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THUNDER BAY, ON, March 25 /CNW/ - Thunder Bay, Ontario (BTC: TSX-V): Benton Resources Corp. ("Benton" or "the Company") today announced that it has agreed to sell Marathon PGM Corporation ("Marathon") its 100% owned land package consisting of one mining lease and one claim block covering a total of 329 hectares, adjoining the northern border of the Marathon PGM-Cu Project (the "Project") located 10 km north of Marathon, Ontario. The acquisition of this land package will result in the conclusion of the original option and joint venture agreement ("OJVA") with Benton over the Bamoos-Claw Lake-Four Dams ("BCF") property and will preserve Marathon's mineral reserves and ease the development of mining the Main Zone and satellite zones of the Benton land package. In addition, the agreement also allows the Benton lands to be included in the ongoing federal and provincial permitting process for the future Marathon Project.
Please click on http://www.bentonresources.ca/upload/documents/bermuda-purchaseagreement.pdf to view a map of the purchased lands.
Stephen Stares, Benton's President and CEO, stated "by receiving this equity position in Marathon along with a $300,000 cash payment and a 2% NSR, we believe that this transaction keeps Benton well positioned for immediate and long term growth in the project".
"We believe this agreement is good for both Marathon and Benton shareholders. Working with Benton has been a positive experience and we hope there are other opportunities in the future," commented Phillip Walford, Marathon's President and CEO.
Marathon believes this purchase reflects the Company's ongoing commitment to increase shareholder value, by preserving Marathon's reserve and improving resource development potential.
Purchase Terms --------------
Under the terms of the agreement, Marathon will issue to Benton 1,500,000 shares with a voting restriction of up to 2 years (the "Consideration Shares"), subject to regulatory (including Toronto Stock Exchange) approval, and make a cash payment of $300,000. As part of this transaction, Benton will retain a 2% net smelter returns ("NSR") royalty, 1% of which can be purchased for a total of $1 million, and Marathon will assume an existing 2% NSR that applies to the lease and an existing 1% NSR on the claim included in the Benton land package.
Clinton Barr, P.Geo., V.P. Exploration, is Benton's Qualified Person in compliance with National Instrument 43-101 with respect to this release. Mr. Barr has reviewed the contents for accuracy and has approved this press release on behalf of Benton.
Phillip Walford, P.Geo., President and CEO, is Marathon's Qualified Person in compliance with National Instrument 43-101 with respect to this release. Mr. Walford has reviewed the contents for accuracy and has approved this press release on behalf of Marathon.
About Benton Resources:
Benton Resources Corp. is a mineral exploration company listed on the TSX Venture Exchange under the symbol BTC. Benton's aggressive and experienced management team is focused on base and precious group metal exploration. Benton's diverse property portfolio includes Canadian projects which are highly prospective for gold, uranium, platinum, palladium, nickel and copper. Benton currently has approximately $14 million in working capital and has joint ventured several of their projects to major and junior mining companies. Benton also holds a 34.3% interest in Coro Mining Corp., a company focused on Latin American copper and gold projects in Chile and Argentina.
About Marathon PGM Corporation:
Marathon completed a definitive feasibility study on the Marathon PGM-Cu deposit in December of 2008. Marathon also has development and exploration stage properties in southeastern Manitoba and western Newfoundland and Labrador. Marathon's management plans to build on this focus through the advancement of its properties, focusing on resource development and by examining other strategic opportunities.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
Except for statements of historical fact relating to the Company, certain information contained herein constitutes "forward-looking statements". Forward-looking statements include statements that are predictive in nature, depend upon or refer to future events or conditions, or include words such as "expects", "anticipates", "plans", "believes", "considers", "intends", "targets", or negative versions thereof and other similar expressions, or future or conditional verbs such as "may", "will", "should", "would" and "could". We provide forward-looking statements for the purpose of conveying information about our current expectations and plans relating to the future and readers are cautioned that such statements may not be appropriate for other purposes. By its nature, this information is subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct and that objectives, strategic goals and priorities will not be achieved. These risks and uncertainties include but are not limited to those identified and reported in Management's Discussion and Analysis for the year ended December 31, 2007.
Other than as specifically required by law, we undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made, or to reflect the occurrence of unanticipated events, whether as a result of new information, future events or results otherwise.
On Behalf of Marathon PGM: On behalf of Benton Resources Corp.: "Phillip C. Walford" Stephen Stares Phillip C. Walford, P.Geo. Tel: +1.807.475.7474 President, Chief Executive Officer Fax: +1.807.475.7200 Tel: +1.416.987.0711 sstares@bentonresources.ca gen@marathonpgm.com