TSX-V: BTC
THUNDER BAY, ON,
Feb. 19, 2013 /CNW/ - Benton
Capital Corp. (TSXV: BTC) ("Benton") is pleased to announce
that Coro Mining Corp. (TSX: COP) ("Coro") has agreed to
sell its Chacay property, located in the III Region of Chile, to Compania Minera Relincho SA, a
subsidiary of Teck Resources Limited ("Teck") for US$2.5 million cash plus a 1.5% net smelter
return royalty. The sale is subject only to title due diligence and
is expected to close by March 25,
2013. Benton continues to hold approximately 41.8% of
the issued and outstanding shares of Coro, the value of which in
addition to its $1.15 million in
cash, has an asset value of approximately $0.15 per common share versus its current trading
price of $0.065 per share (based on
the February 15, 2013 closing market
prices).
Alan Stephens,
Coro President and CEO, commented,
"We are pleased to be able to monetize our Chacay property by
selling it to Teck, owners of the nearby feasibility stage Relincho
project. We will use the proceeds to further advance our exciting
Berta, El Desesperado and Payen projects. As with the sale of our
Cordero property in Mexico to
Valley High Ventures in 2008, and the subsequent disposition of our
shares in the market, the sale of Chacay for cash continues to
demonstrate Coro's ability to achieve non-dilutive financing
through the sale of non-core assets."
About Chacay
Chacay is an early stage porphyry copper
prospect located 50km east of the city of Vallenar, and 12km
southeast of Teck's Relincho copper project, in the III Region of
Chile. Coro completed 3 campaigns
of drilling in 2010 and 2011, which resulted in the discovery of a
chalcocite enrichment blanket under a leached cap. No resource
estimate was completed for the property.
The Company also advises that it has elected not
to proceed with the El Inca project, located in the III Region of
Chile. In addition, the Company
advises that it has made the second payment on the El Desesperado
project, located in the II Region of Chile.
Alan Stephens FIMMM, President and CEO of Coro,
a geologist with more than 35 years of industry 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 advanced San Jorge copper-gold project, in Argentina, and the Berta, El Desesperado,
Payen, Chacay, Llancahue, and Celeste copper properties located in
Chile.
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 potential
mineralization and geological comparisons 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.
About Benton Capital Corp.:
Benton Capital Corp. is a Canadian based junior
which holds the Goodchild Copper-Nickel-PGM project located 5km NE
of Stillwater Mining's Marathon
Copper-PGM deposit currently being permitted for production. Benton
Capital Corp. also holds approximately 57.87 million shares
(approximately 41.84%) of Coro Mining Corp. (TSX: COP) - a
Vancouver based copper exploration
company with projects located in South
America.
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.
SOURCE Benton Capital Corp.