Benton options Sibley project to Kennecottadmin
Benton Resources Corp announce that general terms have been agreed to between Benton and Kennecott Canada Exploration Inc. ( “KCEI” or “Kennecott” , a wholly own subsidiary of Rio Tinto) on Benton’s 100% owned South Sibley project. The South Sibley project is located in Dorion and McTavish Townships, approximately halfway between Thunder Bay, ON and Nipigon, ON.
Under the terms of the agreement KCEI can earn a 60% interest by incurring $1.5 million in expenditures and paying Benton $100,000 cash on or before December 31, 2013.
After the initial earn-in Kennecott has the option to increase their interest to 70% by incurring a further $3.0 million on the property by December 31, 2015 after which they can increase their interest to 80% by incurring a further $5.75 million by December 31, 2017. KCEI has the right to form a joint venture with Benton after fulfilling the requirements of the option agreement to earn either a 60, 70, or 80 percent interest.
Benton is extremely please to have teamed up with Kennecott on the project as they bring tremendous expertise to the exploration and development of numerous economic mineral deposits. KCEI has proven track record of discovering Ni-Cu-Pt-Pd deposits in the Superior Rift geological setting. A full agreement is currently being drafted for the option and joint venture.
Benton currently has approximately $13.5 million in cash, owns a 34.3% interest in Coro Mining Corp (TSX.COP), holds an approximate 5% interest in Marathon PGM Corp (TSX.MAR) and retains a 2% Net Smelter Royalty on the northern portion of the Marathon PGM deposit.