THUNDER BAY, ON, Feb. 22, 2013 /CNW/ - Benton Resources Inc. (TSXV: BEX) ("Benton" or "the Company") is pleased to announce an update for the ongoing exploration program at their Elizabeth Anne project. A combined aeromagnetic and radiometric survey has been completed over the project area by Precision GeoSurveys Inc. of Vancouver, Canada that included 650 line-kilometres at 50 metre spacing. Ongoing surface sampling has identified at least six areas of gold and silver mineralization. Most encouraging is new high grade gold and silver mineralization along the southern margin of the Rascal Zone where selective grab samples returned up to 48.1 gram per tonne (gpt) gold (Au) with 4110 gpt silver (Ag). This new mineralization is situated approximated 250m south of the previously announced high grade Ag in selective samples that assayed as high as 1955gpt Ag (see Benton NR dated January 10, 2012). Ongoing surface chip sampling is also being conducted at the numerous mineralized zones including further follow-up to previously reported chip samples that graded 0.50gpt Au and 13.2gpt Ag over 79.25m within a broader halo of 0.27gpt Au and 5.64gpt Ag over 247m over the Rascal Zone (see Benton NR dated February 13, 2013). Benton anticipates starting the next phase of diamond drilling by early April to test not only the North Mega-Breccia and Central zones, but also the new Rascal Zone mineralization. All samples were sent to ALS Global in Reno Nevada and were analyzed for gold using fire assay and atomic absorption plus gravimetric finish for higher grade samples. Silver analysis was part of a multi-element, Aqua Regia package plus ICP for ore-grade samples.
The Elizabeth Anne gold property is located approximately 35km west of the Mountain Pass rare earth mine in San Bernardino County, California and the Company believes that the Elizabeth Anne project lies within the southern part of the Walker Lane Gold Belt which hosts several multi-million ounce gold deposits. The Company can earn a 100% interest in the Property by paying $1.2 million over 13 years subject to a 3% Net Smelter Royalty (NSR) of which Benton has the right to purchase 50% of the NSR (1.5%) for $1.5 million and holds a Right of First Refusal to match any offer on the other 1.5% NSR.
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 million in cash and approximately $2.8 million in marketable securities.
Clinton Barr (P.Geo.), V.P. Exploration for Benton Resources Inc., is the qualified person responsible for this release.
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