Benton Capital Provides Update
17 Janvier 2014 - 5:28PM
Marketwired
Benton Capital Provides Update
THUNDER BAY, ONTARIO--(Marketwired - Jan 17, 2014) - Benton
Capital Corp. (TSX-VENTURE:BTC) ("Benton" or "the Company") is
pleased to inform its shareholders that as a result of recently
completing and filing its corporate tax return for the 2013 fiscal
tax year, its first taxation year following the spin-out plan of
arrangement, it was able to apply for substantial capital loss
carry backs to its 2011 taxation year. As a result, the Company has
received $904,208 from the CRA related to these carry backs. These
recoverable taxes have been accrued for in its December 31, 2013
quarter end and were subsequently received in January 2014.
The Company currently has approximately $1.63 million in cash.
In addition to the cash, the Company currently holds 61,000,000
shares (approximately 41%) of Coro Mining Corp. ("Coro"), an
investment worth approximately $7.32 million (based on the January
15, 2014 closing market price of $0.12 per Coro share), resulting
in an approximate net asset value of approximately $9 million but a
market capitalization of only approximately $3.8 million (based on
Benton's closing price on January 15, 2014 of $0.05 per share). The
Company also holds 1,566,623 warrants of Coro exercisable at $0.15
for a period of three years. In addition, Benton holds no debt and
has a very low burn rate. Benton also holds the
Goodchild-PGM-Copper-Nickel project located less than 4km from
Stillwater's Marathon Copper-PGM deposit which is currently under
development near Marathon, Ontario. Management continues to look
for undervalued opportunities for its shareholders in addition to
its strategic holding in Coro and is looking forward to Coro's
continued success in Chile that will increase value to Benton
shareholders.
Highlights of Coro's assets are listed below.
|
|
|
Berta
(Region III, Chile) |
• |
Low
CAPEX, Low Technical Risk, Short Timeline to Production |
• |
Exp.
Partner Funding Development; Prelim. Agreement to treat PLS at 3rd
Party SXEW Plant |
• |
EID
Submitted, PEA nearing completion |
• |
Financing alternatives being considered by Partner |
• |
Increased NI 43-101 resource estimate (Aug 2013) |
• |
Open
pit mine with low strip ratio, using contract mining |
|
|
|
El
Desesperado Cu (Chuqui District, Chile) |
• |
Adjacent to Quetena heap leach dev. project, 16km SW of famous
Chuquicamata Cu mine |
• |
Potential for rapid definition & advancement and in synergy
with Quetena |
• |
Potential new member of Toki Cluster of major copper deposits (each
contain several hundred million tonnes @ 0.4-0.5%Cu) |
• |
Nov
2012 Discovery hole -204m of 0.55% Cu (at surface) & bottomed
in >1% Cu |
|
|
|
Payen
Cu-Au Project (Region III, Chile) |
• |
Freeport acquiring 70% interest by spending US$13m; paying US$22.5m
to Coro and making underlying option payments |
• |
Excellent location (5km from highway; 45km from coast) with 6km2
prospective area |
• |
Potential for Cu-Au primary mineralization and Cu enrichment
blanket |
• |
Next
to Hot Chili's discovery of significant Cu-Au Porphyry
mineralization at Frontera property |
• |
Coro
acquired in October 2012; Optioned to Freeport in Aug 2013 |
|
|
|
San
Jorge Cu Project (Mendoza, Argentina) |
• |
Development partners Aterra Investments and Solway Industries have
a right to acquire 70% interest or early buyout subject to a 2.5%
Net Smelter Royalty (NSR) |
• |
A PFS
Stage Copper Project with a proposed open pit mine in Mendoza and
processing in San Juan Province |
• |
Mineral reserves of 48.4 million tonnes at 0.61% CuT (55% oxide /
45% enriched) |
• |
Planned production 24k tpy copper cathode (over 10 years) |
• |
Upside from acceleration of leach production and subsequent
treatment of primary |
• |
Measured and Indicated in-pit primary sulphide resources of 136.2mt
@ 0.43%CuT + 0.19g/tAu |
On behalf of the Board of Directors of Benton Capital Corp.,
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 Capital Corp.Stephen
Stares(807)475-7474(807)475-7200www.bentoncapital.ca
Benton Capital Corp. (TSXV:BTC)
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