Immediate Release
June 1st, 2009
TSX-V: EVR
Everton
and Linear to Drill 8,000 Meters at
Ampliacion Pueblo Viejo, Dominican Republic
Everton Resources
Inc. (TSX-V: EVR, Frankfurt: ERV) ("Everton" or the
"Company") and its partner Linear Gold Corp. (TSX: LRR)
("Linear") are pleased to announce the planned
commencement of an 8,000 meter drill program in mid-June on the Ampliacion
Pueblo Viejo II ("Ampliacion PV") concession, situated adjacent to
the Barrick/Goldcorp's Pueblo Viejo gold development project in the Dominican
Republic.
The 40 to 50 hole
drill program will test 10 to 12 newly discovered high-priority targets
generated from the integrated and comprehensive surveys performed by Everton
and Linear over the last two years. These targets are characterized by
epithermal-related extensive composite soil anomalies in gold, silver,
arsenic, tellurium, and mercury of up to 400 m x 1 km in size - one of which
is located less than 300 meters from the westernmost pit of the Pueblo Viejo
mine project (see news release of May 4, 2009). The soil anomalies are
associated with large zones of advanced argillic alteration and massive
silicification along N-S and NW-SE structures parallel to those of the Pueblo
Viejo deposit mineralized system. North-South-trending chargeability
anomalies are also observed on Ampliacion PV in the due north extension of
the Pueblo Viejo Montenegro pit structures.
Investor Relations Agreement
Everton has
retained Octabaan Consulting ("Octabaan") as its investor relations
consultant. The agreement with Octabaan, effective June 1, 2009, is for an
initial 3-month term with a performance evaluation by July 15, 2009 with the
intentions of entering into a one-year agreement. Octabaan will be paid a
monthly fee of $9,000. The Board has granted Octabaan 300,000 stock options
priced at $0.15 per share, being the closing price of Everton's shares on the
TSX Venture on May 29, 2009, for a two-year term. The stock options will vest
on a quarterly-basis. In accordance with the Company's stock option plan and
TSX Venture Exchange Policy 4.4, these options will expire within a period of
30 days should the agreement be terminated by Everton.
Cost Sharing Agreement
Everton has
signed a cost sharing agreement with Adventure
Gold Inc. ("Adventure Gold") (TSX-V: AGE) which
includes the sharing of the administrative and management costs related to
their day-to-day operations. The terms of the agreement were approved by the
Boards of Directors of both companies and are subject to the approval of the
TSX Venture Exchange (the "Exchange"). Under the agreement,
Adventure Gold will have the option to pay the Company for its share of
administrative and management costs in common shares in lieu of cash, at a
price per share equal to the greater of $0.11 or the Discounted Market Price
(as such term is defined in the Corporate Finance Manual of the Exchange) of
the shares of Adventure Gold at the end of each quarter upon which such costs
are to be paid (See news release of Adventure Gold dated May 22, 2009, for
more details on the Agreement).
Amended and Restated Sale/Acquisition Agreement with
Focus Metals Inc. (news release March 26, 2009)
In reference to
Everton's news release of March 26, 2009 under "Spin-off", the
Company was to receive 6 million common shares of Focus Metals Inc.
("Focus Metals") at a deemed price of $0.08 per share, for an
aggregate consideration of $480,000. The Company and Focus Metals have signed
an amended and restated sale/acquisition agreement whereby the deemed price
per share is set at $0.06 per share for an aggregate consideration of
$360,000 (see news release for details).
Stock Options
Effective May 5,
2009, the Company has granted options to purchase up to 115,000 common shares
of the Company to an officer and employees. Each option entitles the holder
to purchase one common share of the Company at a price of $0.10 per share for
a period of five years. The options vest over an 18-month period.
Effective June 1,
2009, the Company has also granted options to purchase up to 50,000 common
shares of the Company to a consultant. Each option entitles the holder to
purchase one common share of the Company at a price of $0.15 per share for a
period of five years. The options vest over an 18-month period.
This news release
was prepared under the supervision of Marc L'Heureux, P. Geo. and VP
Exploration of Everton, who acts as Everton's Qualified Person as defined by
National Instrument 43-101.
Everton is well
funded and actively exploring in the Dominican Republic adjacent to the
US$2.7 billion Pueblo Viejo project, currently being developed by the world's
largest gold mining company, Barrick Gold Corporation (60%) (NYSE/TSX: ABX)
in partnership with Goldcorp (40%) ("Goldcorp") (NYSE: GG, TSX: G).
Pueblo Viejo is estimated to contain 22.4 million ounces of gold, 455 million
pounds of copper and 131.3 million ounces of silver. Everton is also
exploring in the Opinaca region of James Bay, Quebec where the Company has
amassed one of the largest land claims adjacent to Goldcorp Inc.'s Eleonore
gold deposit, which currently hosts an estimated mineral resource of 5.3
million ounces of gold.
Linear is
actively exploring for gold and base metal deposits through joint ventures
with Everton in the Dominican Republic and Kinross Gold Corporation in
Mexico. Linear is debt free has working capital of approximately $30 million
For more information, please contact:
Andr�
Audet
President & CEO, Chairman
andre@evertonresources.com
Tel: 613 241 2332 Fax: 613 241 8632