Business
Benton completes option on Sibley project to Kennecott
THUNDER BAY, ON, Aug. 4 /CNW/ - Benton Resources Corp (BTC: TSX.V, "Benton" or "the Company") is ...
About this update from Silver Valley Metals Corp
[{"type":"text","content":"\n\n\n\nTHUNDER BAY, ON, Aug. 4 /CNW/ - Benton Resources Corp (BTC: TSX.V,\n"Benton" or "the Company") is pleased to announce subject to regulatory\napproval, that a final agreement has been signed between Benton and Kennecott\nCanada Exploration Inc. ("KCEI" or "Kennecott" a wholly own subsidiary of Rio\nTinto) on Benton's 100% owned South Sibley Nickel-PGM project. The South\nSibley project is located in Dorion and McTavish Townships, approximately\nhalfway between Thunder Bay, ON and Nipigon, ON.\n\n\nUnder the terms of the agreement KCEI can earn a 60% interest by\nincurring $1.5 million in expenditures and paying Benton $100,000 cash on or\nbefore December 31, 2013.\n\n\nAfter the initial earn-in Kennecott has the option to increase their\ninterest to 70% by incurring a further $3.0 million on the property by\nDecember 31, 2015 after which they can increase their interest to 80% by\nincurring a further $5.75 million by December 31, 2017. KCEI has the right to\nform a joint venture with Benton after fulfilling the requirements of the\noption agreement to earn either 60, 70, or 80 percent interest.\n\n\nBenton and Kennecott are planning a diamond drill program to commence as\nsoon as possible to test numerous high priority magnetic anomalies on the\nproject. Kennecott brings tremendous expertise to the project and has shown\nleadership in the discovery of numerous Ni-Cu-Pt-Pd mineral deposits in the\nSuperior Rift geological setting.\n\n\nBenton is a Canadian based junior with multiple joint ventures and a\ndiversified property portfolio in Gold, Nickel, Copper, and Platinum group\nelements. The company currently has approximately $13.0 million in cash, owns\na 34.3% interest in Coro Mining Corp (TSX.COP), holds an approximate 5%\ninterest in Marathon PGM Corp (TSX.MAR) and retains a 2% Net Smelter Royalty\non the northern portion of the Marathon PGM deposit.\n\n\nClinton Barr (P.Geo.), V.P. Exploration for Benton Resources Corp., is\nthe qualified person responsible for this release.\n\n\nOn behalf of the Board of Directors of Benton Resources Corp.\n\n\n"Stephen Stares"\nStephen Stares, President\n\nTHE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT\nRESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.\n\n\nForward-looking statements in this release are ma...