Benton Resources Corp. (BTC, BTC-WT) Finalizes Participation Agreement and Completes First Equity Financing With Stillwater Mining Corp.







Last Update: 12:51 PM ET Jul 20, 2007





THUNDER BAY, ON, Jul 20, 2007 (MARKET WIRE via COMTEX) -- Benton Resources Corp. ("Benton") (CA:BTC: news, chart, profile) is pleased to announce that, further to its news release of April 16, 2007, it has finalized its Participation Agreement (the "Agreement") with Stillwater Mining Company ("SWM") whereby SWM has the exclusive right to earn up to an initial 50% interest in the Goodchild and South Goodchild Ni-Cu-PGE projects (collectively the "Goodchild Project") by completing three separate financings in Benton in the aggregate amount of C$6.0 million dollars over a three-year period at a 50% premium to the 20-day rolling average of Benton's share price prior to the completion of each of the three financings (the "Market Price"). SWM will have the right to take their interest to 70% by incurring a further $24.0 million in exploration or completing a feasibility study on the Goodchild Project, whichever first occurs. Benton will remain as operator for the first three years during the initial period of the Agreement. 

In accordance with the Agreement SWM has completed the first financing of Cdn$1.6 million consisting of 1,290,322 common shares at a price of $1.24 per common share. The common shares issued to SWM are subject to a four-month hold period which expires on November 11, 2007. Benton is, under the Agreement, required to spend $600,000 of the first financing on the Goodchild Project. 

To earn its 50% interest in the Goodchild Project SWM must complete: (i) a second financing of Cdn$2 million on July 10, 2008 at 50% premium to the Market Price at that time, of which Benton will be required to spend Cdn$1 million on the Goodchild Project; and (ii) a third financing of Cdn$2.4 million on July 10, 2009 at 50% premium to the Market Price at that time, of which Benton will be required to spend Cdn$1.4 million on the Goodchild Project. 

The Goodchild Project is located approximately 15 kilometres north of Marathon, Ontario and is host to several nickel showings with grab samples assaying up to 12.6% nickel (collected by Falconbridge/Xstrata personnel in September 2006). The large ultramafic intrusion measures approximately 5 by 8km and has numerous untested airborne electromagnetic anomalies detected from a survey completed almost 20 years ago. Linecutting crews are currently establishing grids over the airborne anomalies in preparation for prospecting, geological mapping, and ground geophysics to help prioritize diamond drill targets. Benton will keep their shareholders updated on developments at the Goodchild Project as exploration moves forward. 

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" 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. 

Distributed by Filing Services Canada and retransmitted by Marketwire 

For further information contact: Stephen Stares 3290 Willard Ave Thunder Bay, Ont. P7E 6J7 Phone (807)475-7474 Fax (807)475-7200 www.bentonresources.ca 

SOURCE: Benton Resources Corp.