Benton and Partner Glory Acquire Rio Tinto Claims Adding to Onion Lake JV
February 15 2011 - 11:35AM
Marketwired
Benton Resources Corp ("Benton" or "the Company") (TSX VENTURE:
BTC) and Glory Resources Limited ("Glory") (ASX: GLY) (formerly
Aspire Minerals), a public company based in Perth, Australia, are
pleased to announce that they have increased the land holding of
the PGM-Cu-Ni prospective Onion Lake project following the
acquisition of approximately 38km2 of mining claims from Rio Tinto
Exploration Canada Inc. ("Rio"), previously known as Kennecott. The
claims are strategically located along the PGM-Cu Ni bearing trend
identified by Magma Metals Limited (TSX: MMW).
The Rio mining claims are surrounded by or contiguous to the
Onion Lake Project. These claims will now form part of the Benton
and Glory Onion Lake joint venture agreement. Under the JV
Agreement, Glory has the right to earn up to a 75% interest in the
Onion Lake project (see Benton PR dated July 23, 2009).
As part of the transaction, Rio will retain a 2% net smelter
royalty and a right of first refusal up to a Bankable Feasibility
Study stage. Following the acquisition of the Rio claims, the Onion
Lake project comprises approximately 190km2 of mining claims
immediately adjacent to Magma Metals Limited Thunder Bay North
Polymetallic Property (722,000 Pt equivalent resource).
The Onion Lake Project contains a boulder train similar in
composition to the mineralized conduits at Thunder Bay North
deposit. The apex of this boulder train remains unidentified and is
of particular interest. The Rio claims include magnetic anomalies
within similar geological features to those hosting Thunder Bay
North discovery. Rio's knowledge of blind deposits in the Mid
Continental Rift region is proven by their discovery of the
Tamarack deposit and the mine development at the Eagle deposit.
These additional claim groups with Rio selected targets enhance and
increases the potential for a PGM-Ni discovery at the Onion Lake
project.
Jeremy King, director of Glory commented, "This package of
claims complements our existing Onion Lake tenure and provides
additional prospective geological targets to the Onion Lake
Project. A work program to assess the entire project is currently
being designed. Preliminary review of the exploration data
generated for the Rio claims indicates diamond drill targets that
could be assessed with only minimal additional work."
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 million in cash, owns approximately 55.4 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.
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