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
contact Stephen Stares @: 3250 Highway 130, Rosslyn, ON P7K 0B1 Phone
(807)475-7474 Fax (807)475-7200 www.bentonresources.ca
Investor Relations Clair Calvert: @ 204-219-4546
SOURCE: Benton Resources Inc.
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-0- Feb/15/2013 18:09 GMT
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