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