Benton Resources Corp. and Puget Ventures Inc. announced that Puget is proceeding with the transaction to earn up to a 60% interest in the Werner Lake/Rex Lake claims currently held by Benton Resources Corp. previously announced on August 14, 2008. Work will begin on these highly prospective copper and other base metals showings over the next few months.

Puget Ventures also announced that due to market conditions it has elected, by mutual consent of both parties, to not proceed at this time with the acquisition of 1592129 Ontario Inc., announced on July 8, 2008. Puget Ventures will resume trading immediately.

“Our company feels at this time that the prudent course of action would be to proceed with the smaller claim package until such time that conditions improve,” said Erin Airton, President. “We feel strongly that the Werner Lake Area has excellent potential and we will be examining other opportunities for acquisitions both there and elsewhere in Northwestern Ontario.”

About Werner Lake/Rex Lake Acquisition from Benton

The eight claim group that Puget is acquiring covers approximately 1,237 hectares at the east end of the Werner Lake-Rex Lake Mineral Belt. Historical shallow diamond drilling on the project completed by Eastern Mining and Smelting in 1956 intersected 23.9m (metres) grading 1.02% Cu and 15.1gpt (gram per tonne) combined precious metal (interpreted as silver) at approximately 60m vertically below surface.

Diamond drilling completed by Falconbridge Nickel Mines Limited during the late 1980s intersected 1.17% Cu and 9.5gpt Ag over 29.5m (at approximately 50m vertical) that included 2.04% Cu and 5.3gpt Ag over 11.95m. An undercut drill hole intersected a metamorphosed ultramafic (peridotite) that yielded 22.8m grading 0.1% Cu and 0.31% Ni (at 140m vertical), suggesting better potential for nickel mineralization. All intervals are core lengths and true thicknesses are currently unknown. Surface channel sampling completed by Atikwa Minerals Limited in 2003 returned anomalous levels of platinum and palladium values (0.09 to 0.145gpt).

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

About Puget Ventures Inc.

Puget Ventures Inc. is a Toronto Venture Exchange listed mineral exploration company currently exploring the Trout Bay base metal property in Red Lake, Ontario.

About Benton Resources Corp.

Benton Resources Corp. 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 $19 million in working capital and has joint ventured several of their projects to major and junior companies.

This entry was posted by Gold Mining on Monday, October 27th, 2008 at 11:15 pm and is filed under Copper, Gold, Gold Mining Companies, Nickel, Palladium, Platinum, Silver. Tags: 1592129 Ontario Inc., Acquisition, acquisitions, Atikwa Minerals Limited, Base Metal, base metal property, Benton Resources Corp., claim group, Company, Copper, Diamond Drilling, Drilling, Erin Airton, Falconbridge Nickel Mines Limited, Gold, gpt Ag, Joint Venture, Lake mine, Managem, metal, Mine, mining, Nickel, North, Northwest, Northwestern Ontario, Ontario, Platinum, precious group metal exploration, Precious Metal, PROPERTY, Puget Ventures Inc., Qualified Person, Red Lake, Resources, Rex Lake Acquisition, Silver, Toronto, Trout Bay, TSX Venture, TSX Venture Exchange, Uranium, Western. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.