Benton Acquires 100% Interest in High Grade Gold Project
THUNDER BAY, ONTARIO -- (Marketwire) -- 04/18/11 -- Benton Resources Corp. (TSX VENTURE: BTC) ('Benton' or 'the Company') is pleased to announce that the Company has acquired by staking a 100% interest in the Abernethy gold project located 10km southwest of Kenora, Ontario. The property consists of 9 claims totaling 67 units and covers a historically defined 640 metre long and up to 210 metre wide electromagnetic conductor outlined by Hudson Bay Exploration and Development Co. Ltd in 1974. The anomaly was tested by Hudson Bay with a single drill hole and intersected anomalous gold throughout the hole including one section that returned 17.8 gpt gold over 1.52 metres. Subsequently in 1987 the project was acquired by Mingold Resources Inc. who further tested the same zone with two diamond drill holes spaced at 61 metres apart. This drilling also intersected significant anomalous gold throughout both drill holes including 6.30 gpt gold over 6.1 metres in drill hole ABE-1 and 1.62 gpt gold over 6.7 metres (including 10.0 gpt gold over 0.61 metres) in drill hole ABE-3. Research of historical assessment work filed with the provincial government indicate there are only three historical drill holes in the electromagnetic conductor suggesting the zone is open at depth and along strike in both directions. Recent forestry logging operations have opened access to several areas within the claim group providing good infrastructure. Benton is planning to commence work on the project as soon as conditions permit.
The Company would also like to announce the granting of incentive stock options to certain directors, officers, employees and consultants of the Company to purchase a total of 3,270,000 common shares in the capital stock of the Company. The options are exercisable for a period of five years from the date of April 14, 2011 at an exercise price of $1.12 per share.
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 $15.5 million in cash, owns approximately 55.4 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 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). 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 41.6% investment in Coro Mining from its cash, equities and exploration assets. Benton shareholders will receive a pro-rata interest in this new company at a ratio as yet to be determined 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
Clair Calvert
Investor Relations
204-799-2086