Benton Advised of Marathon PGM Takeover by Stillwater Mining
THUNDER BAY, ONTARIO -- (Marketwire) -- 09/07/10 -- Benton Resources Corp. ('Benton' or 'the Company') (TSX VENTURE: BTC) is pleased to announce that Stillwater Mining Company ('Stillwater') (NYSE: SWC) and Marathon PGM Corp ('Marathon') (TSX: MAR) have entered into a definitive agreement whereby Stillwater has agreed to acquire all of the outstanding shares of Marathon (see MAR N.R Sept 7, 2010). Benton currently owns 1.565 million shares of Marathon PGM Corp and also holds a 2% Net Smelter Return royalty on the Bamoos leases (see BTC N.R June 10, 2009) which includes approximately 200 meters of the northern portion of the Marathon PGM deposit. In addition Benton holds a 100% interest in the Bermuda Project which is adjacent to and host of 15km of favourable mineralized geology similar to that of the Marathon deposit. Benton recently announced the spin out of the Bermuda project into a new copper and platinum group metals ('PGM') company to be named Coldwell Copper Corp ('CCC') (see BTC N.R dated April 14, 2010). The Company believes it is not receiving fair value for this valuable asset and the creation of the new company CCC should provide added value to the Benton shareholders. Under the proposed terms, Benton will issue 0.3 of a CCC share for every existing Benton share at the date of record. On completion of the spin out, CCC anticipates a concurrent financing of approximately $4 million to fund an extensive drill campaign in an effort to build a NI 43-101 compliant resource along the mineralized trend. Benton will retain a 1% NSR for the Bermuda property.
The Bermuda project is host to numerous significant Copper and PGM zones such as Four Dam (65m grading 0.67% Cu), Skipper Lake (8.3m grading 1.07 gpt TPM's), Area 41 (61m grading 1.23gpt TPM's) and Sally Lake zones (11.4m 1.38gpt TPM's). These zones will be the focus of the intended drill program to delineate resources. A map of the Bermuda project and the Bamoos leases sold to Marathon can be viewed at the company's website or the following link:
http://www.bentonresources.ca/upload/documents/bermuda---highlights-on-geo.pdf.
Company President and C.E.O. Stephen Stares commented 'We are very pleased for the Marathon team that their hard work on this project is being rewarded and that their shareholders will realize great value from this plan of arrangement. We are also encouraged to see that Stillwater shares the same excitement that our team does at the potential of the Coldwell Complex'.
Benton is a Canadian based junior mining company with multiple joint ventures and a diversified property portfolio in Gold, Nickel, Copper, and Platinum group elements. The company currently has approximately $8.2 million in cash, owns 38.7 million shares and 19.1 million warrants in Coro Mining Corp (TSX: COP), holds 1.565 million shares in Marathon PGM Corp (TSX: MAR), holds 1.5 million shares in Puget Ventures (TSX VENTURE: PVS), and holds 815,000 Bell Copper Corp (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.
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Contacts:
Benton Resources Corp.
Stephen Stares
(807)475-7474
(807)475-7200 (FAX)
www.bentonresources.ca
Investor Relations
Clair Calvert
204-799-2086