Business
Benton and Marathon PGM join forces in Coldwell Complex
THUNDER BAY, ON, Jan. 28 /CNW/ - Benton Resources Corp. ("Benton" or the "Company") is pleased to...
About this update from Silver Valley Metals Corp
[{"type":"text","content":"\n\n\n\nTHUNDER BAY, ON, Jan. 28 /CNW/ - Benton Resources Corp. ("Benton" or the\n"Company") is pleased to announce that it has signed a Letter Agreement to\nenter into an Option and Joint Venture Agreement ("OJVA") with Marathon PGM\nCorporation (Marathon) in respect to the eastern portion of Benton's 100%\nowned Bermuda Property now named the Bamoos/Claw Lake/Four Dam Property ("the\nBCF Property"). The BCF Property covers 2249 hectares and is located to the\nnorth along strike and contiguous to the Marathon PGM-Cu Project. Under the\nterms of the OJVA Benton will allow Marathon to earn a 60% interest in the BCF\nProperty through work, stock issue and cash payments.\n\n\nThe agreement is important for Benton and Marathon as: (i) Marathon's\nMain Zone deposit extends on to the Bamoos lease by at least 200 m and this\nagreement eliminates the boundary pillar that would otherwise have prevented\neither party from mining; and (ii) it allows the remainder of the BCF to be\ndeveloped in the context of Marathon's existing plans to put its Marathon\nProject into production with the associated capital cost savings for\ninfrastructure. Benton owns 100% of the BCF Property subject to an underlying\n2% NSR over part of the BCF Property and a 1% NSR over the balance. After a\ncareful review of all the data including an evaluation of the drilling to\ndate, Benton's management believes that the best way to maximize the value of\nthis area is to form a relationship with Marathon and to jointly develop the\narea. In addition to receiving immediate cash and shares of Marathon, the OJVA\nwill allow Benton to have a possible near term cash flow as well as possible\naccess to infrastructure and milling facilities if Marathon continues into a\nfull operational mine. In management's view the OJVA represents an excellent\nopportunity for Benton's shareholders to benefit from any newly built mining\ninfrastructure while keeping the Company's share dilution and cash spending to\na minimum. The OJVA will be completed and signed as soon as practicable.\nBenton will continue to move forward with full exploration plans for the Area\n41 zone located in the western half of the Bermuda project\n\n\nThe Bamoos/Claw Lake/Four Dams Property\n\n\nMineralization at Claw Lake and Four Dams has been identified based on\ndrilli...