Benton Capital Corp (fka BTC)

[sumisu]

Benton Resources Exercises 5.6 Million Coro Mining Warrants

Press Release Source: Benton Resources Corp. On Wednesday December 16, 2009, 2:00 pm EST

http://finance.yahoo.com/news/Benton-Resources-Exercises-56-ccn-3093227550.html?x=0&.v=1

THUNDER BAY, ONTARIO--(Marketwire - Dec. 16, 2009) - Benton Resources Corp (TSX VENTURE:BTC - News; "Benton" or "the Company") is pleased to announce that it has exercised 5.6 million of its Coro Mining Corp. ("Coro") warrants at an exercise price of $0.18 per warrant for a total exercise amount of $1,008,000. Benton's management believes that the investment in Coro represents a tremendous asset to Benton shareholders as Coro's management team continues to move the San Jorge Copper Gold deposit through the late stages of permitting. In addition, Coro has an impressive portfolio of early stage copper and gold projects with very good potential for large scale deposits. Benton acquired 27,272,727 units of Coro (approximately 34% of the issued and outstanding shares) in January 2009 for $3 million CAD (or $0.11/unit) with each unit consisting of one common share of Coro and one common share purchase warrant, each warrant entitling the Company to acquire a common share of Coro for $0.18 until January 23, 2010 and thereafter for $0.20 until January 23, 2011. After the exercise of the 5.6 million warrants, Benton now owns 32,872,727 common shares of Coro (representing 36.3% of the issued and outstanding shares of Coro) and retains an additional 16,672,727 unexercised warrants.

The proceeds from the exercise of warrants will be used for Coro's working capital purposes including advancing the San Jorge project in Mendoza, Argentina where Coro previously announced the positive conclusions from the Independent Review of the San Jorge project by National Technological University ("UTN") of Mendoza. The Environmental Impact Study ("EIS") is currently subject to a review by various governmental organizations in Mendoza. This review is nearing completion and will be followed by a formal public hearing. The EIS will then be considered for approval by the Mendoza provincial government and if approved, submitted for ratification by the provincial legislature. Coro anticipates that this process will be completed in the first quarter of 2010.

As announced in Coro's April 22, 2008 press release, Coro has completed an independent Preliminary Economic Assessment ("PEA") of the San Jorge Project which contemplates the production of an average of 39,500 metric tonnes per year of copper and 39,000 ounces per year of gold contained in concentrate for a period of 16 years. The PEA concluded that the project would require an initial investment of $277 million, and at prices of $2.00/ lb copper and $600 per ounce of gold, would have an after tax NPV (10%) of $220 million and an IRR of 28.6%. Upon the approval of the EIS Coro will look to fast track the project through the completion of a definitive feasibility study. For a full update on the San Jorge project and Coro's other exploration properties, interested parties can review Coro's new corporate presentation available on Coro's website at www.coromining.com.

Stephen Stares, Company President and CEO commented, "We are very pleased with Coro's progress to date on advancing the permitting process at San Jorge as well as their exploration success on their other highly prospective projects and we look forward to Coro's future strategic developments".

Benton is a Canadian based junior with multiple joint ventures and a diversified property portfolio in gold, nickel, copper, and platinum group elements. The Company currently has ongoing drill programs, $13.3 million in cash, owns a 36.3% interest in Coro Mining Corp (TSX:COP - News), holds an approximate 5% interest in Marathon PGM Corp (TSX:MAR - News) and retains a 2% Net Smelter Royalty on the northern portion of the Marathon PGM deposit.

Clinton Barr (P.Geo.), V.P. Exploration for Benton Resources Corp., is the qualified person responsible for this release.

On behalf of the Board of Directors of Benton Resources Corp.

Stephen Stares, President

Forward-looking statements in this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties.

INVESTOR COMMUNICATIONS:

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THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

Contact:
Stephen StaresBenton Resources Corp.[phone](807)475-7200 (FAX)www.bentonresources.comAGORACOMInvestor RelationsClair [e-mail]://agoracom.com/ir/benton