Business
Benton to Acquire Significant Shareholding in Coro Mining Corp.
THUNDER BAY, ON, Dec. 22 /CNW/ - Benton Resources Corp. ("Benton" or the "Company") is pleased to...
About this update from Silver Valley Metals Corp
[{"type":"text","content":"\n\n\n\nTHUNDER BAY, ON, Dec. 22 /CNW/ - Benton Resources Corp. ("Benton" or the\n"Company") is pleased to announce that it has agreed, subject to certain\nconditions, to subscribe to a non-brokered private placement in Coro Mining\nCorp. ("Coro"). The Company will, upon closing, acquire 27,272,727 units of\nCoro at a price of $0.11 per unit for a total investment of CAD$3,000,000,\neach unit consisting of one common share and one common share purchase warrant\n(the "Warrants") of Coro. Each Warrant will entitle the holder to purchase one\ncommon share of Coro for a period of two years at a price of $0.18 for the\nfirst year from the date of closing and at a price of $0.20 thereafter until\nthe expiry date. Benton's investment, which is to be made from cash on hand,\nis part of a private placement of Coro of up to $4.5 million on the same terms\nwith the remaining $1.5 million to be subscribed for by unrelated parties.\nAssuming the full $4.5 million private placement is completed Benton will then\nown approximately 34% of the issued shares of Coro prior to Benton exercising\nany of the Warrants. The private placement, which is expected to close by\nJanuary 16, 2009, is subject to certain conditions precedent, including\nregulatory approval, completion of due diligence by January 5, 2009, the\nappointment of Benton board members to Coro's board of directors and\namendments to certain option payment terms that apply to an option agreement\nthat Coro is a party to.\n\n\nCoro is a Latin America focused exploration and development company whose\nprincipal asset is the San Jorge copper gold project, located in the Province\nof Mendoza, Argentina. In April 2008, Coro announced the conclusions of an\nindependent Preliminary Economic Assessment ("PEA"), for a Float Only project\nat San Jorge which contemplates the production of an average of 39,500 metric\ntonnes (approximately 90,000,000 lbs) per year of copper and 39,000 oz per\nyear of gold contained in concentrate for a period of 16 years. The Float Only\nproject has NI 43-101 compliant Measured and Indicated Resources of 152\nmillion tonnes at 0.48%CuT and 0.20g/t Au containing approximately 719,000\ntonnes (1,584 million lbs) of copper and 984,000 ounces of gold. It also has\nInferred Resources of 11 million tonnes at 0.38%CuT and ...