NEWS
RELEASE – March 26, 2008
Benton’s
partner initiates drill program on the BCF property in Marathon
Thunder Bay,
Ontario: Benton Resources Corp. (“Benton” or the
“Company”) is pleased to report that the Company has been notified
by its joint venture partner Marathon PGM Corporation (“MAR”)
that diamond drilling has started on Benton’s BCF (formerly east part of
the Bermuda) property north of the Marathon Cu-PGE Deposit. Benton and MAR have
recently entered into a joint venture agreement to develop the project. The
drilling will initially concentrate on defining the northern extension of the
Marathon Deposit and incorporating the results into MAR’s
resource estimates. MAR has indicated that 8,000 to 10,000 metres of
drilling will be completed over the next few months. Results of the drilling
will be released as they are received and compiled.
Under the terms of
the OJVA, MAR 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 million).
During the earn-in
period, all work will be supervised and carried out by MAR. After MAR 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 MAR 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, MAR 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, MAR 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 and many if its projects are being funded by Joint Venture
partners such as Teck Cominco
Limited, Stillwater Mining Company and junior exploration companies.
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 @
3290 Willard Ave
Thunder
Bay, Ont.
P7E 6J7
Phone (807)475-7474
Fax (807)475-7200
www.bentonresources.ca
Investor relations:
In Canada:
First Canadian
Capital
Daniel Boase
Phone (416) 742
5600
Fax (416) 742 6410
In U.S.A:
The Windward
Agency
Kelly Boatright
Phone (704) 588
8600
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