THUNDER BAY, ON, Feb. 12 /CNW/ - Benton Resources Corp. (TSX.V : BTC)
("Benton") and Pacific North West Capital Corp. ("PFN") (TSX: PFN) are pleased
to report that they have entered into a Joint Venture (JV) agreement to
undertake exploration on the Swayze Nickel Project. The Swayze Joint Venture
Project is situated in the Swayze Greenstone Belt, approximately 100km
south-west of Timmins, Ontario and incorporates some fifty townships. The
Swayze Greenstone Belt represents the western extension of the Abitibi
Greenstone Belt, which is the host to numerous ultramafic-hosted Ni deposits
including the producing Redstone Mine (Liberty) south of Timmins as well as
the newly discovered Golden Chalice Occurrence.
The Swayze Joint Venture Project was initiated by both companies to
include each of their property holdings within the project area. These
holdings will continue to grow through the staking and optioning of selected
properties that have the potential to host nickel, copper, and PGM
mineralization within the belt. Exploration programs will be designed to
identify and test priority areas within the project boundaries. The Swayze is
underlain in several areas by ultramafic flows and intrusions, some of which
host historical nickel showings including the Joint Ventures' Tooms Showing
which has historically reported 2.5% Ni over 1.6m within a drill intersection
of 0.63% Ni over 7.3 metres.
Benton Resources and Pacific North West Capital have entered into a 50% -
50% Joint Venture Agreement whereby both Companies agree to bear all
expenditures and participate in a single purpose unincorporated Joint Venture
for the purpose of carrying out all mineral exploration for a three year
period, totaling a minimum of $1,200,000.
Benton will act as Operator for the project and will be responsible for
carrying out all exploration activities.
About Benton Resources Corp:
Benton Resources Corp. is a mineral exploration company listed on the TSX
Venture Exchange under the symbol BTC. Benton's aggressive and experienced
management team is focused on base and precious group metal exploration. The
Company's diverse property portfolio includes Canadian projects which are
highly prospective for gold, uranium, platinum, palladium, nickel and copper.
The Company currently has approximately $20 million in working capital.
About Pacific North West Capital Corp:
Pacific North West Capital Corp. (TSX.PFN OTCBB.PAWEF Frankfurt.P7J) is a
mineral exploration company focused on Platinum Group Metals (PGMs) and Base
Metals. Management's corporate philosophy is to be Project Generator, Explorer
and Project Operator with the objective of option/joint venturing projects
with major mining companies through to production. To that end, Pacific North
West Capital's current option/joint ventures agreements are with Anglo
Platinum, Stillwater Mining Company, Xstrata Nickel and SOQUEM. The company
has approximately $9 million in working capital and securities with no debt.
On behalf of the Board of Directors of Benton Resources Corp.
Stephen Stares, President
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Forward- looking statements in this release are made pursuant to
the safe harbor provisions of the Private Securities.
For further information:
For further information: Stephen Stares, 3290 Willard Ave, Thunder Bay,
Ontario, P7E 6J7, Phone (807) 475-7474, Fax (807) 475-7200,
www.bentonresources.ca; Investor relations: First Canadian Capital Corp.,
Daniel Boase, Phone (416) 742-5600, Toll Free: 1-866-580-8891; In U.S.A: The
Windward Agency, Kelly Boatright, Phone (704) 588-8600