THUNDER BAY, ON, Aug. 4 /CNW/ - Benton Resources Corp (BTC: TSX.V,
"Benton" or "the Company") is pleased to announce subject to regulatory
approval, that a final agreement has been signed between Benton and Kennecott
Canada Exploration Inc. ("KCEI" or "Kennecott" a wholly own subsidiary of Rio
Tinto) on Benton's 100% owned South Sibley Nickel-PGM project. The South
Sibley project is located in Dorion and McTavish Townships, approximately
halfway between Thunder Bay, ON and Nipigon, ON.
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 60, 70, or 80 percent interest.
Benton and Kennecott are planning a diamond drill program to commence as
soon as possible to test numerous high priority magnetic anomalies on the
project. Kennecott brings tremendous expertise to the project and has shown
leadership in the discovery of numerous Ni-Cu-Pt-Pd mineral deposits in the
Superior Rift geological setting.
Benton is a Canadian based junior with multiple joint ventures and a
diversified property portfolio in Gold, Nickel, Copper, and Platinum group
elements. The company currently has approximately $13.0 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