Benton Resources Corp.

Benton Resources Corp.

February 10, 2011 12:00 ET

Benton Options Bark Lake Project to Platinum Group Metals

THUNDER BAY, ONTARIO--(Marketwire - Feb. 10, 2011) - Benton Resources Corp. ("Benton") (TSX VENTURE:BTC) and Platinum Group Metals Ltd. ("PTM") (TSX:PTM)(NYSE Amex:PLG), based in Vancouver B.C and Johannesburg South Africa, have signed a binding agreement (the "Agreement") which grants PTM the exclusive right to earn up to a 75% interest in Benton's Bark Lake platinum-palladium project. The property is comprised of 19 mineral claims totaling 3,884 hectares and located approximately 120 kilometres west of Thunder Bay, Ontario. Under the terms of the Agreement PTM must complete staged option payments and work commitments totaling $145,000 cash, 215,000 shares and $1,625,000 in exploration over a 7 year period. PTM has the option to earn the final 5% (75% total) by completing a pre-feasibility study. The Agreement is subject to regulatory approvals.

The Bark Lake property is host to platinum, palladium, copper and nickel showings contained in mineralized ultramafic rock either in outcrop or mineralized boulders. The mineralized occurrences are situated along the Quetico Fault which is a major crustal-scale east west oriented structure. Recently discovered new styles of PGM mineralization are located proximal to this structure to the east. 

Of particular interest was the discovery of the semi-massive, net-textured sulphide boulders measuring up to one cubic metre in size on the Bark Lake Property. The boulders are angular, spread over a 200m distance, and believed to be located proximal to source. Selective grab samples submitted for assay by Benton personnel from the boulders returned grades including 5.84 grams per tonne 3 PGM, 2.65gpt platinum, 1.46gpt palladium, 0.73gpt gold, 1.21% copper, 1.55% nickel. Benton completed several exploration programs on the property that included grid establishment, aeromagnetics, ground magnetics, ground IP, geological mapping, prospecting, and limited shallow diamond drilling. Although the source of the mineralized boulders has not been determined the work programs did identify a small ultramafic intrusion to the north where two shallow drill holes intersected anomalous platinum, palladium, and gold. The platinum palladium ratio exceeding 1:1 is also noteworthy in the new deposit model.

About Benton

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 $17.2 million in cash, owns approximately 55.37 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.

About Platinum Group Metals

Platinum Group Metals (TSX:PTM)(NYSE Amex:PLG) is an experienced company in platinum group metals exploration and development. Platinum Group is in construction of a 275,000 ounce per year platinum mine in South Africa. Platinum Group Metals started as a Canadian explorer for PGMs and continues to hold a significant mineral rights position in the Thunder Bay region near the North American Palladium Mine.

R. Michael Jones President of Platinum Group Metals said from Johannesburg, "As we focus on our platinum mine construction in Africa it is exciting to become active once more in our original exploration camp, where Platinum Group Metals was created, at a time when a new deposit model has emerged as an exploration target".

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