Benton Capital Corp (fka BTC)

[sumisu]

Benton Completes Option and Joint Venture Agreement with Marathon

Thursday March 13, 12:08 pm ET

http://biz.yahoo.com/cnw/080313/benton_joint_venture.html?.v=1

THUNDER BAY, ON, March 13 /CNW/ - Benton Resources Corp ("Benton", BTC:TSX.V) is pleased to announce that it has completed the Option and Joint Venture Agreement on the Bamoos Lake - Claw Lake - Four Dams ("BCF") Property with Marathon PGM Corporation ("Marathon", MAR:TSX)

Highlights:

- the planned Main Zone pit outline has been expanded by approximatel 200 m to the north

- this added resource, as well as the definition of additional resources encountered in the in-fill drilling on the Main Zone has the potential to add years to the life of mine, or to encourage a higher through-put rate than presently being considered

- Marathon now expects the definitive feasibility study to be completed by Q3 of 2008

- the BCF Property adds 4 mineralized zones and a large untested area with potential magnetite-hosted PGM mineralization

"We have just increased the mine life by eliminating the boundary pillar and adding tonnage to the Main Zone. This is a win-win situation for both Marathon and Benton as we continue to build Canada's next PGM mining district," commented Phillip Walford, Marathon's President and CEO.

BCF Property Drilling
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An 8-10,000 m drilling program will commence on the BCF property at the north end of the Marathon Main Zone within the next two weeks. The objectives are to create a resource by a combination of in-fill drilling and exploration holes along strike and down dip of known mineralization. This new resource will be added to the Main Zone resource as part of the ongoing definitive feasibility study. An additional program of prospecting, trenching and channel sampling will begin over the Magnetite and Claw Lake zones in May. Exploration of the Magnetite Zones on the BCF Property is of particular interest as it is on-strike from Marathon's PGM-bearing Magnetite Zones to the south. No resources have been developed on the BCF Property.

Current Drilling
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Marathon has completed a total of 11 holes comprising 2,600 metres so far in the 2008 drilling season. This program is specifically designed to close drilling gaps and increase measured and indicated resources. Many of these gaps are in fact are more strongly mineralized than interpreted in the last resource estimation to the point of surpassing the modeled expectations. Drilling to date has been very positive, as multiple intersections of the high grade W-horizon have been discovered outside of the current resource pitshell.

Option Terms
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Under the terms of the OJVA, Marathon has the option to earn a 60% participating interest in the BCF Property by (i) issuing Benton 120,000 common shares on signing of the OJVA, subject to regulatory approval; (ii) completing work expenditures of $1.5 million per year during the first four years of the OJVA and an additional $2 million on or before the fifth anniversary and; (iii) making cash payments of $500,000 per year on or before the anniversary date of the OJVA for the first three years (for a total $1.5 million).

During the earn-in period, all work will be supervised and carried out by Marathon. After Marathon has issued the 120,000 shares, made the $1.5 million cash payments and spent the $8 million, Marathon will have "earned in" to 60% of the JV.

During the earn-in period Marathon may mine up to 200 metres north of its property into the BCF Property. If Marathon mines any part of the BCF Property prior to the JV, Marathon will receive all revenue and (i) pay all costs, (ii) pay all royalties due from the BCF Property, and (iii) pay an additional 2% NSR royalty to Benton.

After the JV is formed, Marathon will be operator and any ore that is discovered on the BCF property will be mined and processed by Marathon at its facilities. Under the JV agreement, Marathon will charge the JV for all direct, indirect and overhead costs including a charge to recover its capital costs as well as a 4% management fee.

Clinton Barr (P.Geo.), V.P. Exploration for Benton Resources Corp., is the qualified person responsible for this release.

About Benton Resources Corp:

Benton Resources Corp. (the "Company") is a mineral exploration company listed on the TSX Venture Exchange under the symbol BTC. Benton's aggressive and experienced management team is focused on base and precious group metal exploration. The Company's diverse property portfolio includes Canadian projects which are highly prospective for gold, uranium, platinum, palladium, nickel and copper. The Company currently has approximately $20 million in working capital.


On behalf of the Board of Directors of Benton Resources Corp.
"Stephen Stares"
Stephen Stares, President

THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

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

For further information

Stephen Stares, 3290 Willard Ave, Thunder Bay, Ontario, P7E 6J7, Phone [phone], Fax [phone], www.bentonresources.ca
Investor relations: First Canadian Capital Corp., Daniel Boase, Phone [phone], Toll Free: 1-866-580-8891
In U.S.A: The Windward Agency, Kelly Boatright, Phone [phone]



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Source: Benton Resources Corp.