THUNDER BAY, ON, Oct. 27 /CNW/ - Benton Resources Corp. (TSXV:BTC) and
Puget Ventures Inc. (TSXV:PVS) announced today that Puget is proceeding with
the transaction to earn up to a 60% interest in the Werner Lake/Rex Lake
claims currently held by Benton Resources Corp. previously announced on
August 14, 2008. Work will begin on these highly prospective copper and other
base metals showings over the next few months.
Puget Ventures also announced that due to market conditions it has
elected, by mutual consent of both parties, to not proceed at this time with
the acquisition of 1592129 Ontario Inc., announced on July 8, 2008. Puget
Ventures will resume trading immediately.
"Our company feels at this time that the prudent course of action would
be to proceed with the smaller claim package until such time that conditions
improve," said Erin Airton, President. "We feel strongly that the Werner Lake
Area has excellent potential and we will be examining other opportunities for
acquisitions both there and elsewhere in Northwestern Ontario."
About Werner Lake/Rex Lake Acquisition from Benton
The eight claim group that Puget is acquiring covers approximately 1,237
hectares at the east end of the Werner Lake-Rex Lake Mineral Belt. Historical
shallow diamond drilling on the project completed by Eastern Mining and
Smelting in 1956 intersected 23.9m (metres) grading 1.02% Cu and 15.1gpt (gram
per tonne) combined precious metal (interpreted as silver) at approximately
60m vertically below surface.
Diamond drilling completed by Falconbridge Nickel Mines Limited during
the late 1980s intersected 1.17% Cu and 9.5gpt Ag over 29.5m (at approximately
50m vertical) that included 2.04% Cu and 5.3gpt Ag over 11.95m. An undercut
drill hole intersected a metamorphosed ultramafic (peridotite) that yielded
22.8m grading 0.1% Cu and 0.31% Ni (at 140m vertical), suggesting better
potential for nickel mineralization. All intervals are core lengths and true
thicknesses are currently unknown. Surface channel sampling completed by
Atikwa Minerals Limited in 2003 returned anomalous levels of platinum and
palladium values (0.09 to 0.145gpt).
Clinton Barr (P.Geo.), V.P. Exploration for Benton Resources Corp. is the
qualified person responsible for this release on behalf of Benton.
About Puget Ventures Inc.
Puget Ventures Inc. is a Toronto Venture Exchange listed mineral
exploration company currently exploring the Trout Bay base metal property in
Red Lake, Ontario.
About Benton Resources Corp.
Benton Resources Corp. (the "Company") 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 $19 million in
working capital and has joint ventured several of their projects to major and
Forward Looking Statement:
Some of the statements contained herein may be forward-looking statements
which involve known and unknown risks and uncertainties. Without limitation,
statements regarding potential mineralization and resources, exploration
results, and future plans and objectives of the Company are forward looking
statements that involve various risks. The following are important factors
that could cause the Company's actual results to differ materially from those
expressed or implied by such forward looking statements: changes in the world
wide price of mineral commodities, general market conditions, risks inherent
in mineral exploration, risks associated with development, construction and
mining operations, the uncertainty of future profitability and the uncertainty
of access to additional capital. There can be no assurance that
forward-looking statements will prove to be accurate as actual results and
future events may differ materially from those anticipated in such statements.
The Company undertakes no obligation to update such forward-looking statements
if circumstances or management's estimates or opinions should change. The
reader is cautioned not to place undue reliance on such forward-looking
For further information:
For further information: Stephen Stares, President and CEO, Benton
Resources Corp., 611 Montreal Street, Thunder Bay, Ontario, P7E 3P2, Phone
(807) 475-7474, Fax (807) 475-7200, www.bentonresources.ca; Ms. Erin Airton,
President, Puget Ventures Inc., 2000-1066 West Hastings Street, Vancouver, BC,
V6E 3X2, Tel: (604) 808-6420, www.pugetventures.com, Email: