Benton Resources Corp.

Benton Resources Corp.

February 15, 2011 11:35 ET

Benton and Partner Glory Acquire Rio Tinto Claims Adding to Onion Lake JV

THUNDER BAY, ONTARIO--(Marketwire - Feb. 15, 2011) - Benton Resources Corp ("Benton" or "the Company") (TSX VENTURE:BTC) and Glory Resources Limited ("Glory") (ASX:GLY) (formerly Aspire Minerals), a public company based in Perth, Australia, are pleased to announce that they have increased the land holding of the PGM-Cu-Ni prospective Onion Lake project following the acquisition of approximately 38km2 of mining claims from Rio Tinto Exploration Canada Inc. ("Rio"), previously known as Kennecott. The claims are strategically located along the PGM-Cu Ni bearing trend identified by Magma Metals Limited (TSX:MMW).

The Rio mining claims are surrounded by or contiguous to the Onion Lake Project. These claims will now form part of the Benton and Glory Onion Lake joint venture agreement. Under the JV Agreement, Glory has the right to earn up to a 75% interest in the Onion Lake project (see Benton PR dated July 23, 2009). 

As part of the transaction, Rio will retain a 2% net smelter royalty and a right of first refusal up to a Bankable Feasibility Study stage. Following the acquisition of the Rio claims, the Onion Lake project comprises approximately 190km2 of mining claims immediately adjacent to Magma Metals Limited Thunder Bay North Polymetallic Property (722,000 Pt equivalent resource). 

The Onion Lake Project contains a boulder train similar in composition to the mineralized conduits at Thunder Bay North deposit. The apex of this boulder train remains unidentified and is of particular interest. The Rio claims include magnetic anomalies within similar geological features to those hosting Thunder Bay North discovery. Rio's knowledge of blind deposits in the Mid Continental Rift region is proven by their discovery of the Tamarack deposit and the mine development at the Eagle deposit. These additional claim groups with Rio selected targets enhance and increases the potential for a PGM-Ni discovery at the Onion Lake project.

Jeremy King, director of Glory commented, "This package of claims complements our existing Onion Lake tenure and provides additional prospective geological targets to the Onion Lake Project. A work program to assess the entire project is currently being designed. Preliminary review of the exploration data generated for the Rio claims indicates diamond drill targets that could be assessed with only minimal additional work."

Benton is a Canadian based junior with multiple joint ventures and a diversified property portfolio in Gold, Nickel, Copper, and Platinum group elements. The Company currently has approximately $17 million in cash, owns approximately 55.4 million shares and 2.43 million warrants in Coro Mining Corp. (TSX:COP), holds approximately 348,000 shares of Stillwater Mining Company (NYSE:SWC), holds 782,500 shares in Marathon Gold Corp. (TSX:MOZ), holds 1.6 million shares in Puget Ventures (TSX VENTURE:PVS), holds 4 million shares of Mineral Mountain Resources Ltd. (TSX VENTURE:MMV), and holds 815,000 shares of Bell Copper Corporation (TSX VENTURE:BCU).

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, President

Forward-looking statements in this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties.


Contact Information

  • Benton Resources Corp.
    Stephen Stares
    (807)475-7200 (FAX)
    Investor Relations
    Clair Calvert