Benton Sells Ground Near Zenyatta's Hydrothermal Graphite Discovery to Alabama
THUNDER BAY, ONTARIO -- (Marketwired) -- 08/19/13 -- Benton Resources
Inc. (TSX VENTURE:BEX) ("Benton" or "the Company") is pleased to
announce that it has executed an agreement (the "Agreement") with
Alabama Graphite Corp. (CNSX:ALP) ("Alabama Graphite") pursuant to
which Alabama Graphite has purchased a 100% interest in the 16 claim
units recently staked by the Company located approximately 25 km east
of Zenyatta Ventures Ltd.'s new hydrothermal graphite discovery.
Under the Agreement, Alabama Graphite will, upon regulatory approval,
pay the Company $8,000 and issue to the Company, 2 million Alabama
Graphite common shares with the following restrictions;
-- 500,000 common shares with the standard 4 month trading restriction
legend from the date of issuance;
-- 500,000 common shares with a 10 month trading restriction legend from
the date of issuance;
-- 500,000 common shares with a 16 month trading restriction legend from
the date of issuance; and
-- 500,000 common shares with a 22 month trading restriction legend from
the date of issuance.
Benton will also retain a 2% NSR with Alabama Graphite having the
right to buy back 50% of the NSR (i.e. 1%) for $1 million.
Stephen Stares, Company President and CEO commented, "We are pleased
to sell our interest in this project to Alabama Graphite, a company
focused on the exploration and development of graphite prospects so
that we may continue to focus on our core precious and base metal
assets. Our shareholders will benefit from the upside of discovery
not only on this project but on all of Alabama Graphite's projects
through our approximate 6.6% interest in their issued and outstanding
shares. We look forward to the advancement of the project and wish
them success in their efforts".
Zenyatta describes the mineralization as the "largest and only
high-purity hydrothermal graphite deposit being developed in the
world". Benton staked the ground based on a search and evaluation of
historical data in the region which showed that conductive horizons
exist on the property.
Benton would also like to announce that it has received approval from
the government of Newfoundland and Labrador under the Junior
Exploration Assistance program ("JEA") for a grant of between $65,000
and $100,000 for exploration work conducted on the Company's Cape Ray
gold project that was recently acquired from Cornerstone Capital
Resources Inc. The Company would like to acknowledge and thank the
government of Newfoundland and Labrador.
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 Alabama Graphite (CNSX:ALP)
Alabama Graphite Corp., through its wholly-owned subsidiary, Alabama
Graphite Company Inc., is a graphite exploration and development
company whose flagship project "The Coosa Graphite Project" in Coosa
County, Alabama is located in an area with significant historical
production of crystalline flake graphite. For further details go to
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
Benton Resources Inc.
Benton Resources Inc.
3250 Highway 130,
Rosslyn, ON P7K 0B1
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