684 Squier Street
Thunder Bay, ON P7B 4A8
Tel: 807-475-7474 Fax: 807-475-7200
www.bentonresources.ca
TSX-V: BEX
BENTON AND NORDMIN COMPLETE 5000M DRILL PROGRAM ON CAPE
RAY DEPOSITS AND COMMENT ON CAPE RAY FAULT STAKING RUSH
October 18, 2016
Thunder Bay, Ontario: Benton Resources Inc. (TSXV: BEX) (“Benton” or “the Company”) is pleased to
announce that the Company and its joint venture partner Nordmin Engineering Ltd. (“Nordmin”) have now
completed 5000m of diamond drilling in 29 holes on the Cape Ray Gold project located on the Cape Ray
Fault in Southwest Newfoundland. To date more than 480 samples have been cut and sent for assay with
another 240 samples remaining to be cut and submitted. Nordmin is earning up to a 50% interest in 4 of
the 6 deposits (see Benton PR January 20, 2015) owned by Benton by completing various work programs
and project milestones as well as carrying Benton to a full feasibility study and arranging 50% of project
financing to production.
In March of this year the companies released the results of a positive preliminary economic assessment
(“PEA”) for their Cape Ray Gold Project (see PR March 07, 2016). The results of the PEA include a pretax net present value (“NPV”) at a 7% discount rate of $48.4 million with a pre-tax internal rate of return
(“IRR”) of 29% and a post-tax NPV at a 7% discount rate of $32.6 million with a post-tax IRR of 24%. The
reader should be cautioned that the PEA is preliminary in nature. It contains inferred mineral resources
that are considered too speculative to have the economic considerations applied to them that would
enable them to be categorized as mineral reserves. The current drill campaign will help bring some of the
inferred resources into indicated which will help with the confidence level of the project as we move
towards the feasibility study.
Within the past number of weeks, a staking rush has occurred in Newfoundland with over 5,000 claim
units staked by various parties including Altius Minerals, Metals Creek Resources, Sokoman Iron,
Prospector Shawn Ryan, along with many others. The staking is concentrated on the Cape Ray Fault
zone and the Rogerson Lake Conglomerate, which is interpreted to be a north east extension of the
auriferous zone which is host to Benton's six Cape Ray gold deposits. Marathon Gold’s Valentine Lake
deposits (over 1 million oz Au), Benton's Staghorn project and Altius Minerals’ Wilding Lake project all
occur along this trend and Altius has lead the staking rush, adding claims throughout the belt and in most
cases tying directly along strike from Benton's projects.
On September 20, 2016, Altius Minerals announced the discovery of widespread and high-grade gold
occurrences, including the Alder zone, on their Wilding Lake Project, northeast of Marathon's Valentine
Lake deposits. The discoveries are described by Altius as follows:
“Mineralization at the Alder Zone occurs as coarse, free gold in association with chalcopyrite,
rare scheelite, and gold-silver telluride, in association with tourmaline bearing quartz veins. One
hundred and seven cut channel samples collected to date from outcrop in trenches have yielded
uncut gold values ranging up to 13.9 g/t over 4.0 m, 5.4 g/t over 3.6 m, and 49.3 g/t over 4.6 m
(including 279 g/t gold over 0.9 m). Several additional gold occurrences in outcrop and float have
also been discovered by reconnaissance prospecting along trend up to 3.5 km away from the
Alder Zone. Also, two initial grab samples from a recently exposed pyrite-bearing shear zone
occurrence named Jigger, located 15.2 km to the northeast, have returned results of 8.4 and 19.7
g/t gold in grab samples.”
Stephen Stares, Company President and CEO stated "this is a very exciting time for the island of
Newfoundland and for Benton Resources. In the last few weeks, a major staking rush has occurred on a
trend that Benton's team has long recognized as being highly prospective for good gold deposits. During
the last downturn in the mining industry, Benton had the foresight to acquire an excellent asset in the
Cape Ray project containing a proven gold resource along the Cape Ray structure and we remain well
positioned by having multiple projects on this important structure. Benton and Marathon currently
possess the most advanced projects along this gold trend and our team looks forward to advancing the
Cape Ray deposits toward development".
In addition the company would like to announce that it has terminated its option with Element 79 Capital
Inc. (Element) on its Abernethy gold project located in NW Ontario. Element was unable to fulfill the
terms under the agreement (See PR dated February 25, 2015). Benton now retains 100% interest in
Abernethy.
About Benton Resources Inc. (TSXV: BEX)
Benton Resources Inc is a well-funded Canadian-based junior with a diversified property portfolio in GoldSilver, 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.
On behalf of the Board of Directors of Benton Resources Inc.,
"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.
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
For further information contact Stephen Stares @:
684 Squier Street,
Investor Relations:
Thunder Bay, ON P7B 4A8
Renmark Financial Communications Inc.
Phone (807)475-7474
Bettina Filippone: [email protected]
Fax (807)475-7200
Tel.: (416) 644-2020 or (514) 939-3989
www.bentonresources.ca
www.renmarkfinancial.com