Benton Resources Corp (BTC: TSX.V, "Benton" or "the Company") is pleased to announce that a final agreement has been completed between Benton and Quetico Resources Limited ("Quetico"), a wholly owned Canadian subsidiary of Aspire Minerals Pty Ltd (a private Australian company), on Benton's 100% owned Onion Lake project. The Onion Lake project is located contiguous to the west boundary of Magma Metals' new Pt+Pd+Cu+Ni (platinum-palladium+copper+nickel) discovery (see www.magmametals.com.au) known as the Thunder Bay North ("TBN") project. Recent multiple high grade drill results from TBN include intercepts up to 63.8 metres grading 5.66gpt Pt+Pd with significant Cu and Ni credits.
Under the agreed terms, Quetico can earn a 30% interest by spending $700,000 and paying Benton $95,000 cash within 24 months.
After the initial earn-in, Quetico 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. Quetico can then elect to take their total interest in the Onion Lake project to 75% by completing a feasibility study.
The agreement will be subject to regulatory approval of the TSX venture exchange. Upon acceptance by the TSX, Benton and Quetico will embark on an exploration program beginning with an airborne geophysical survey.
Benton currently has approximately $15.0 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
