Benton Advised by Coro That San Jorge Enviromental Impact Study Has Been Approved
THUNDER BAY, ONTARIO -- (Marketwire) -- 02/07/11 -- Benton Resources Corp. ('Benton' or 'the Company') (TSX VENTURE: BTC) is pleased to announce that it has been advised by Coro Mining Corp. ('Coro') (TSX: COP) that the San Jorge project Environmental Impact Study ('EIS') has been approved by the Provincial Government of Mendoza, and that the resulting Environmental Impact Declaration ('EID') will be submitted to the Provincial Legislature for ratification.
The EID is conditional, inter alia, upon Coro'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, including the requirement for the paste tailings deposit to be made impermeable with a liner. In addition, MSJ will be required to contribute 0.5% of metal sales on an annual basis to an environmental remediation fund, to be recovered upon satisfactory closure of the mine. Finally, MSJ will be required to negotiate the terms of an agreement with the Provincial Government and the Department of Las Heras, where the project is located, whereby MSJ will contribute to a social development fund to benefit the local community. A translated version of the EID will be posted on Coro's website in due course.
Alan Stephens, President and CEO of Coro commented, 'We are delighted that, after an exhaustive and thorough process, the Provincial Government has approved our EIS. We are also pleased that we will have the opportunity to directly fund the social development of the local community of Uspallata and the rest of Las Heras. This satisfactory outcome is the result of more than 2 years of hard work by the Company's South American team, led by Fabian Gregorio, President of MSJ and Marcelo Cortes, Coro's VP of Project Development, and we now look forward to the Provincial Legislature ratifying the Government's decision. Upon ratification, the Company will recommence engineering studies aimed at demonstrating the full potential of San Jorge at industry standard metal prices.'
Stephen Stares, President and CEO of Benton stated, 'We are extremely pleased to hear that the San Jorge Project has received EIS approval and anxiously await ratification. The Coro and MSJ teams have done an outstanding job in advancing San Jorge closer to development with environmental responsibility being at the forefront.'
About San Jorge:
The San Jorge copper-gold project is located in Mendoza, Argentina. Coro completed an independent Preliminary Economic Assessment ('PEA'), in April 2008 which contemplated production of 39,500 tonnes of copper per annum and 39,000 ounces of gold per annum over a 16 year mine life. The deposit remains open at depth and using a $2.00 per pound copper and $600 per ounce gold price returned an after tax NPV of $220 million, with a capital expenditure of $277 million.
Coro is fully committed to developing San Jorge in such a way that no water resources would be affected by contamination, as required by local and national laws and regulations, and by international best practices. Coro, through its subsidiary, Minera San Jorge, continues to follow a policy of complete transparency and frankness, and has stressed the economic and employment benefits of the project to Argentina, as well as a commitment to exacting industry standards in environmental management, and has invited citizen participation in the environmental monitoring of the operation. Coro has demonstrated its commitment to water conservation through the proposed use of paste tailings, which minimises water usage through recycling. It has committed to train as many local residents as possible for employment in the future operations at San Jorge.
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 $17.2 million in cash, owns approximately 55.37 million shares and 2.43 million warrants in Coro Mining Corp. (TSX: COP), holds approximately 348,000 shares of Stillwater Mining Company (NYSE: SWC), holds 782,500 million shares in Marathon Gold Corp. (TSX: MOZ), holds 1.6 million shares in Puget Ventures (TSX VENTURE: PVS), holds 4 million shares of Mineral Mountain Resources Ltd. (TSX VENTURE: MMV), and holds 815,000 shares of Bell Copper Corporation (TSX VENTURE: BCU).
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