Benton Executes Final Agreement With Nordmin Engineering to Develop Cape Ray Gold Project
(firmenpresse) - THUNDER BAY, ONTARIO -- (Marketwired) -- 01/20/15 -- Benton Resources Inc. (TSX VENTURE: BEX) ("Benton" or "the Company") is pleased to announce that further to its press release dated October 6, 2014, it has fully executed its final Option and Joint Venture agreement ("Agreement") with Nordmin Engineering Ltd. ("Nordmin") to advance four of the six gold deposits towards production at the Cape Ray project located in southwest Newfoundland. The 04, 41, 51 and Windowglass Hill deposits (the "Project") are included in agreement while the Isle Aux Morts and Big Pond deposits will be retained 100% by Benton. Pursuant to the Agreement, Benton and Nordmin will form a joint venture pursuant to which Nordmin will earn a 50% interest in the Project through a series of expenditures and services to be provided.
Under the terms of the Agreement, Benton will form a 100% wholly owned subsidiary, ("SubCo B" for illustrative purposes) and transfer 100% of Benton's property rights in the Project to SubCo B. Nordmin may then earn up to 50% of the Project held by SubCo B by completing a series of work commitments and project milestones which is well underway advancing the Project towards production as follows:
Stephen Stares, Company President and CEO stated, "Executing the final agreement with Nordmin is a extraordinary milestone for Benton shareholders, the advancement of the Cape Ray project and the future of the Company. With technical work well underway, Benton is hopeful that the Cape Ray deposits become the site of production in the future. Our team has worked hard to target, acquire and consolidate the Cape Ray land position and to bring in a quality partner with the skill set to fully develop the project. We are very excited to work with Nordmin."
Chris Dougherty, P.Eng., President of Nordmin commented, "Moving this effort forward is something that we at Nordmin are very excited about. The Cape Ray project has tremendous potential, and we are working hard with our partners to develop a strategy to move this effort forward in an efficient and expeditious way. Our goal is production, and we are now focusing on that goal."
About Cape Ray
The Cape Ray gold project is host to 6 historical gold deposits in southwest Newfoundland. Benton controls a 100% interest in 60km of strike length along the Cape Ray Fault, a significant regional gold-bearing structure that hosts the Cape Ray deposits as well as Marathon Gold's Valentine Lake deposit located 120 km to the northeast of Benton's claim block.
About Benton Resources Inc. (TSX VENTURE: BEX)
Benton Resources Inc is a well funded Canadian based junior with multiple joint ventures and a diversified property portfolio in Gold-Silver, Nickel, Copper, and Platinum group elements.
About Nordmin Engineering Ltd.
Nordmin Engineering Ltd. has become a leading Consulting Engineering firm in the Resource and Industrial sectors, supporting Mining, Power Generation and Distribution and Pulp and Paper efforts around the world. From concepts to commissioning, from resource estimation to site closure, Nordmin provides a full range of services to its clients. With 130 professionals on staff, Nordmin has undertaken projects in North and South America, Africa, Europe, and Asia, and has worked for many of the world's largest companies, including Rio Tinto, Vale, BHP Billiton, Resolute, and Goldcorp. Nordmin's projects have ranged in capital value from a few million dollars to $3 billion (USD), continually expanding its client base worldwide. Nordmin has offices in Thunder Bay, Ontario, Sudbury, Ontario, and Kamloops, British Columbia.
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.
Contacts:
Stephen Stares
3250 Highway 130
Rosslyn, ON P7K 0B1
Phone (807)475-7474
Fax (807)475-7200
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Datum: 20.01.2015 - 17:39 Uhr
Sprache: Deutsch
News-ID 365676
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