BUCHANS MINERALS & BENTON MAKE NEW GOLD DISCOVERY AT LONG RANGE - ASSAYS UP TO 106.38 G/T GOLD & 364.3 G/T SILVER

Trading Symbol: BMC - TSX-V
Shares Outstanding: 124,627,490

WINDSOR, NS, Jan. 10 /CNW/ - Buchans Minerals Corporation (BMC-TSX-V) ("Buchans Minerals") and Benton Resources Corp. (BTC-TSX-V) ("Benton") or the "Companies" are pleased to announce the discovery of the "Goldquest" gold prospect within the Long Range 50/50 Joint Venture property in central Newfoundland. Results from recently completed prospecting activities undertaken as part of the 2010 exploration program have identified abundant mineralized quartz vein material containing trace to several percent sulphides and assaying up to 106.38 g/t gold and 364.3 g/t silver in float samples as well as grab samples from outcrop assaying up to 8.52 g/t gold and 30.7 g/t silver.

Warren MacLeod, President of Buchans Minerals states that "we are impressed with the potential of the Goldquest discovery and look forward to aggressively developing this project in 2011. The Long Range J.V., which is primarily conducted over previously unexplored ground, has already resulted in three new discoveries in two years which bodes well for the future potential of this large property."

The prospecting program that made the original Goldquest discovery utilized local forestry tracks and successfully identified two areas of highly anomalous samples located on two separate logging tracks located more than 1 kilometre apart. Samples derived from float and subcrop material at the original discovery site (north area) returned values as high as 18.3 g/t gold and 87.1 g/t silver, whilst samples derived from the second anomalous area (south area) returned assays as high as 106.38 g/t gold and 364.3 g/t silver. Numerous other samples located in close proximity to these two main anomalous areas returned gold assays in excess of 10 g/t.

A subsequent soil sampling grid measuring 1,000m x 600m over the original Goldquest discovery site successfully identified an anomalous trend who's orientation pointed from the north area down to the south area located more than 1 kilometre away, leading to the current interpretation that a mineralized trend extends between the two mineralized areas and remains open in both strike directions. At this time there has been no prospecting or sampling in the area between the two mineralized areas. In addition, several gold-bearing float samples have been discovered up to 150 to 325 metres off the main Goldquest trend, including samples assaying up to 21.99 g/t gold and 84.0 g/t silver, and suggest additional parallel mineralized trends may be present.

Subsequent to the prospecting program and soil grid, a two-day excavating program was undertaken over the original discovery site in the north area that successfully exposed mineralized quartz veins within meta-granitic bedrock measuring up to 0.7 metres wide and returning grab samples assaying up to 8.52 g/t gold and 30.7 g/t silver. A table summarizing assay highlights for the discovery is presented below.

Sample Description Au (g/t) Ag (g/t) Cu (ppm) Pb (ppm) Mo (ppm)
49813 Angular boulder sample located on the main Goldquest discovery trend (South Area). Quartz vein with trace sulphides. 106.38 364.3 1,473 289 187
49809 Angular bolder sample located on main Goldquest Trend (South Area). Quartz vein with trace sulphides. 31.02 138.0 39 82 169
49811 Angular bolder sample located on main Goldquest Trend (South Area). Quartz vein with trace sulphides. 27.94 157.2 503 307 220
49796 Float sample located approximately 150 m  south-east of main Goldquest discovery trend. Quartz vein with trace sulphides. 21.99 84.0 126 93 4
49787 Float sample located on main Goldquest Trend. Quartz vein float with trace sulphides (South Area). 19.81 86.3 4 106 11
45243 Float/subcrop sample located on main Goldquest Trend (North Area). Quartz vein with trace sulphides cutting granite. 18.25 87.1 3,793 39 4
49791 Float sample located on main Goldquest Trend (South Area). Quartz vein with trace sulphides cutting granite. 12.52 43.3 89 56 151
49777 Float sample located approximately 325 m  north-west of main Goldquest discovery trend. Granite cut by multiple quartz veins with trace sulphides. 12.42 47.9 5 22 1
49823 Outcrop sample located on main Goldquest Trend (North Area). Quartz vein with trace sulphides with minor granite fragments. 8.52 30.7 432 21 2
49789 Float sample located on main Goldquest Trend (South Area).  Quartz vein with trace sulphides. 7.24 38.4 5 60 2
49762 Outcrop sample located on main Goldquest Trend (North Area).  Quartz vein with trace sulphides. 4.06 18.8 418 5 1
49812 Boulder sample located on main Goldquest Trend (South Area).  Quartz breccia with trace sulphides. 2.15 8.8 59 13 3
49775 Float sample located approximately 325 m  west of main Goldquest discovery trend. Granite cut by multiple quartz veins with trace sulphides. 1.75 7.7 4 3 3
49754 Outcrop sample located on main Goldquest Trend (North Area). Brecciated granite with quartz veins hosting trace sulphides. 1.73 8.1 10 4 2
45244 Local float/subcrop sample located on main Goldquest Trend (North Area).  Brecciated granite with quartz veins hosting trace sulphides, multiple blocks. 1.65 5.4 14 6 8

The Companies are greatly encouraged by the high gold values and wide spread mineralization associated with the Goldquest discovery and have expanded the land position by staking 128 additional claims covering 32 square kilometers. Ongoing work on the prospect will initially focus on expanding the soil geochemistry grid over the upcoming winter months in preparation for more expansive prospecting and trenching once the winter thaw is over. The goal of the spring prospecting and trenching will be aimed towards identifying future drill targets for the second half of 2011.

These results represent the first recorded discovery of gold in this particular geologic environment of interior Newfoundland. A search of previous exploration work filed with the government of Newfoundland and Labrador indicates no previous exploration has been filed within several kilometres of the discovery. The discovery is located less than 10 kilometres from paved highway 480 and less than 10 kilometres south of existing power lines. A map showing the location of the Goldquest discovery is available at http://www.buchansminerals.com.

Qualified Person:
Paul Moore, M.Sc., P.Geo., (NL), Buchans Mineral's Vice President of Exploration, is acting as Qualified Person in compliance with National Instrument 43-101 with respect to this release and has reviewed the contents for accuracy. Reported assays are derived from samples collected by Quest Prospecting Inc., of Birchy Bay Newfoundland as well samples collected by Buchans Minerals staff. All assays were completed by Eastern Analytical Limited of Springdale, Newfoundland by the ICP (Inductively Coupled Plasma Optical Emission Spectroscopy) method (ICP-11) and Ore Grade Assay for Ni, Cu and Co by the atomic absorption (AA) method. Gold assays were completed by standard ½ assay ton fire assay using the AA method. Appropriate QA/QC protocols were applied, including duplicate analyses and monitoring of assay results through the insertion of control standards.

Buchans Minerals would like to acknowledge financial support to be received from the Junior Exploration Assistance (JEA) Program of the Province of Newfoundland and Labrador in carrying out a portion of their work on the Long Range Nickel joint venture in 2010.

About Buchans Minerals:
Buchans Minerals is an Atlantic Canada based resource company that is focused on exploring and developing mineral properties in New Brunswick and the historic Buchans mining camp in central Newfoundland, Canada.

About Benton Resources:
Benton is a Canadian based junior with multiple joint ventures and a diversified property portfolio in Gold, Nickel, Copper, and Platinum group elements. The Company currently has approximately $12.7 million in cash, owns approximately 55.37 million shares and 2.43 million warrants in Coro Mining Corp. (TSX.COP), holds 523,053 shares of Stillwater Mining Company (NYSE: SWC), holds 782,500 million shares in Marathon Gold Corp. (TSX.MOZ), holds 1.6 million shares in Puget Ventures (TSX-V.PVS), holds 4 million shares of Mineral Mountain Resources Ltd. (TSX-V.MMV), and holds 815,000 shares of Bell Copper Corporation (TSX-V.BCU).

Forward Looking Statements:
Certain information contained herein may constitute forward-looking statements within the meaning of applicable securities laws. Forward-looking statements may include estimates, plans, expectations, opinions, forecasts, projections, guidance or other statements that are not statements of fact. Although Buchans Minerals and Benton (the "Companies") believe that the expectations reflected in such forward-looking statements are reasonable, they can give no assurance that such expectations will prove to have been correct. The Companies caution that actual performance will be affected by a number of factors, many of which are beyond their control, and that future events and results may vary substantially from what the Companies currently foresee. The Companies' forward-looking statements are expressly qualified in their entirety by this cautionary statement.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

SOURCE BUCHANS MINERALS CORP.

For further information:

Buchans Minerals Corporation.
Warren MacLeod, President & CEO  
Ph: (902) 472-3520
Windsor, Nova Scotia
www.buchansminerals.com
    Benton Resources Corp.
Stephen Stares, President & CEO
Ph: (807) 475-7474
Thunder Bay, Ontario
www.bentonresources.ca

Profil de l'entreprise

BUCHANS MINERALS CORP.

Renseignements sur cet organisme


FORFAITS PERSONNALISÉS

Jetez un coup d’œil sur nos forfaits personnalisés ou créez le vôtre selon vos besoins de communication particuliers.

Commencez dès aujourd'hui .

ADHÉSION À CNW

Remplissez un formulaire d'adhésion à CNW ou communiquez avec nous au 1-877-269-7890.

RENSEIGNEZ-VOUS SUR LES SERVICES DE CNW

Demandez plus d'informations sur les produits et services de CNW ou communiquez avec nous au 1‑877-269-7890.