Benton Resources Signs LOI to Acquire up to 75% Interest in Cape Ray Gold Deposits

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Benton Resources Inc. (BEX.V) has signed a binding Letter of Intent ("LOI") with Cornerstone Capital Resources Inc. to acquire up to a 75% interest in Cornerstone's Windowglass Hill and the 51 Zone deposit in southwestern Newfoundland.

The property consists of a single 183-claim mineral license which covers an area of 4,575 ha including a 22 km-long strike length of the Cape Ray Fault Zone, a significant gold-bearing structure.

Cornerstone recently announced the results of an initial National Instrument 43-101 compliant mineral resource estimate for the WGH and 51 Zone deposits.

Highlights:

51 Zone -- Inferred resources of 530,000 tonnes grading 6.10 g/t Au and 15.86 g/t Ag containing 103,943 ounces of gold and 270,253 ounces of silver

Windowglass Hill - Inferred resources of 1,810,000 tonnes grading 1.77 g/t Au and 11.28 g/t Ag containing 103,001 ounces of gold and 656,415 ounces of silver

Mineralization is relatively shallow at a maximum of 270 metres vertically below surface for the 51 Zone and 140 m for Windowglass Hill



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

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This article appears in: Investing , Commodities

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