THUNDER BAY, ONTARIO–(Marketwired – Nov. 4, 2016) – Benton Resources Inc. (TSX VENTURE:BEX) (“Benton” or “the Company”) is pleased to announce that the Company and its joint venture partner Nordmin Engineering Ltd. (“Nordmin”) have received gold assays from the first 16 of 29 drill holes from the recently completed 5000m diamond drill program on the Cape Ray Property, located along the Cape Ray fault in southwest Newfoundland. Highlights include 2.8m grading 16.68gpt gold in DDH 21, 2.2m grading 22.5gpt gold in DDH 32 and 4.1m grading 5.01gpt gold in DDH 34. These new results are encouraging and will be brought into the ongoing mining model in preparation for the upcoming prefeasibility study. Complete results for silver has not been received for these drill holes but will be released when available. More drill results are expected shortly and a table for the first 16 drill holes is listed below:
|Zone||Drill Hole||FROM||TO||Length||Au (gpt)|
Nordmin is earning up to a 50% interest in 4 of the 6 deposits (see Benton PR January 20, 2015) owned by Benton by completing various work programs and project milestones as well as carrying Benton to a full feasibility study and arranging 50% of project financing to production. In March of this year the companies released the results of a positive preliminary economic assessment (“PEA”) for their Cape Ray Gold Project (see PR March 07, 2016). The results of the PEA include a pre-tax net present value (“NPV”) at a 7% discount rate of $48.4 million with a pre-tax internal rate of return (“IRR”) of 29% and a post-tax NPV at a 7% discount rate of $32.6 million with a post-tax IRR of 24%. The reader should be cautioned that the PEA is preliminary in nature. It contains inferred mineral resources that are considered too speculative to have the economic considerations applied to them that would enable them to be categorized as mineral reserves. The current drill campaign will help bring some of the inferred resources into indicated which will help with the confidence level of the project as we move towards the feasibility study.
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.
Clinton Barr, PGeo, Vice-President of Exploration for Benton Resources Inc., is the qualified person responsible for this release and has prepared, supervised and approved the preparation of the scientific and technical disclosure contained within the release.
On behalf of the Board of Directors of Benton Resources Inc.,
Stephen Stares, President
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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