|By Marketwired .||
|January 17, 2014 11:29 AM EST||
THUNDER BAY, ONTARIO -- (Marketwired) -- 01/17/14 -- 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 greater than 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.