Benton Sells Stake in Stillwater Mining for $5.02 Million USD
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
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SOURCE: Benton Resources Inc.For further information:
contact Stephen Stares @:
3250 Highway 130,
Rosslyn, ON P7K 0B1
Clair Calvert: @ 204-219-4546