For Immediate Release
June 12th, 2008
Symbol: TSX-V: EVR
EVERTON ACQUIRES NEW POLYMETALLIC CONCESSION
IN DOMINICAN REPUBLIC - EVERTON ANNOUNCES NEW DIRECTOR
Everton Resources Inc. (TSX-V: EVR,
Frankfurt: ERV) ("Everton" or the "Company") is
pleased to announce that it has signed an agreement to acquire a 100% interest
in the Fresso concession located in the north-western Dominican Republic.
Historical surface exploration and prospecting on the Fresso concession has
revealed multi-element anomalies in gold, copper and zinc. The property has
been extensively mined for placer gold.
Assessment work conducted by Everton during the
due diligence period prior to the acquisition of the option on the property,
included additional rock sampling and 6 kilometres of induced polarization
("IP") geophysical survey. The survey indicates the presence of
numerous significant IP anomalies which correlate with the geochemical results.
These anomalies will be high-priority targets for the drill program planned to
commence in mid-August. The drill program will consist of 5 to 10 diamond drill
holes of depths ranging between 75m and 150m. Following the completion of the
drill campaign, Everton will conduct a thorough surface evaluation of the
property including geological mapping and geochemical sampling.
The Fresso concession (6,650 hectares) has an
extensive zone of disseminated sulphides mineralization occurring within the
siliceous bedded chert. The area is underlain mostly by mafic metavolcanics and
cherts of the Duarte Formation (Lower Cretaceous), in contact with intrusive
tonalites.
The option agreement involves a payment of
US$35,000 to the concession owner (Asesores Internacionales Especializados,
S.A.) for a one-year evaluation period. At Everton's request, this
evaluation period can be extended for two additional six-month periods for a
payment of US$17,500 per period. Upon conclusion of the evaluation period,
Everton can acquire a 100% interest in the property for a final cash payment of
US$140,000. The concession owner is entitled to a 0.50% Net Smelter Return
("NSR"). Everton will have the option to acquire 50% of this NSR at
any time, for US$250,000.
This press 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.
New Board Member
Everton is pleased to announce the nomination of Michael H. Farrant to the
Board of Directors. "We are pleased to welcome Mr. Farrant as an
independent Director to Everton. His knowledge and experience will be of
considerable value to the Company as it advances toward its goal of becoming a
premier gold and base metals exploration company" said Andre Audet,
Chairman and CEO.
Mr. Farrant is a chartered accountant with over
11 years of financial management experience in the mining sector, primarily in
gold. He currently serves as CFO of Explorator Resources Inc. and New Sage
Energy Corp. after having served as CFO of Castle Gold Corporation and Aurogin
Resources Ltd. He joined Kinross Gold Corporation in 2003 as Group Controller
before assuming the responsibility for treasury operations where he was
appointed to Vice President and Treasurer. Mr. Farrant entered the mining
industry in 1996 with Barrick Gold Corporation and held the position of
Corporate Controller from 1997 to 2002. He has also consulted to Centerra Gold
Inc. Mr. Farrant holds a Bachelor of Commerce with Honours, from Queen's
University, Kingston, Ontario, and earned his C.A. designation in 1995 while
with Coopers & Lybrand.
Mr. Farrant fills the vacant Board seat created
by the departure of Alain Krushnisky. "We would also like to take the
opportunity to thank Alain Krushnisky for his significant contribution to the
Board over the years." stated Andre Audet.
Options Granted
Everton also announces that the Company has granted a total of 200,000 stock
options to employees and directors. Each stock option entitles the holder to
subscribe for one common share of the Company at a price of $0.40 per share for
a five year period.
Everton is well funded and actively 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
("Goldcorp") (NYSE: GG, TSX: G) Eleonore gold deposit which
currently hosts an estimated mineral resource of 3.68 million ounces of gold
(December 31, 2007 at $650/oz. Au). Everton is also 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%). Pueblo Viejo is estimated to contain 20.4 million ounces
of gold, 2.6 billion pounds of zinc, 423.6 million pounds of copper and 117.3
million ounces of silver.
For more information, please
contact:
The TSX Venture Exchange neither approves
nor disapproves of the information contained in this News Release. The
Company's Shares are listed on the TSX Venture Exchange and trade under the
symbol "EVR".
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