Benton advised of Coro's Letter of Intent on Berta project and receives project update

Benton advised of Coro's Letter of Intent on Berta project and receives 
project update 
THUNDER BAY, ON, May 8, 2013 /CNW/ - Benton Capital Corp. (TSXV: BTC) 
("Benton") is pleased to provide the following press release received from 
Coro Mining Corp. ("Coro"). Benton currently holds 41.84% of the issued and 
outstanding shares of Coro. Benton's net asset value including its 
approximate $1.1 million in cash and the value of the Coro investment equates 
to approximately $0.127 per issued and outstanding common share of Benton 
versus its current trading price of $0.04 per share (all figures based on May 
7, 2013 closing market prices). Coro's news release is reproduced below: 
May 8th 2013, Coro Mining Corp. ("Coro" or the "Company") (TSX Symbol: COP) is 
pleased to announce that it has signed a Letter of Intent ("LOI") with ProPipe 
SA, ("ProPipe") an engineering firm based in Santiago, Chile which gives 
ProPipe the right to earn up to a 50% interest in the Berta property, located 
approximately 20km west of the village of Inca de Oro, in the III Region of 
Chile. Coro also announces that it has renegotiated the terms of its 
underlying option agreement to acquire Berta, by reducing the payment due on 
10th June 2013 from US$1,500,000 to US$500,000 and the final payment due on 
10th June 2014 from US$3,500,000 to US$2,500,000. A 1.5% NSR will now apply to 
all production from the property. 
Alan Stephens, President and CEO of Coro commented, "We are delighted that 
ProPipe have agreed to become our partner on the Berta project, and are 
confident that their extensive Chilean engineering experience will result in 
the expeditious development of an operation capable of producing approximately 
5,000 tpy copper cathode, on a highly cost effective basis. ProPipe carried 
out the Company's recent NI43-101 resource estimate technical report and as a 
result are fully familiar with the project. We hope that Berta will form the 
basis of a new business partnership which will combine Coro's demonstrated 
ability to identify new projects, and ProPipe's capacity to develop them 
efficiently and will be the first step in building a sustainable cash flow 
generating business for the Company." 
Victor Araya, Director of ProPipe commented, "We are very pleased to have the 
opportunity to participate in the development of Berta, and wish to advance it 
to a production decision as soon as possible. ProPipe look forward to 
establishing a relationship with Coro, and hope that it will lead to new 
opportunities to build a high technology, performance mining business in Chile 
in the future." 
The principal terms of the LOI are; 
Within 10 days of signing the LOI, Coro will form a new company, NewSCM and 
transfer its rights to the Berta property. 
ProPipe may earn up to 50% of the shares in NewSCM by completing a series of 
payments, work commitments and project financing, thereby earning percentages 
of that company as follows; 


    --  Making the US$500,000 option payment due on 10th June 2013: 10%
        earned
    --  Completing and filing an Environmental Impact Declaration by
        30th July 2013: 3% earned
    --  Completing a NI43-101 compliant PEA by September 30th 2013: 5%
        earned
    --  Obtaining and structuring project financing on non-recourse
        basis, at market conditions, with funds available within 6
        months of completion of the PEA, for a minimum of 70% of the
        project cost, including a cost overrun facility, as determined
        in the PEA. In the event that this financing is for 100% of the
        project cost, ProPipe will earn 32% of New SCM, for a total
        shareholding of 50%. If the financing is between 70% and 100%
        of the required funding, ProPipe will earn a pro-rata
        shareholding in NewSCM. At the minimum 70% level, they would
        earn 22.4% of NewSCM, for a total shareholding of 40.4%. In the
        event that less than 100% funding is received, ProPipe have the
        right to earn the corresponding shareholding for the percentage
        difference in funding, or to assign their right to do so to a
        third party on the same terms. In the event that they do
        neither, they must complete such additional work and reports as
        required by Coro by March 31st 2014, for Coro to obtain the
        financing required and thus earn the corresponding
        shareholding.
    --  In the event that ProPipe do not arrange a minimum of 70%
        project financing, they must complete a NI43-101 compliant DFS
        for the project by 31st March 2014, and by so doing, will earn
        an additional 7% shareholding, for a total shareholding of 25%
        in NewSCM. Coro and ProPipe will then seek project financing on
        a pro-rata basis
    --  In the event that the financing does not include the
        US$2,500,000 option payment due on June 10th 2014, ProPipe and
        Coro will fund this pro-rata.
    --  ProPipe will be Operator during the development and
        construction of the project, thereafter the Operatorship will
        alternate every 2 years.
    --  There will be a 30 day due diligence period to confirm title to
        the property, followed by the expeditious drawing up and
        signature of a definitive shareholders agreement.

About ProPipe SA

ProPipe is a Chilean supplier of consultancy, engineering and project 
management services to its customers in the mining process, infrastructure and 
environment markets. ProPipe have relevant experience in conceptual and basic 
design, preliminary feasibility and feasibilities studies, and detailed 
engineering for mining companies in Chile. Some of its principal clients are 
BHP Billiton (Minera Escondida), Antofagasta Minerals (Minera Los Pelambres, 
Minera El Tesoro, and Minera Esperanza), Minera Las Cenizas and Algorta Norte. 
ProPipe's recent projects include the Camarones 7,000 tonne per year copper 
cathode plant, the Algorta Norte 78 km sea water pipeline, and Minera 
Escondida's Coloso filter plant expansion project.

About Berta

Berta is a modest sized, near surface, copper oxide deposit, with 
mineralization, as defined by drilling, mapping and geochemistry, occurring in 
three principal areas; Berta Sur, Central and Norte. It is associated with 
sub-vertical, elongate, potassically altered porphyry intrusive bodies and 
related hydrothermal and intrusive breccias, emplaced into a tonalite stock. 
At Berta Sur, this mineralization is present within a roughly horseshoe shape 
area with oxidation extending from surface to depths of 50m to 100m. Berta 
Central comprises several smaller bodies, located immediately north of Berta 
Sur, which were the focus for previous small scale copper oxide production. 
Berta Norte comprises several, discreet, NW oriented zones of mineralization, 
individually 25-85m in width, 100-250m in strike length and partially gravel 
covered.

Coro announced a NI43-101 compliant resource estimate for the Berta Sur area, 
in its news release NR12-19, dated December 6th 2012 and the results of 
preliminary metallurgical test work in its news release NR12-17, dated 
November 5th 2012. We see potential for additional resources on the property 
in the Berta Central deposits, and believe there may be potential in the 
surrounding district to augment these.

Other Projects

Chacay

All final agreements have been signed with Teck for the sale of the Chacay 
property and we are in the final stages of registering the claims transfer 
with the authorities. Payment of US$2,000,000, as described in our news 
release NR13-03, dated April 2nd 2013, will be received upon delivery of proof 
of transfer to Teck, which we expect to be completed very shortly.

Payen, El Desesperado and Llancahue

In light of the current difficult market conditions, Coro has elected to seek 
partners for its three active Chilean exploration projects. Confidentiality 
agreements have been signed with a number of companies, and data and field 
reviews completed by several of them.

San Jorge

The approval process for the update to the Company's approved Environmental 
Impact Study ("EIS") submitted to the government of Mendoza, Argentina in July 
2012, in relation to the San Jorge Bi-provincial Leach Project ("SJBP") 
continues to progress within the applicable time frames established by the 
provincial regulations. The SJBP Leach Project comprises a rock quarrying 
operation in Mendoza province together with a processing plant located in San 
Juan province, for the production of up to 25,000 tonnes per year of copper in 
cathode. The approval sought is confined to the proposed railway line to 
transport ore from the San Jorge quarry to a planned solvent 
extraction/electro-winning plant located in San Juan. Once granted, no further 
environmental approvals would be required from the Mendoza government, as the 
quarry itself and associated crushing facilities have already been approved in 
the existing EIS.

The SJBP Leach Project could be operated in full compliance with all existing 
laws and regulations in both provinces and applicable royalties would be paid 
to the province of Mendoza. Additionally, as no mineral processing would take 
place in Mendoza, no substances banned by the 7722 law would be employed 
there. We continue to look forward to the approval of this simple update by 
the Mendoza authorities later this year, so that a further EIS for the 
proposed plant facilities in San Juan province can be prepared and submitted.

Alan Stephens, FIMMM, President and CEO of Coro, a geologist with more than 37 
years of experience, is the Qualified Person for Coro who has reviewed and 
approved the contents of this news release.

CORO MINING CORP.

"Alan Stephens" Alan Stephens
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 Berta copper development project and the Payen, El Desesperado, 
Llancahue exploration properties all located in Chile; and the advanced San 
Jorge copper-gold project, in Argentina.

For further information please visit the Company's website at 
www.coromining.com or contact Michael Philpot, Executive Vice-President at 
(604) 682 5546 or investor.info@coromining.com

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 the prices of 
copper, estimated future production, estimated costs of future production, 
permitting time lines, 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.

On behalf of the Board of Directors of Benton Capital Corp.,

"Stephen Stares"
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.


Stephen Stares @: 3250 Highway 130, Rosslyn, ON P7K 0B1 Phone (807) 475-7474 
Fax (807) 475-7200 www.bentoncapital.ca 
SOURCE: Benton Capital Corp. 
To view this news release in HTML formatting, please use the following URL: 
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CO: Benton Capital Corp.
ST: Ontario
NI: MNG LOAN MNA  
-0- May/08/2013 16:38 GMT
 
 
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