THUNDER BAY, ONTARIO--(Marketwired - April 4, 2017) - Benton Resources Inc. (TSX VENTURE:BEX) ("Benton" or "the Company") has received updated clarification from its joint venture partner Nordmin Engineering Ltd. ("Nordmin") regarding the preliminary economic assessment ("PEA") announced March 31, 2017. Nordmin reports that during the independent review process, an error in the interpretation of the 2017 potential underground material of the 51 Zone at the Cape Ray gold project was discovered. To clarify, there were not any errors in any portion of the mineral resource previously provided within the press release. The error occurred only in determining the "potential underground material" for the 51 Underground deposit by Nordmin Engineering. All updated PEA information from the March 31, 2017 press release remains unchanged. The Cape Ray gold project is located approximately 20 kilometers northeast of Port aux Basques, Newfoundland.
The 2016 drilling program provided the team with numerous insights into the nature of this project. It allowed the team to revise the geologic and resource models to better represent the intrinsic nature of the mineral resource, and make a re-assessment to the overall approach and layout of the proposed mine design. The PEA is based on the mineral resource estimate completed by Ginto Consulting Inc., outlined in the National Instrument 43-101 technical report update.
The Company has initiated work towards firming up costs and preparing a prefeasibility study. Apart from further metallurgical studies, the work will include drilling and tailings characterization as well as environmental baseline studies, hydrology monitoring, flora and fauna studies. A NI 43-101 technical report for Cape Ray PEA will be filed on SEDAR (www.sedar.com) for April 12th 2017.
The reader should be cautioned that the PEA is preliminary in nature. It contains inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves. There is no certainty that the results of the PEA will be realized.
Qualified Persons and 43-101 Disclosure:
Marc Jutras, P.Eng., M.A.Sc., Principal, Mineral Resources, at Ginto Consulting Inc. is an independent Qualified Person as per National Instrument 43-101, and is responsible for the estimation of Cape Ray's mineral resources. Mr. Jutras has reviewed and verified that the technical information related to the estimation of the mineral resources contained herein is accurate and approves of the written disclosure of same.
Mike Petrina P.Eng Principal Mining Engineer Moose Mountain Technical Services is an independent Qualified Person as per National Instrument 43-101, and has reviewed the mine plan, production schedule, operating and capital costs and approves the written disclosure of same.
About Benton Resources Inc. (TSX VENTURE:BEX)
Benton Resources Inc. is a well-funded Canadian-based junior with a diversified property portfolio in Gold-Silver, Nickel, Copper, and Platinum group elements.
Clinton Barr (P.Geo.), V.P. Exploration for Benton Resources Inc., is the qualified person responsible for this release has prepared, supervised the preparation or approved the scientific and technical disclosure in the news 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.