News Release January 10, 2008
Benton Resources Corp. (BTC) Acquires Past Producer
Thunder Bay, Ontario: Benton Resources Corp. (Benton or the Company) is pleased to report that the Company has acquired by option and staking a large land package that includes the past producing Hope Brook Gold Mine located on the southwest coast of Newfoundland. The Company has staked the favourable gold-bearing trend that hosts the Hope Brook deposit for approximately 30 kilometres and has entered into an option agreement with Quinlan Prospecting (Q.P.) of Newfoundland to acquire 3 separate claim blocks, one of which includes the Hope Brook gold deposit. To earn a 100% interest in the 3 claim blocks Benton will make cash payments to Q.P. totaling $170,000 and issue 200,000 shares over 4 years. The Company will pay a finders fee to a third party for being introduced to the project of 25,000 shares and 25,000 warrants exercisable for 24 months at a price of $1.00. The optioned claim blocks and the staked claims are subject to a 2% NSR payable to Q.P. (the NSR) with an advance royalty payment of $10,000 owing per year to a maximum of $100,000 commencing upon Benton having exercised the option to acquire the 3 claim blocks. Benton has the right to purchase 50% of the NSR for $1 million.
The Companys management is excited about this unique opportunity as the Hope Brook deposit was the Province of Newfoundlands largest gold deposit and it is managements view that there is significant potential to discover additional deposits in the area. The Hope Brook deposit operated from 1987 to 1997 and produced 752,826 ounces of gold plus a copper concentrate from 1993 to 1997. Previous exploration by Royal Oak Mines near the mine during the last few years of mining operations resulted in the discovery of several areas of significant gold mineralization. Significant occurrences include the 240 zone, located approximately 1km southwest and on strike of the Hope Brook deposit. Historical drilling returned grades of up to 3.88gpt over 41 metres and 6.98gpt over 5.8 metres and shallow drilling along strike from the former open pit area intersected up to 14.3 meters of 4.64gpt (NL Gov assessment files). Since the closure of mining operations in 1997 little or no exploration has been carried out for gold in the area.
The Company is planning an aggressive and extensive exploration program, and has begun an extensive regional compilation of the entire belt which will incorporate all existing drill holes, mine workings, geology and assay results of the mine area. A large airborne survey will be flown over the entire project as soon as possible, to be followed up with ground exploration programs including geological mapping, prospecting and Diamond drilling. The company will keep their shareholders inform as this project moves along.
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
Stephen Stares, President
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE. 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.
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For further information contact Stephen Stares @
3290 Willard Ave
Thunder Bay, Ont.
P7E 6J7
Phone (807)475-7474
Fax (807)475-7200
www.bentonresources.ca
Investor relations:
In Canada:
First Canadian Capital
Daniel Boase
Phone (416) 742 5600
Fax (416) 742 6410
In U.S.A:
The Windward Agency
Kelly Boatright
Phone (704) 588 8600
Forward email
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Filing Services Canada Inc. | 300, 4015-17th Avenue SE | Calagary | Alberta | T2A 0S8 | Canada
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Benton Resources Corp.
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EXPLORATION STAGE |
CODE : BTC.V |
ISIN : CA0827691001 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Benton Res. is a gold and copper exploration company based in Canada. Benton Res. holds various exploration projects in Canada. Its main exploration properties are BARK LAKE, GOODCHILD, SAGANAGA, SWAYZE, KINGURUTIK, RIM, SOUTH SIBLEY, DELORO, ONION LAKE, GOLDEN HARP, BERMUDA, ARMIT LAKE, LONG RANGE and KINGURUTIK LAKE in Canada. Benton Res. is listed in Canada and in Germany. Its market capitalisation is CA$ 2.3 millions as of today (US$ 1.8 millions, € 1.6 millions). Its stock quote reached its highest recent level on December 31, 2007 at CA$ 2.15, and its lowest recent point on April 10, 2015 at CA$ 0.01. Benton Res. has 38 140 000 shares outstanding. |