THUNDER BAY, ON, June 16 /CNW/ - Benton Resources Corp (BTC: TSX.V,
"Benton" or "the Company") is pleased to announce that general terms have been
agreed to between Benton and Kennecott Canada Exploration Inc.( "KCEI" or
"Kennecott" , a wholly own subsidiary of Rio Tinto) on Benton's 100% owned
South Sibley project. The South Sibley project is located in Dorion and
McTavish Townships, approximately halfway between Thunder Bay, ON and Nipigon,
Under the terms of the agreement KCEI can earn a 60% interest by
incurring $1.5 million in expenditures and paying Benton $100,000 cash on or
before December 31, 2013.
After the initial earn-in Kennecott has the option to increase their
interest to 70% by incurring a further $3.0 million on the property by
December 31, 2015 after which they can increase their interest to 80% by
incurring a further $5.75 million by December 31, 2017. KCEI has the right to
form a joint venture with Benton after fulfilling the requirements of the
option agreement to earn either a 60, 70, or 80 percent interest.
Benton is extremely please to have teamed up with Kennecott on the
project as they bring tremendous expertise to the exploration and development
of numerous economic mineral deposits. KCEI has proven track record of
discovering Ni-Cu-Pt-Pd deposits in the Superior Rift geological setting. A
full agreement is currently being drafted for the option and joint venture.
Benton currently has approximately $13.5 million in cash, owns a 34.3%
interest in Coro Mining Corp (TSX.COP), holds an approximate 5% interest in
Marathon PGM Corp (TSX.MAR) 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
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 Litigation Reform act of 1995.
Investors are cautioned that such forward-looking statements involve risks and
For further information:
For further information: Stephen Stares @: 611 Montreal Street, Thunder
Bay, ON, P7E 3P2, Phone (807) 475-7474, Fax (807) 475-7200,
www.bentonresources.com; Investor relations: In Canada: First Canadian
Capital, Daniel Boase, Phone (416) 742-5600, Fax (416) 742-6410