Business
Benton options Sibley project to Kennecott
THUNDER BAY, ON, June 16 /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, June 16 /CNW/ - Benton Resources Corp (BTC: TSX.V,\n"Benton" or "the Company") is pleased to announce that general terms have been\nagreed to between Benton and Kennecott Canada Exploration Inc.( "KCEI" or\n"Kennecott" , a wholly own subsidiary of Rio Tinto) on Benton's 100% owned\nSouth Sibley project. The South Sibley project is located in Dorion and\nMcTavish Townships, approximately halfway between Thunder Bay, ON and Nipigon,\nON.\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 a 60, 70, or 80 percent interest.\n\n\nBenton is extremely please to have teamed up with Kennecott on the\nproject as they bring tremendous expertise to the exploration and development\nof numerous economic mineral deposits. KCEI has proven track record of\ndiscovering Ni-Cu-Pt-Pd deposits in the Superior Rift geological setting. A\nfull agreement is currently being drafted for the option and joint venture.\n\n\nBenton currently has approximately $13.5 million in cash, owns a 34.3%\ninterest in Coro Mining Corp (TSX.COP), holds an approximate 5% interest in\nMarathon PGM Corp (TSX.MAR) and retains a 2% Net Smelter Royalty on the\nnorthern 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"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 made pursuant to the safe\nharbor provisions of the Private Securities Litigation Reform act of 1995.\nInvestors are cautioned that such forward-looking statements invo...