THUNDER BAY, ONTARIO--(Marketwired - Nov. 18, 2014) - Benton Resources Inc. (TSX VENTURE:BEX) ("Benton" or the "Company") is pleased to announce that the Company has signed a Letter of Intent to Option/Joint Venture with Metals Creek Resources Corp. ("MEK") whereby Benton can earn up to a 70% interest in MEK's 100%-owned Staghorn Gold Property in Newfoundland.
To earn an initial 60% interest, Benton must make cash payments of $50,000, issue a total of 500,000 Benton shares and incur work expenditures of $500,000, all over a three year period. Benton will be the operator during the earn-in period. Once a 60% interest is earned by Benton, either a 60/40 joint venture will be formed, or Benton may elect to earn an additional 10% interest to bring its total property interest to 70% by paying $50,000 cash and issuing an additional 500,000 Benton shares within 60 days of the 3rd anniversary date and incurring an additional $500,000 in exploration expenditures by the 5th anniversary date. This agreement is subject to regulatory approval.
During the summer/fall of 2014, MEK discovered a high grade gold bearing, granitic boulder train along the Cape Ray/Victoria Lake Fault Zone on the Staghorn property. The regional fault zone hosts a number of gold deposits including Marathon Gold's Valentine Lake deposit, located 30 km to the northeast and Benton's Cape Ray gold deposits approximately 100km to the southwest. The Staghorn Gold Property covers a 29 km strike length of the mineralized trend. Previous work had outlined a number of gold showings in the central and southwestern part of the property. This latest discovery is located in the northeast part of the property, in an area of little previous work and opens up a new prospective area for further exploration.
The boulders are described as angular to sub-angular, and consist of altered and foliated granite containing variable amounts of pyrite and arsenopyrite. A total of 30 samples were collected from the numerous boulders which varied in size from 0.10 to 0.75 meters and have been traced over a 175 meter length. Assay results ranged from 11 parts per billion gold (ppb Au) to 32,152 ppb Au (see previous MEK press release dated August 18, 2014). The abovementioned samples are boulder samples, selective by nature and are unlikely to represent average grades on the property.
Stephen Stares, President of Benton states, "We've completed two field visits to the project, confirmed the gold grades and reviewed the historical work. The project is situated between the Marathon and Benton gold deposits on the same mineralized regional fault structure in a friendly mining jurisdiction with good access. As such I believe the Staghorn project represents a good opportunity for Benton shareholders."
About Benton Resources Inc. (TSX VENTURE:BEX)
Benton Resources Inc is a Canadian-based junior with a diversified property portfolio in Gold-Silver, Nickel, Copper, and Platinum group elements. The Company is well funded with approximately $6.0 million in cash and $0.7 million in marketable securities.
Stephen House (P.Geo.), 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