joint Venture with Nordmin Engineering.
Benton and Nordmin recently released a positive PEA on the Cape Ray project and filed a new NI 43-101 on SEDAR and which is also posted on the Company web site (see also the Company press release dated March 7, 2016).
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.
Contact
Benton Resources Inc.
Stephen Stares
President
(807) 475-7474
(807) 475-7200
www.bentonresources.ca