Benton Resources signs LOI on Onion Lake Project with Aspire Minerals Pty Ltd
Thunder Bay, Ontario: Benton Resources Corp (BTC: TSX.V, “Benton” or “the Company”) is pleased to announces that a letter of intent (LOI) has been signed that will allow Aspire Minerals Pty Ltd (“Aspire”, a private Australian company) to earn up to 75% of Benton’s 100% owned Onion Lake project. The Onion Lake project is located west of and adjacent to the new Magma Metals Pt-Pd-Cu-Ni (platinum-palladium-copper-nickel) discovery (see www.magmametals.com.au) known as the Thunder Bay North project (TBN). Recent multiple high grade drill results from TBN include drill intercepts up to 63.8 meters grading 5.66gpt Pt+Pd with significant Cu and Ni credits.
Under the terms of the agreement Aspire may earn a 30% interest by completing $700,000 in exploration expenditures and paying Benton $95,000 cash within 24 months of signing a formal agreement. After the initial earn-in Aspire can earn an additional 30% interest by spending a further $1.6 million in exploration during the third and fourth year with the right to earn an additional 10% by spending a further $1.5 million in exploration within eighteen months of the fourth anniversary of signing an agreement. Aspire can then elect to take their total interest in the Onion Lake project to 75% by completing a feasibility study.
Benton is pleased to partner with Aspire to advance the Onion Lake project and an airborne geophysical survey is anticipated to start shortly after the completion of the full agreement currently being drafted. The agreement will be subject to regulatory approval of the TSX venture exchange.
Benton 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
or
Clair Calvert
204-799-2086
