THUNDER BAY, ON, Feb. 19, 2013 /CNW/ - Benton Capital Corp. (TSXV: BTC) ("Benton") is pleased to announce that Coro Mining Corp. (TSX: COP) ("Coro") has agreed to sell its Chacay property, located in the III Region of Chile, to Compania Minera Relincho SA, a subsidiary of Teck Resources Limited ("Teck") for US$2.5 million cash plus a 1.5% net smelter return royalty. The sale is subject only to title due diligence and is expected to close by March 25, 2013. Benton continues to hold approximately 41.8% of the issued and outstanding shares of Coro, the value of which in addition to its $1.15 million in cash, has an asset value of approximately $0.15 per common share versus its current trading price of $0.065 per share (based on the February 15, 2013 closing market prices).
Alan Stephens, Coro President and CEO, commented, "We are pleased to be able to monetize our Chacay property by selling it to Teck, owners of the nearby feasibility stage Relincho project. We will use the proceeds to further advance our exciting Berta, El Desesperado and Payen projects. As with the sale of our Cordero property in Mexico to Valley High Ventures in 2008, and the subsequent disposition of our shares in the market, the sale of Chacay for cash continues to demonstrate Coro's ability to achieve non-dilutive financing through the sale of non-core assets."
Chacay is an early stage porphyry copper prospect located 50km east of the city of Vallenar, and 12km southeast of Teck's Relincho copper project, in the III Region of Chile. Coro completed 3 campaigns of drilling in 2010 and 2011, which resulted in the discovery of a chalcocite enrichment blanket under a leached cap. No resource estimate was completed for the property.
The Company also advises that it has elected not to proceed with the El Inca project, located in the III Region of Chile. In addition, the Company advises that it has made the second payment on the El Desesperado project, located in the II Region of Chile.
Alan Stephens FIMMM, President and CEO of Coro, a geologist with more than 35 years of industry experience is the Qualified Person for Coro who has reviewed and approved the contents of this News Release.
CORO MINING CORP.
President and CEO
About Coro Mining Corp.:
The Company was founded with the goal of building a mining company focused on medium-sized base and precious metals deposits in Latin America. The Company intends to achieve this through the exploration for, and acquisition of, projects that can be developed and placed into production. Coro's properties include the advanced San Jorge copper-gold project, in Argentina, and the Berta, El Desesperado, Payen, Chacay, Llancahue, and Celeste copper properties located in Chile.
This news release includes certain "forward-looking statements" under applicable Canadian securities legislation. Such forward-looking statements or information, including but not limited to those with respect to potential mineralization and geological comparisons involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. Such factors include, among others, the actual prices of copper, the factual results of current exploration, development and mining activities, changes in project parameters as plans continue to be evaluated, as well as those factors disclosed in the Company's documents filed from time to time with the securities regulators in the Provinces of British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, New Brunswick, Nova Scotia, Prince Edward Island and Newfoundland and Labrador.
About Benton Capital Corp.:
Benton Capital Corp. is a Canadian based junior which holds the Goodchild Copper-Nickel-PGM project located 5km NE of Stillwater Mining's Marathon Copper-PGM deposit currently being permitted for production. Benton Capital Corp. also holds approximately 57.87 million shares (approximately 41.84%) of Coro Mining Corp. (TSX: COP) - a Vancouver based copper exploration company with projects located in South America.
On behalf of the Board of Directors of Benton Capital Corp.,
Stephen Stares, President
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
SOURCE: Benton Capital Corp.
For further information:
Stephen Stares @:
3250 Highway 130,
Rosslyn, ON P7K 0B1
Clair Calvert: @ 204-219-4546