THUNDER BAY, ON, Feb. 15, 2013 /CNW/ - Benton Resources Inc. (TSXV: BEX) ("Benton" or "the Company") is pleased to announce that it has completed its disposition of 348,053
shares of Stillwater Mining Company (NYSE: SWC) ("Stillwater") for net
cash proceeds of $5,022,050 USD. The Company now has approximately $10
million in cash along with $3.02 million in remaining equity positions
(based on February 14, 2013 market closing prices) which in aggregate
represents $0.174 on a per common share basis versus its $0.16 share
price (based on February 14, 2013 market closing price). Benton
intends to continue to advance its Elizabeth Anne gold-silver project
in San Bernardino County, California with continued ground sampling and
an airborne high resolution aeromagnetic and radiometric survey to
commence immediately. In addition, the Company has submitted diamond
drilling permit applications on several high priority targets with the
objective of drilling by April once all geological and geophysical data
has been received and fully analyzed.
Stephen Stares, Company President and CEO stated "We are pleased to have
further strengthened our treasury by monetizing our stake in Stillwater
at no dilution to our shareholders. With a current share price that is
trading below our cash and equity value, we feel that there is
significant upside to current and prospective shareholders as we
continue to advance and understand the potential at Elizabeth Anne".
About Benton Resources Inc. (BEX: TSX.V)
Benton Resources Inc is a newly listed Canadian based junior with
multiple joint ventures and a diversified property portfolio in
Gold-Silver, Nickel, Copper, and Platinum group elements. The Company
is well funded with approximately $10.0 million in cash and $3.02
million in marketable securities.
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
SOURCE: Benton Resources Inc.
For further information:
contact Stephen Stares @:
3250 Highway 130,
Rosslyn, ON P7K 0B1
Clair Calvert: @ 204-219-4546