News Release – March 13, 2008
Benton Completes Option and Joint
Venture Agreement with Marathon
Thunder Bay, Ontario: Benton Resources Corp
(”Benton”, BTC:TSX.V) is pleased to announce that it has completed
the Option and Joint Venture Agreement on the Bamoos Lake – Claw Lake
– Four Dams (“BCF”) Property with Marathon PGM Corporation
the planned Main Zone pit outline has been expanded
by approximately 200 m to the north
this added resource, as well as the definition of
additional resources encountered in the in-fill drilling on the Main Zone has
the potential to add years to the life of mine, or to encourage a higher
through-put rate than presently being considered
Marathon now expects the definitive feasibility study
to be completed by Q3 of 2008
the BCF Property adds 4 mineralized zones and a large
untested area with potential magnetite-hosted PGM mineralization
“We have just increased the mine life by
eliminating the boundary pillar and adding tonnage to the Main Zone. This
is a win-win situation for both Marathon and Benton as we continue to build
Canada’s next PGM mining district,” commented Phillip Walford,
Marathon’s President and CEO.
BCF Property Drilling
An 8-10,000 m drilling program will commence on the
BCF property at the north end of the Marathon Main Zone within the next two
weeks. The objectives are to create a resource by a combination of
in-fill drilling and exploration holes along strike and down dip of known
mineralization. This new resource will be added to the Main Zone resource
as part of the ongoing definitive feasibility study. An additional
program of prospecting, trenching and channel sampling will begin over the
Magnetite and Claw Lake zones in May. Exploration of the Magnetite Zones
on the BCF Property is of particular interest as it is on-strike from
Marathon’s PGM-bearing Magnetite Zones to the south. No resources have
been developed on the BCF Property.
Marathon has completed a total of 11 holes comprising
2,600 metres so far in the 2008 drilling season. This program is
specifically designed to close drilling gaps and increase measured and
indicated resources. Many of these gaps are in fact are more strongly
mineralized than interpreted in the last resource estimation to the point of
surpassing the modeled expectations. Drilling to date has been very
positive, as multiple intersections of the high grade W-horizon have been
discovered outside of the current resource pitshell.
Under the terms of the OJVA, Marathon has the option
to earn a 60% participating interest in the BCF Property by (i) issuing Benton
120,000 common shares on signing of the OJVA, subject to regulatory approval;
(ii) completing work expenditures of $1.5 million per year during the first
four years of the OJVA and an additional $2 million on or before the fifth
anniversary and; (iii) making cash payments of $500,000 per year on or before
the anniversary date of the OJVA for the first three years (for a total $1.5
During the earn-in period, all work will be
supervised and carried out by Marathon. After Marathon has issued the 120,000
shares, made the $1.5 million cash payments and spent the $8 million, Marathon
will have "earned in" to 60% of the JV.
During the earn-in period Marathon may mine up to 200
metres north of its property into the BCF Property. If Marathon mines any part
of the BCF Property prior to the JV, Marathon will receive all revenue and (i)
pay all costs, (ii) pay all royalties due from the BCF Property, and (iii) pay
an additional 2% NSR royalty to Benton.
After the JV is formed, Marathon will be operator and
any ore that is discovered on the BCF property will be mined and processed by
Marathon at its facilities. Under the JV agreement, Marathon will charge the JV
for all direct, indirect and overhead costs including a charge to recover its
capital costs as well as a 4% management fee.
Clinton Barr (P.Geo.), V.P. Exploration for Benton
Resources Corp., is the qualified person responsible for this release.
About Benton Resources Corp:
Benton Resources Corp. (the “Company”) is a mineral
exploration company listed on the TSX Venture Exchange under the symbol BTC.
Benton's aggressive and experienced management team is focused on base
and precious group metal exploration. The Company's diverse property portfolio
includes Canadian projects which are highly prospective for gold, uranium,
platinum, palladium, nickel and copper. The Company currently has
approximately $20 million in working capital.
On behalf of the Board of Directors of Benton
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.
For further information contact Stephen Stares
3290 Willard Ave
Thunder Bay, Ontario, P7E 6J7
Phone (807) 475-7474
Fax (807) 475-7200
First Canadian Capital Corp.
Phone (416) 742 5600
Toll Free: 1-866-580-8891
The Windward Agency
Phone (704) 588 8600
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