Business
Benton Resources signs LOI on Onion Lake Project with Aspire Minerals Pty Ltd
Benton Resources signs LOI on Onion Lake Project with Aspire Minerals Pty Ltd
About this update from Silver Valley Metals Corp
[{"type":"text","content":"\nBenton Resources signs LOI on Onion Lake Project with Aspire Minerals Pty Ltd\n\n\n Jul. 23, 2009 (TheNewswire.ca) -- Thunder Bay, Ontario: Benton Resources (TSXV:BTC) Corp (BTC: TSX.V, \"Benton\" or \"the Company\") is pleased to announces that a letter of intent (LOI) has been signed that will allow Aspire Minerals Pty Ltd (\"Aspire\", a private Australian company) to earn up to 75% of Benton's 100% owned Onion Lake project. The Onion Lake project is located west of and adjacent to the new Magma Metals (OOTC:MMTDF) Pt-Pd-Cu-Ni (platinum-palladium-copper-nickel) discovery (see www.magmametals.com.au) known as the Thunder Bay North project (TBN). Recent multiple high grade drill results from TBN include drill intercepts up to 63.8 meters grading 5.66gpt Pt+Pd with significant Cu and Ni credits.Under the terms of the agreement Aspire may earn a 30% interest by completing $700,000 in exploration expenditures and paying Benton $95,000 cash within 24 months of signing a formal agreement.After the initial earn-in Aspire can earn an additional 30% interest by spending a further $1.6 million in exploration during the third and fourth year with the right to earn an additional 10% by spending a further $1.5 million in exploration within eighteen months of the fourth anniversary of signing an agreement. Aspire can then elect to take their total interest in the Onion Lake project to 75% by completing a feasibility study.Benton is pleased to partner with Aspire to advance the Onion Lake project and an airborne geophysical survey is anticipated to start shortly after the completion of the full agreement currently being drafted. The agreement will be subject to regulatory approval of the TSX venture exchange.Benton currently has approximately $13.0 million in cash, owns a 34.3% interest in Coro Mining Corp (OOTC:CROJF) (TSX:COP) (TSX.COP), holds an approximate 5% interest in Marathon PGM Corp (TSX:MAR') (TSX:MAR) (TSX.MAR) and retains a 2% Net Smelter Royalty on the northern portion of the Marathon PGM deposit.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\"Stephen Stares, PresidentTHE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF TH...