Benton Resources Corp. (BTC) Acquires and Joint Ventures new Ni-Cu-Co property
Thunder Bay, Ontario: Benton Resources Corp. ("Benton" or the "Company") is pleased to report that the Company has entered into an option agreement to acquire 70% of the Portage Lake Nickel-Copper-Cobalt (Ni-Cu-Co) property located in Central Newfoundland. The property consists of seven unpatented mining licenses totaling 593 units. The project is Joint Ventured with Golden Dory Resources (GDR) which has an option to acquire the remaining 30% interest and which will be funding 30% of exploration costs. To earn its 70% interest Benton will make payments totaling $87,000 in cash and issue to the vendors 136,000 shares over 3 years. The property is also subject to a 2% NSR payable to the vendors of which Benton and GDR can buy back 1% for 1 million dollars. The property is host to several newly discovered Cu-Ni-Co showings that lie within a large mafic intrusion which has been recently identified and mapped by the Newfoundland government.
Benton believes the property geology is highly favourable for nickel-copper mineralization and is currently organizing an airborne survey to look for conductive bodies within the large intrusion. The ground work will follow as soon as weather permits to delineate diamond drill targets.
The Company also announces that it has agreed to grant 2,000,000 incentive stock options to directors, employees and consultants of the Company, exercisable at a price of $0.70 per share for a period of five years from the date of grant.
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 uncertainties.