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THUNDER BAY, ONTARIO--(Marketwire - June 2, 2011) - Benton Resources Corp. (News - Market indicators) ("Benton" or "the Company") is pleased to announce that it has exercised its remaining 2,437,500 warrants in Coro Mining Corp. ("Coro") at a price of $0.50 per warrant for a total outlay of $1,218,750. The warrants were exercisable at $0.50 until June 1, 2011 and $0.65 thereafter until they were due to expire in June 2012. The Company now holds 57,866,754 common shares of Coro. The Company believes that its investment in Coro has excellent upside potential from its current value. Coro is currently awaiting ratification of its Environmental Impact Statement on the San Jorge Copper Gold project by the provincial legislature in the Mendoza province of Argentina. At current commodity prices the San Jorge project has robust economics. Coro is also currently conducting a 2,000 meter diamond drill program at its Cerro Chacay project, which is a very prospective early stage copper porphyry project in Chile which is situated 12 kms from Teck Resources Limited's Relincho copper deposit where a prefeasibility study is currently expected to be completed this year.
Benton is a Canadian based junior with multiple joint ventures and a diversified property portfolio in Gold, Nickel, Copper, and Platinum group elements. The Company currently has approximately $13.2 million in cash, owns approximately 57.9 million shares of Coro Mining Corp. (TSX:COP), holds approximately 348,000 shares of Stillwater Mining Company (NYSE:SWC), holds 782,500 shares in Marathon Gold Corp. (TSX:MOZ), holds 1.6 million shares in Puget Ventures (TSX VENTURE:PVS), holds approximately 4.47 million shares of Mineral Mountain Resources Ltd. (TSX VENTURE:MMV), and holds 815,000 shares of Bell Copper Corporation (TSX VENTURE:BCU). Benton is currently in the process of spinning out the majority of its assets by a plan of arrangement into a new listed company in order to separate its investment in Coro Mining from its cash, equities and exploration assets. Benton shareholders will receive a pro-rata interest in this new company via one new common share for each share held as of the effective date as yet to be determined and pursuant to regulatory approval.
Clint Barr (P.Geo), V.P. Exploration for Benton Resources Corp., is the qualified person responsible for this release.
On behalf of the Board of Directors of Benton Resources Corp.,
Stephen Stares, President
Forward-looking statements in this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties.