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Benton Resources to undertake drill program at Cape Ray gold project

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Benton Resources to undertake drill program at Cape Ray gold project

Benton ResourcesInc. and joint venture partner NordminEngineering Ltd. will initiate a 5,000-meter diamond drill program inearly to mid-August at the CapeRay gold project in Newfoundland and Labrador.

The drill program is designed to infill and expand the 51 and41 deposits to potentially enhance current resources at the project as it movestoward the feasibility stage, according to a July 21 release.

In March, the company released a preliminary economic assessmentfor the Cape Ray project, for which an assessment pegged a posttax net present value of C$32.6 million, ata 7% discount rate, and an internal rate of return of 24%.