SOURCE: Benton Resources Corp.

January 22, 2007 16:43 ET

Benton and Tri-Gold to Explore Nipigon Basin for Uranium

THUNDER BAY, ON -- (MARKET WIRE) -- January 22, 2007 -- Benton Resources Corp. (TSX-V: BTC) ("Benton") (the "Company") is pleased to announce that it has entered into an option and joint venture agreement with Tri-Gold Resources Corp. of Vancouver, B.C. whereby Tri-Gold Resources Corp. has the rights and option to earn up to 60 % interest in the Nipigon Uranium Project by fulfilling the following conditions.

The Specific terms of the Agreement are as follows:

Initial Option to earn 50 %; the Company must;

a) Pay Benton Resources for the completion of staking additional claims with Block "A."

b) Pay for the cost of staking claims within Block "A."

c) Conduct, by September 1, 2007, exploration work on the Property in an amount equal to $500,000 less the costs incurred pursuant to (a) and (b).

Second Option, provided the initial Option is exercised, the Company may exercise a second option to earn a further 10 % by;

a) Giving notice to Benton, within 30 days of exercising the Initial Option, that Tri-Gold wished to exercise the Second Option; and

b) By spending an additional $500,000 on exploration within 12 months of giving such notice.

If Tri-Gold elects not to exercise the Second Option the parties will form a 50/50 joint venture for the further development of the property.

If Tri-Gold exercises the Second Option the parties will form a joint venture for the further development of the property with Tri-Gold having a 60 % interest and Benton having a 40 % interest.

The Nipigon Basin is considered to have a very similar geological setting to that of Saskatchewan's Athabasca Basin, which hosts most of the world's highest-grade uranium deposits. Excellent geological potential combined with significant historical uranium occurrences have led geologists to view the Nipigon Basin as highly prospective for new uranium deposits. Recent ongoing exploration by adjacent companies had led to the discovery of very high-grade uranium (up to 12%U308). Tri-Gold's and Benton's highly prospective combined ground covers radiometric anomalies associated with Sibley Group Proterozoic-aged sediments that coincide with underlying structures in the Archean-aged basement granites, a setting similar to the uranium-rich Athabascan Basin. Historical exploration in the area has uncovered numerous showings of uranium, copper, and iron oxide (hematite) suggesting the potential exists for Olympic Dam-type deposits. Several of the individual claim blocks specifically cover smaller 1-3km sized anomalies within a 10-15km larger anomaly. These may represent third and second order basins respectively associated with the Lake Superior mid-continental rift system. In the last six months, more than 7,500 claim units have been staked for uranium in the Nipigon Basin.

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, President

Forward-looking statements in this release are made pursuant to the safe harbor provisions of the Private Securities.

Contact Information

  • For further information contact:

    Stephen Stares
    3290 Willard Ave
    Thunder Bay, Ontario, P7E 6J7
    Phone (807) 475-7474
    Fax (807) 475-7200

    Investor relations:

    In Canada:

    First Canadian Capital
    Daniel Boase
    Phone (416) 742-5600
    Fax (416) 742-6410

    In U.S.A.:

    The Windward Agency
    Kelly Boatright
    Phone (704) 588-8600