Benton, Kennecott Enter South Sibley Joint Venture
June 16, 2009
Mr. Stephen Stares reports
BENTON OPTIONS SIBLEY PROJECT TO KENNECOTT
Benton Resources Corp. and Kennecott Canada Exploration Inc. have agreed to general terms on Benton's South Sibley project. The South Sibley project is located in Dorion and McTavish townships, approximately halfway between Thunder Bay, Ont. and Nipigon, Ont. Under the terms of the agreement, KCEI can earn a 60-per-cent interest by incurring $1.5-million in expenditures and paying Benton $100,000 cash on or before Dec. 31, 2013. After the initial earn-in, Kennecott has the option to increase their interest to 70 per cent by incurring a further $3-million on the property by Dec. 31, 2015, after which they can increase their interest to 80 per cent by incurring a further $5.75-million by Dec. 31, 2017. KCEI has the right to form a joint venture with Benton after fulfilling the requirements of the option agreement to a 60, 70, or 80 per cent interest.
Benton is extremely pleased to have teamed up with Kennecott on the project as they bring tremendous expertise to the exploration and development of numerous economic mineral deposits. KCEI has proven track record of discovering Ni-Cu-Pt-Pd deposits in the Superior Rift geological setting. A full agreement is currently being drafted for the option and joint venture.
Benton currently has approximately $13.5-million in cash, owns a 34.3-per-cent interest in Coro Mining Corp., holds an approximate 5-per-cent interest in Marathon PGM Corp. and retains a 2-per-cent net smelter royalty on the northern portion of the Marathon PGM deposit.
Clinton Barr, PGeo, vice-president of exploration for Benton Resources, is the qualified person responsible for this release.
