Benton Resources Corp. has announced plans to spin off its 100-percent owned Bermuda project into a new copper/platinum group metal company named Coldwell Copper Corp.

Benton said it was not realising the value of its asset within the context of the company's other assets and management believed creating CCC would give existing shareholders a chance to realise the value of the Bermuda project.

Under the proposed terms, Benton will issue 0.3 CCC shares for every existing Benton share held at the date of record.

In conjunction with the spin out, which will be completed by plan of arrangement, CCC intends to complete a financing of $4 million consisting of $1 million of non-flow-through and $3 million of flow-through dollars to enable it to fund an extensive drilling campaign to build several NI 43-101 compliant resources in the Coldwell Complex.

Benton will retain a one percent Net Smelter Royalty (NSR) on the property.

The Bermuda project, which is located in the Coldwell Complex near Marathon, Ontario, lies adjacent to and along strike from the Marathon Cu-PGM and Geordie Lake deposits owned by Marathon PGM Corp.

The Bermuda project is host to numerous significant copper and PGM zones, including Four Dam zone, Skipper Lake zone, Area 41 zone and Sally Lake zone.