BENTON COMPLETES OPTION ON SIBLEY PROJECT TO KENNECOTT
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”
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 uncertainties.
For further information contact 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
