Benton Options Bark Lake Project to Platinum Group Metals
February 10 2011 - 12:00PM
Marketwired
Benton Resources Corp. ("Benton") (TSX VENTURE: BTC) and Platinum
Group Metals Ltd. ("PTM") (TSX: PTM)(NYSE Amex: PLG), based in
Vancouver B.C and Johannesburg South Africa, have signed a binding
agreement (the "Agreement") which grants PTM the exclusive right to
earn up to a 75% interest in Benton's Bark Lake platinum-palladium
project. The property is comprised of 19 mineral claims totaling
3,884 hectares and located approximately 120 kilometres west of
Thunder Bay, Ontario. Under the terms of the Agreement PTM must
complete staged option payments and work commitments totaling
$145,000 cash, 215,000 shares and $1,625,000 in exploration over a
7 year period. PTM has the option to earn the final 5% (75% total)
by completing a pre-feasibility study. The Agreement is subject to
regulatory approvals.
The Bark Lake property is host to platinum, palladium, copper
and nickel showings contained in mineralized ultramafic rock either
in outcrop or mineralized boulders. The mineralized occurrences are
situated along the Quetico Fault which is a major crustal-scale
east west oriented structure. Recently discovered new styles of PGM
mineralization are located proximal to this structure to the
east.
Of particular interest was the discovery of the semi-massive,
net-textured sulphide boulders measuring up to one cubic metre in
size on the Bark Lake Property. The boulders are angular, spread
over a 200m distance, and believed to be located proximal to
source. Selective grab samples submitted for assay by Benton
personnel from the boulders returned grades including 5.84 grams
per tonne 3 PGM, 2.65gpt platinum, 1.46gpt palladium, 0.73gpt gold,
1.21% copper, 1.55% nickel. Benton completed several exploration
programs on the property that included grid establishment,
aeromagnetics, ground magnetics, ground IP, geological mapping,
prospecting, and limited shallow diamond drilling. Although the
source of the mineralized boulders has not been determined the work
programs did identify a small ultramafic intrusion to the north
where two shallow drill holes intersected anomalous platinum,
palladium, and gold. The platinum palladium ratio exceeding 1:1 is
also noteworthy in the new deposit model.
About Benton
Benton is a Canadian based junior with multiple joint ventures
and a diversified property portfolio in Gold, Nickel, Copper, and
Platinum group elements. The Company currently has approximately
$17.2 million in cash, owns approximately 55.37 million shares and
2.43 million warrants in Coro Mining Corp. (TSX: COP), holds
approximately 348,000 shares of Stillwater Mining Company (NYSE:
SWC), holds 782,500 shares in Marathon Gold Corp. (TSX: MOZ), holds
1.6 million shares in Puget Ventures (TSX VENTURE: PVS), holds 4
million shares of Mineral Mountain Resources Ltd. (TSX VENTURE:
MMV), and holds 815,000 shares of Bell Copper Corporation (TSX
VENTURE: BCU).
Clinton Barr (P.Geo.), V.P. Exploration for Benton Resources
Corp., is the qualified person responsible for this release.
About Platinum Group Metals
Platinum Group Metals (TSX: PTM)(NYSE Amex: PLG) is an
experienced company in platinum group metals exploration and
development. Platinum Group is in construction of a 275,000 ounce
per year platinum mine in South Africa. Platinum Group Metals
started as a Canadian explorer for PGMs and continues to hold a
significant mineral rights position in the Thunder Bay region near
the North American Palladium Mine.
R. Michael Jones President of Platinum Group Metals said from
Johannesburg, "As we focus on our platinum mine construction in
Africa it is exciting to become active once more in our original
exploration camp, where Platinum Group Metals was created, at a
time when a new deposit model has emerged as an exploration
target".
On behalf of the Board of Directors of Benton Resources
Corp.,
Stephen Stares, President
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.
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Contacts: Benton Resources Corp. Stephen Stares (807)475-7474
(807)475-7200 (FAX) www.bentonresources.ca Investor Relations Clair
Calvert 204-799-2086