News july 4 (for BEX but on this site too)THUNDER BAY, ONTARIO, Jul 04, 2013 (Marketwired via COMTEX News Network) -- Benton Resources Inc. (TSX VENTURE: BEX) ("Benton" or "the
Company") is pleased to announce that it has amended its original
agreement dated December 19, 2012 with Cornerstone Capital Resources
Inc. ("Cornerstone") which will allow Benton to purchase a 100%
interest in the Cape Ray Gold project located on the south west coast
of Newfoundland. Benton can purchase the project by making a one-time
payment of $200,000 cash and by issuing 350,000 common shares of
Benton. Cornerstone will also retain a 0.25% NSR which will result in
there being a total of 2% NSR on the project of which Benton has the
right to purchase back 1% for $1 million dollars. The amendment is
subject to regulatory approval.
Benton is pleased to have completed this transaction with Cornerstone
as it allows Benton to explore the project without timelines and
strenuous commitments in the current volatile markets. The amended
agreement also allows Cornerstone to participate in any upside in the
project with its NSR and equity position in Benton.
Highlights for the Cape Ray project are as follows:
-- 51 Zone -- Inferred resources of 530,000 tonnes grading 6.10 g/t Au and 15.86 g/t Ag containing 103,943 ounces of gold and 270,253 ounces of silver -- Windowglass Hill - Inferred resources of 1,810,000 tonnes grading 1.77 g/t Au and 11.28 g/t Ag containing 103,001 ounces of gold and 656,415 ounces of silver -- Mineralization is relatively shallow at a maximum of 270 metres vertically below surface for the 51 Zone and 140 m for Windowglass Hill -- Opportunities exist to upgrade and expand the mineral resources Table 1. Summary of Mineral Resources for the 51 Zone and Windowglass Hill, Cape Ray Project (Mercator, July 16, 2012). Resource Category Gold Silver Contained Contained (Cut-Off Tonnes Grade Grade Gold Silver Deposit Grade) (Rounded) (g/t) (g/t) (oz) (oz) 51 Zone Inferred 530,000 6.10 15.86 103,943 270,253 (2.5 g/t Au) Windowglass Hill Inferred 1,810,000 1.77 11.28 103,001 656,415 (0.5 g/t Au)