THUNDER BAY, ONTARIO -- (Marketwired) -- 08/16/13 -- Benton Resources Inc. (TSX VENTURE: BEX) ("Benton" or "the Company") is pleased to announce that it has executed an option agreement (the "Agreement") with Platinum Group Metals Ltd. (TSX: PTM) ("PTM") on the Company's recently acquired Mealy copper-nickel-platinum-palladium project (the "Project") in Labrador. The Agreement allows PTM to earn a 71% interest in the Project by paying the Company $51,000 on the effective date of the Agreement (the "Effective Date") and by incurring an aggregate of $2.4 million in exploration expenditures on the Project as follows:
i. $300,000 on or before the date which is 12 months from the Effective Date; ii. a further $300,000 on or before the date which is 24 months from the Effective Date; iii. a further $400,000 on or before the date which is 36 months from the Effective Date; iv. a further $1.4 million on or before the date which is 48 months from the Effective Date.
Upon completion of the prescribed cash payment and exploration expenditures, PTM will earn a 71% interest in the Project at which point a joint venture will be formed between the Company and PTM. Benton will retain a 1% NSR on the Project and PTM will be the operator of the Project while it holds a majority interest.
Stephen Stares, Company President and CEO commented, "We are very pleased to be working with Platinum Group Metals Ltd. once again. We look forward to completing the airborne survey and following up with detailed ground work on this exciting new prospect in an underexplored area in Labrador. By executing this agreement with steady annual work commitments, Benton shareholders can expect regular exploration results at no cost to the treasury."
The Mealy Project covers 261 square-kilometres of the Mealy Lake mafic intrusion and is contiguous to Altius Minerals Corp.'s ("Altius") 256 square-kilometre Natashquan property, both located approximately 140 kilometres southwest of Churchill Falls in Labrador. The Mealy Project covers the same mafic intrusive rock that hosts Altius' recently announced new Ni-Cu-Co-PGE discovery. Altius has entered into a joint venture agreement with Anglo American ("Anglo") whereby Anglo has the option to earn a 66-per-cent interest in the project through expenditures of $20-million over a five-year period. Exploration highlights from Altius' Nastashquan discovery include "2.68g/t combined Pt, Pd and Au (grab) - 6.14% Cu and 388ppb Pt - 1.04g/t combined Pt, Pd, Au and 1.06% Cu over 1.30m (channel) - 1.04 g/t combined Pt, Pd, Au and 3.92% Cu over 1.00m (channel) - 2.49g/t combined Pt, Pd and Au and 1.07% Ni (grab) - several grab samples greater than 7% Cu - soil samples up to 26,000ppm Cu" (http://altiusminerals.com/projects/natashquan).
The Mealy Lake mafic intrusion was identified from historic work completed by the Newfoundland and Labrador Geological Survey. The main intrusive is approximately 45 kilometres long and 25 kilometers wide and is Late Paleoproterozoic in age with local fresh crosscutting mafic to ultra-mafic rock. The disseminated to massive sulphide mineralization found to date displays cumulate textures indicative of primary magmatic type Cu-Ni-PGE deposition within the mafic to ultra-mafic intrusive.
Benton and PTM are currently planning an airborne magnetic and electromagnetic survey to be followed by geological mapping, prospecting, and soil sampling on anomalies identified from the new survey.
About Benton Resources Inc. (TSX VENTURE: BEX):
Benton Resources Inc is a newly listed and well funded Canadian based junior with multiple joint ventures and a diversified property portfolio in Gold-Silver, Nickel, Copper, and Platinum group elements.
About Platinum Group Metals Ltd. (TSX: PTM) (NYSE: PLG):
Platinum Group is based in Johannesburg, South Africa and Vancouver, Canada. The company is building the 74% owned WBJV Project 1 Platinum Mine in the Western Limb of the Bushveld Complex, South Africa. Platinum Group also has active exploration programs and a new platinum deposit discovery, near surface at the Waterberg joint venture in South Africa. Waterberg is in joint venture with the Japan Oil, Gas and Metals National Corporation.
Clinton Barr (P.Geo.), V.P. Exploration for Benton Resources Inc., is the qualified person responsible for this release.
On behalf of the Board of Directors of Benton Resources Inc.,
Stephen Stares, President
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
The information contained herein contains "forward-looking statements" within the meaning of applicable securities legislation. Forward-looking statements relate to information that is based on assumptions of management, forecasts of future results, and estimates of amounts not yet determinable. Any statements that express predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance are not statements of historical fact and may be "forward-looking statements."
Forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking statements, including, without limitation: risks related to failure to obtain adequate financing on a timely basis and on acceptable terms; risks related to the outcome of legal proceedings; political and regulatory risks associated with mining and exploration; risks related to the maintenance of stock exchange listings; risks related to environmental regulation and liability; the potential for delays in exploration or development activities or the completion of feasibility studies; the uncertainty of profitability; risks and uncertainties relating to the interpretation of drill results, the geology, grade and continuity of mineral deposits; risks related to the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses; results of prefeasibility and feasibility studies, and the possibility that future exploration, development or mining results will not be consistent with the Company's expectations; risks related to gold price and other commodity price fluctuations; and other risks and uncertainties related to the Company's prospects, properties and business detailed elsewhere in the Company's disclosure record. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements. Investors are cautioned against attributing undue certainty to forward-looking statements. These forward looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances. Actual events or results could differ materially from the Company's expectations or projections.
Benton Resources Inc.
Benton Resources Inc.
3250 Highway 130
Rosslyn, ON P7K 0B1